Optimism returned to the cryptocurrency market on March 17th After much brighter economic outlooks from the US Federal Reserve and comments hinting at the possibility of a rate hike in 2022 if economic and employment indicators continue to improve.
Data from Cointelegraph and TradingView Markets shows this Bitcoin struggled below the $ 57,000 level during the early hours of trading until the US Federal Reserve announcement triggered a spike that sent BTC to an intraday high of $ 58.243.
4 hour chart for BTC / USDT. Source: TradingView
The bullish momentum of the market-leading cryptocurrency began to emerge after the institutional banking giant was revealed Morgan Stanley will soon offer some investors access to three funds that allow clients to own Bitcoin.
Additional verification of the continuity of the current bull market came from the Bitcoin Stock Stream Model Builder. PlanB, which feels BTC will “not stop” at $ 100,000 and could reach an average price of $ 288,000 with an all-time high.
Traditional markets are on the rise after Powell’s comments
After secret negotiations in the early hours of Wednesday, Equity markets saw increased activity after Fed Chair Jerome Powell’s comments, driving up major stocks and indices higher.
The S&P 500, Dow and NASDAQ finished the day 0.29%, 0.58% and 0.40% higher, respectively. The 10-year US Treasury note increased from 1.23% to 1.641%.
Altcoins got an extra boost from Grayscale
Some altcoins also surged after Grayscale Investments announced that it had added five new products to its range, exposing exposure to Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) y Livepeer (LPT).
Announcement: 5 New Products Added to Grayscale’s List!
Basic attention symbol $ BAT$ LinklinkDecentralization and MANA dollarsFilecoin $ FILLivepeer $ LPT
interested? https://t.co/YfK2YUKgCj pic.twitter.com/jLqDph4MEH
– Michael Sonnenshein March 17, 2021
Announcement: 5 new products added to the Grayscale line!
Symbol of primary interest
The announcement increased prices for all projects involved, and Livepeer had the biggest impact as its price rose by more than 260% from a low of $ 5.53 to a new all-time high of $ 20.21.
At the time of writing, FIL stock was up 40.7% at $ 89, MANA was up 7.3% at $ 1.01, and BAT stock was up 44%, to hit a new all-time high of $ 1.36.
Daily performance of the cryptocurrency market. Source: 360 coin
The total cryptocurrency market cap is currently $ 1.8 trillion and Bitcoin’s dominance rate is 60.9%.
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