On March 17, optimism about the cryptocurrency market returned to a better economic forecast from the US Federal Reserve and comments suggesting that the possibility of an interest rate hike in 2022 would be if employment and economic indicators continue to improve.
Data from Cointelegraph Markets and TradingView show that Bitcoin struggled below the $ 57,000 level during the early trading hours until the announcement by the US Federal Reserve led a march that took BTC to an intraday high of $ 58,243.
Bullish momentum for the top crypto-currency began to build after it came to light that institutional banking giant Morgan Stanley will soon give certain investors access to three funds that allow customers to own Bitcoin.
Further confirmation for the continuation of the current bull market comes from Bitcoin’s stock-to-flow creator PlanB, who feels that BTC “will not stop” at $ 100,000 and can reach an average price of about $ 288,000 with its everyday high registration even higher.
Traditional markets rise after Powell’s comments
After a subdued trading on Wednesday in the early hours of the morning, the stock markets had an increase in operations following Jerome Powell, chairman of the Fed, which resulted in an increase in stocks and the major indices.
The S&P 500, Dow and NASDAQ increased the day by 0.29%, 0.58% and 0.40% respectively. The 10-year U.S. Treasury note also rose 1.23% to 1,641
Altcoins get a boost because Grayscale offers exposure
Selected altcoins also rose higher after Grayscale Investments announced that they had added five new products and offered exposure to Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT).
ANNOUNCEMENT: 5 new products are at the @Grysskaal stand in a row!
Basic Attention Sign $ BAT
Chain link $ LINK
Decentralized country $ MANA
Filecoin $ FILE
Life partner $ LPTAre you interested? https://t.co/YfK2YUKgCj pic.twitter.com/jLqDph4MEH
– Michael Sonnenshein (@Sonnenshein) 17 March 2021
The announcement caused price increases for all the projects involved, and Livepeer saw the biggest impact as the price rose more than 260% from a low of $ 5.53 to a new high of $ 20.21.
At the time of writing, FIL was up 40.7% to $ 89, MANA was up 7.3% to $ 1.01 and BAT was up 44% to a new high of $ 1 , 36 to reach.
The overall market capitalization for cryptocurrencies now stands at $ 1.8 billion and Bitcoin’s dominance rate is 60.9%.
The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading movement involves risk. You must do your own research when making a decision.