Bitcoin Climbs Back to $60K on Fed & Morgan Stanley’s Announcements
Bitcoin (BTC) advocates are making another attempt to take the crypto to $60,000 following Morgan Stanley and the Federal Reserve’s announcements that aids an increase in price.
The cryptocurrency market saw the sentiment turn positive yesterday after the US Fed issued an optimistic economic outlook and hinted the likelihood of a benchmark rate hike in 2022, in case macro-economic indicators and employment improves.
Data provided by CoinGecko indicated that Bitcoin was under tremendous selling pressure below $57,000, but the Fed’s announcement stoked up the price to over $58,000.
The numero uno crypto saw a revival of bullishness after Morgan Stanley announced that it will provide accredited investors with access to three Bitcoin funds. At the time of writing this article, Bitcoin (BTC) was trading at $59,124, reflecting a gain of 6% in 24 hours.
Additional confirmation regarding the continuation of ongoing crypto market rally was issued by Bitcoin’s stock-to-flow creator PlanB, who believes that the numero uno crypto “will not stop” at $100,000 and could hit a price of $288,000 with all-time peak further higher.
After dull trading in the beginning of the US session Wednesday, equities markets recorded a spike in activity following Fed Chair Jerome Powell’s statement, which triggered rallies in all major financial markets.
While the S&P 500 ended the day with a gain of 0.29%, Dow has finished the day with an increase of 0.58%. Nasdaq recorded a gain of 0.40%. The 10-year Treasury note also recorded a rise of 1.23% to 1.641. An impressive count of altcoins also rose higher after Grayscale investments revealed that it is including five new cryptos to its investment lineup, paving way for exposure to Basic Attention Token (BAT), Decentraland (MANA), Chainlink (LINK), Filecoin (FIL) and Livepeer (LPT).
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
The statement from Grayscale triggered a big rally in all the ventures mentioned above. Notably, Livepeer recorded the sharpest spike as its price rallied by over 260% to $20.21, from $5.53.
Likewise, Filecoin (FIL) was trading at $83, translation to a gain of 20.7%. Decentraland(MANA) was trading at $1.02, up 18.2% in the last 24 hours. Also Basic Attention Token (BAT) had gained 17.6% to trade at $1.23. The aggregate crypto market cap currently stands at $1.80 trillion, with Bitcoin’s dominance rate at 60.9%.