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

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.

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

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.