Bitcoin regains $ 58,000 after Fed highlights ongoing bailout support

Bitcoin recovered on Thursday after the Federal Reserve pledged to support the economic recovery in the United States. The benchmark cryptocurrency surged 3.80% to $ 58,083 after falling for two days in a row. Meanwhile, competitors in the crypto space also shot higher, including the second largest Ethereum token and the second Binance Coin. Almost all alternative cryptocurrencies have a positive correlation with Bitcoin. Fed Dovish traders began flocking to the cryptocurrency sector within minutes after the Federal Reserve meeting published in March, which revealed that central bank officials were optimistic about the continued rise in inflation. They promised that they would not change their loose monetary policies until things completely got rid of the economic legacy of the pandemic. "These massive mental adjustments by the market have been completely digested, reflecting the growth outlook and what this will mean for inflation," said April LaRusse, chief investment officer at Insight Investment. Following the dollar's strength against the six major foreign currencies, the US dollar index was initially strong in maintaining the Fed's moderate stance. However, it fell 0.38% on Thursday, raising fears that the dollar will continue its downward trend in 2021 after rising so far. The dollar index will decline as the Fed continues its loose monetary policy. Source: Bitcoin, which did well when the DXY dollar underperformed on TradingView.com, has risen against the dollar's performance in the past 48 hours. Tom Jessop, head of the digital assets wing of Fidelity Investments, stated that the cryptocurrency has now become a global investment asset and could develop further in the coming years. "I think we will continue to adopt faster for a variety of reasons," he said at an event organized by MarketWatch and Barron's on Wednesday. Bitcoin Technical Outlook Shows BTC / USD Exchange Rate Opportunities Read more

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