Bitcoin rebounded above $ 58k thanks to the Fed’s commitment to maintaining a loose monetary policy

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2021-03-23 01:21:53

Bitcoin’s price has doubled this year, partly due to increased demand from institutional investors who are looking for an asset that can hold its value if the purchasing power of the dollar is. reduction.

Bitcoin turned green after Federal Reserve (FED) officials announced reassertion of keeping interest rates close to zero until at least 2023.

This helped the Bitcoin price rebound, reinforcing the cryptocurrency’s appeal as a hedge against faster inflation.

As of the time of writing, Bitcoin price rallied to $ 58,000, up from around $ 55,400 just before the Fed announced its decision around 2pm (ET).

This year, Bitcoin has received huge attention from many sides, the price has doubled thanks to the increasing demand of institutional investors, which we can see through the fund’s growth. Grayscale’s Bitcoin investment trust is now over $ 21 billion.

Central Banks around the world have pumped trillions of dollars into global financial markets to stimulate economies destroyed by COVID-19.

The largest US bank Morgan Stanley on Wednesday released a research report, which stated that “cryptocurrencies like Bitcoin are becoming an investable asset.”

On the same day, Morgan Stanley went on to issue an announcement allowing its clients to be exposed to three Bitcoin hedge funds.

While recently, the technology company Meitu China has announced a $ 50 million deduction to buy BTC and ETH.

Commenting on the above positive news, Jason Lau, chief executive officer at crypto exchange OKCoin said: “This is an upbeat move to increase awareness and adoption of bitcoin, while showing Demand increases as investors seek alternative investment solutions for existing investment classes ”.


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