On the 17th, optimism returned. March returned to the cryptocurrency market after the U.S. Federal Reserve issued a more favorable economic outlook and made comments hinting at the possibility of a rate hike in 2022 if employment and economic indicators continue to improve.

Data from Cointelegraph Markets and TradingView show that bitcoin dipped below $57,000 in early trading, before a statement from the Federal Reserve sparked a rally that took BTC to an intraday high of $58,243.

4 hour chart BTC/USDT. Source: TradingView

$60K Bitcoin price back in sight after Morgan Stanley and Fed announcements

Bullish momentum for the leading cryptocurrency has begun to build after it was revealed that institutional banking giant Morgan Stanley will soon offer some investors access to three funds that will allow customers to own bitcoin.

Another confirmation of the continuation of the current bull market comes from bitcoin share maker PlanB, which believes that BTC will not stop at $100,000 and could reach an average price of $288,000, with an even higher record.

Traditional market rally after Powell’s remarks

After depressed early morning trading on Wednesday, equity markets saw sustained activity following comments from Fed Chairman Jerome Powell, which sparked a rally in equity markets and major indices.

The S&P 500, Dow and NASDAQ ended the day 0.29%, 0.58% and 0.40% higher, respectively. The 10-year U.S. Treasury Note also rose 1.23% to 1.641.

Altcoins win because the greys offerexposure.

Algorithm selection also advanced after Grayscale Investments announced the addition of five new products to its lineup, bringing exposure to Basic Attention Token (BAT), Chainlink (LINK), Decentraland (MANA), Filecoin (FIL) and Livepeer (LPT).

ANNOUNCEMENT: 5 new products added to the @Grayscale line!

Basic Attention Token $BAT
Chain Link $LINK
Decentralized and $MANA
Philecon $FIL
Livepeer $LPT

Interested? https://t.co/YfK2YUKgCj pic.twitter.com/jLqDph4MEH

– Michael Sonnenshein (@Sonnenshein) March 17, 2021

The announcement sent the share prices of all the projects Livepeer is involved in soaring, with Livepeer the hardest hit: The stock jumped more than 260% from a low of $5.53 to a new high of $20.21.

At the time of writing, FIL is up 40.7% at $89, MANA is up 7.3% at $1.01 and BAT is up 44% at a new all-time high of $1.36.

Daily indicators for the crypto-currency market. Source : coin360

$60K Bitcoin price back in sight after Morgan Stanley and Fed announcements

The total capitalization of the cryptocurrency market is currently $1.8 trillion, with bitcoin dominating at 60.9%.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.

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