Bitcoin Briefly Reclaims $59,000 After Fed Promises Not to Raise Rates
Yuri Molchan
The world’s largest cryptocurrency has broken above the $59,000 level and rolled back again
News
Thu, 03/18/2021 - 07:28
Cover image via stock.adobe.com
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.
Image via TradingView
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.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He 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.