Bitcoin wave is making another rally towards $60,000 after the U.S. Federal Reserve promises not to raise interest rates, Morgan Stanley offers access to bitcoin funds, and Meitu invests more in Bitcoin.
The cryptocurrency market experienced bullish action following a brighter economic forecast from the U.S. Federal Reserve. The comments hint at the prospect of an interest rate hike in 2022, provided that the employment and economic indicators continue to improve.
This morning, Bitcoin was struggling below the $57,000 level during early trading hours until the announcement by the U.S. Federal Reserve sparked a rally that took BTC to an intraday high of $58,243.
Bitcoin Price Regains Bullish Momentum for $60,000
The top cryptocurrency begins bullish behavior after institutional banking giant Morgan Stanley reveals a plan to offer rich investors access to three bitcoin funds.
Further verification for the continuance of the on-going bull market came from Bitcoin’s stock-to-flow creator PlanB, who feels that BTC “will not stop” at $100,000. The asset would reach an average price as high as $288,000 with its all-time high registering even higher.
Fed Chair Jerome Powell’s comments also sparked rallies in stocks and the major indices.
“The S&P 500, Dow and NASDAQ finished the day up 0.29%, 0.58% and 0.40% respectively. The 10-year U.S. Treasury notes also saw an increase of 1.23% to 1.641%.”
Moreover, Chinese tech company Meitu’s 49 million investment in Ethereum and Bitcoin, bringing its total crypto holdings up to around $90 million, sparks a bitcoin rally towards $60,000.
Altcoins Also Boosts as Grayscale Provide Exposure
Besides, it is observed that selected altcoins have also shown an upward trend after Grayscale Investments announced the addition of five new products to its lineup, offering exposure to Chainlink (LINK), Decentraland (MANA), Basic Attention Token (BAT), Filecoin (FIL), and Livepeer (LPT).
The announcement did not spark price rallies for Bitcoin but all the projects involved. Amidst this, Livepeer showing the biggest impact as the price rocketed more than 260% from a low of $5.53 to a new all-time high of $20.21.