Optimism is back in Bitcoin (BTC) price. Along with the employment policies and economic data conveyed by the Federal Reserve, the comments pointing to the possibility of interest rates to increase in 2022 brought movement to the crypto money market on March 17.
According to Cointelegraph Markets and TradingView data, this announcement brought the price close to $ 59,000 as Bitcoin price struggled at $ 57,000.
The boom in the largest cryptocurrency was accelerated by reports that corporate banking giant Morgan Stanley will soon form three funds offering some investors the right to buy Bitcoins.
Commenting on the continuation of the current bull market, PlanB, the developer of the stock stream model, claims that the BTC price will not “stop” at $ 100,000 and will push its all-time high to $ 288,000.
Traditional markets soar after Powell comments
Following the sluggish trading activity on Wednesday, the stock markets moved on after Fed Chairman Jerome Powell’s comments.
The S&P 500, Dow Jones and Nasdaq closed the day with 0.29 percent, 0.58 percent and 0.40 percent, respectively. The 10-year US Treasury bill also rose from 1.23 percent to 1.641 percent.
Altcoin prices are climbing thanks to Grayscale
Some altcoins were valued when Grayscale Investments recently announced support for five new names including Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL), and Livepeer (LPT).
ANNOUNCEMENT: 5 new products have been added to the @Grayscale line up!
Interested? https://t.co/YfK2YUKgCj pic.twitter.com/jLqDph4MEH
– Michael Sonnenshein (@Sonnenshein) March 17, 2021
The announcement sparked prices. Traded at $ 5.53, Livepeer price climbed more than 260 percent to an all-time high of $ 20.21.
At the time of publication, FIL rose 40.7 percent to $ 89, MANA increased 7.3 percent to $ 1.01, and BAT rose 44 percent to an all-time high of $ 1.36.
The total value of the cryptocurrency market is currently $ 1.8 trillion, while Bitcoin’s dominance rate was around 60.9 percent.
The opinions and comments expressed here belong only to the author. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.