Bitcoin turned up about 5% during trading on Wednesday to climb above $58,000.
The cryptocurrency, the world's largest by market value, rose with Morgan Stanley said it would offer bitcoin funds for its VIP clients.
Bitcoin's rise coincided with the US Federal Reserve’s decision to fix interest until 2023, and the raising its inflation forecasts during the current and next years.
Some view the cryptocurrency as a hedge against inflation and currency depreciation.
Bitcoin had risen about 4.9% to $58,123, after it was trading at $55,000 earlier in trading. While Ethereum rose 3.2% to $1,836.5.
During the same period, the market value of cryptocurrencies rose to $1.772 trillion, compared to the level of $1.731 trillion.
Follow the latest news on Google News
