Bitcoin Rises 7% after Fed Pro-stimulus Stance

Bitcoin rose by more than 7% during Thursday's trading to climb above $59,000.

Bitcoin received support with continued institutional interest in it, as press reports stated that "Morgan Stanley" will be the first big US bank to allow its wealthy clients to buy bitcoin.

The world's most popular cryptocurrency is close to its record of over $61,000, last weekend.

The rise in the cryptocurrency coincides with the Federal Reserve’s confirmation of its easing policy, raising expectations of economic growth and inflation until 2023.

By 3:40 PM GMT, Bitcoin rose 8.1% to $ 59,435, while Ethereum was up 2.5% to $1,824.5.

During the same period, the market value of cryptocurrencies rose to $1.810 trillion, compared to the level of $1.702 trillion.