The total crypto market cap jumped nearly 4% following a speech from United States Federal Reserve Chair Jerome Powell in which he suggested the economy’s disinflationary process has started.

“We can now say, I think for the first time, that the disinflationary process has started […] we see it really in goods prices,” said Powell during a Feb. 1 Federal Open Market Committee press briefing shortly after announcing a federal interest rate hike of 0.25%.

The interest rate hike and remarks appeared to have gone down well in the crypto markets, which had been trading sideways in the lead-up to the speech but saw market cap increase by over $40 billion in the hours after the announcement.