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Bitcoin bulls are resuming their march beyond $60,000 after the Federal Reserve and Morgan Stanley made statements that bode well for the price of bitcoin.
On March 17, optimism returned to the cryptocurrency market after a more optimistic economic outlook from the United States Federal Reserve and remarks that pointed at the likelihood of an interest rate increase in 2022 if jobs and economic indicators continue to strengthen.
According to TradingView results, Bitcoin struggled below the $57,000 mark during early trading hours before the US Federal Reserve announcement sparked a rally that brought BTC to an intraday high of $58,243.
Bullish excitement for the top cryptocurrency started to grow after it was announced that Morgan Stanley, the world’s largest institutional bank, would soon provide those investors with access to three funds that enable clients to buy Bitcoin.
PlanB, the founder of Bitcoin’s stock-to-flow ratio, believes that BTC “will not stop” at $100,000 and could hit an average price of $288,000, with its all-time peak registering much higher.
Traditional markets rally after Powell’s comments
Following a stretch of sluggish trade in the early hours of Wednesday, equities markets saw a rise in volatility as a result of Fed Chair Jerome Powell’s remarks, which triggered rallies in stocks and major indices.
The S&P 500, Dow, and NASDAQ both ended the day up 0.29, 0.58, and 0.40 percent, respectively. The 10-year US Treasury note rose 1.23 percent to 1.641 percent.
Altcoins get a boost as Grayscale provides exposure
Select altcoins grew after Grayscale Investments reported the inclusion of five new items to its portfolio, providing exposure to Simple Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LIVE) (LPT).
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
— Michael Sonnenshein (@Sonnenshein) March 17, 2021
The announcement triggered price increases for all of the projects involved, with Livepeer having the greatest effect, with its price increasing more than 260 percent from a low of $5.53 to a new all-time high of $20.21.
At the time of publishing, FIL has increased by 40.7 percent to $89, MANA has increased by 7.3 percent to $1.01, and BAT has increased by 44 percent to a new all-time high of $1.36.
The overall cryptocurrency market cap now stands at $1.8 trillion and Bitcoin’s dominance rate is 60.9%.