The Bitcoin (BTC) community might be on the way to better days as the world’s number one coin seems ready to rise again, in response to the US Federal Reserve’s announcement of a seemingly unending well of resources.
BTC began its upward journey on Monday after it successfully rose past $6,000 and continued rising further. Currently trading at $6,699, BTC has climbed 4.95% in the last 24 hours and is showing signs of good health.
At the moment, a support level at $6,800 has been set for Bitcoin and the market waits to see if it is healthy enough to break it, and inch closer to $7,000.
Bitcoin’s rise could be traced to the Federal Reserve’s announcement, in trying to calm the agitated market, as the country battles the coronavirus pandemic.
In a CBS interview on March 22, the Minneapolis Federal Reserve Bank President Neel Kashkari has said that the financial system will survive the pandemic because there is enough money.
“Your banks are safe. There’s enough cash in the financial system. And there’s an infinite amount of cash at the Federal Reserve. We will do whatever we need to do to make sure that there’s enough cash in the banking system.”
Kahskari also expressed optimism about the current situation, adding that since the country got through the 2008 financial crisis, it will get through the current one.
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