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Bitcoin Briefly Reclaims $59,000 After Fed Promises Not to Raise Rates

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Thu, 03/18/2021 - 07:28
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Yuri Molchan
The world’s largest cryptocurrency has broken above the $59,000 level and rolled back again
Bitcoin Briefly Reclaims $59,000 After Fed Promises Not to Raise Rates
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Earlier today, the world's flagship cryptocurrency surged to reclaim the $59,000 level and touched $59,668 on the U.S.-based Kraken exchange.

By now, Bitcoin has retraced to the $58,733 price mark.

BTC0000_987_123btc
Image via TradingView

BTC started rallying after the Federal Reserve chairman Jerome Powell announced that interest rates will not be increased until 2023.

Related
Bitcoin Turns Positive as Fed Keeps Rates Near Zero

During his press conference on Wednesday, Powell also mentioned that the Fed would continue to provide monetary support to the U.S. economy as long as it is necessary to help it revive.

On Saturday, Bitcoin reached a new all-time high above the $61,800 level but then collapsed the next day when traders began fixing profits and selling.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.