Bitcoin Reclaims $58K After Fed Underscores Continued Recovery Support

Bitcoin rallied on Thursday after the Federal Reserve vowed to support the economic recovery in the United States.

The benchmark cryptocurrency jumped 3.80 percent to $58,083 after declining two days in a row. Meanwhile, its rivals across the crypto space, including the second-largest token Ethereum and its runner-up Binance Coin, also surged higher. Almost all alternative cryptocurrencies have a positive correlation with Bitcoin.

Dovish Fed

Traders started flocking into the cryptocurrency sector after minutes from the Federal Reserve’s March meeting, released on Wednesday, which showed the central bank officials are optimistic about a sustained rebound in inflation. They committed to keep their easy monetary policies unchanged until employment recovers fully from the pandemic-led economic aftermath.

“Those big mental readjustments by the market contemplating the growth outlook and what that would mean for inflation have been fully digested,” said April LaRusse, head of investment specialists at Insight Investment.

The US dollar

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