Bitcoin (BTC) abruptly moved higher on March 23, beating $half-dozen,000 as global markets reacted to fresh stimulus plans from the U.s.a. Federal Reserve.

Cryptocurrency market daily overview

Cryptocurrency marketplace daily overview. Source: Coin360

BTC bounces with Wall Street withal to open

Information from Coin360 and Cointelegraph Markets tracked BTC/USD reaching 24-hour highs of $vi,310 on Monday — daily gains of almost 5%.

Current levels put Bitcoin back in the position in which it traded earlier a downturn caught markets on Sunday.

Bitcoin 1-day price chart

Bitcoin 1-24-hour interval price nautical chart. Source: Coin360

Despite the enormity of the money printing exercise at stake, the Federal Reserve's latest plans to provide unlimited liquidity appeared to buoy fragile markets. One part will be a $300 billion scheme to "back up the menstruum of credit" throughout the economic system.

"While great doubtfulness remains, it has become clear that our economy will face up severe disruptions," part of a statement quoted past CNBC reads.

Previously, U.S. futures had collapsed 5% in merely 3 minutes to trigger an automatic shutdown.

Wall Street was withal airtight at press time, as traders waited to encounter if preliminary good news could forbid a third "Black Mon" event in a row.

When decoupling?

While opinions remain mixed equally to how Bitcoin would go along to react to the new financial crisis, cautious optimism was offset to hitting analysts.

As Cointelegraph reported, for statistician Willy Woo, the cryptocurrency was already showing signs of "decoupling" from traditional markets as the week began. Some other week'south trading was yet needed to confirm this, he argued.

Bitcoin's recovery has remained extraordinary. In the infinite of just 11 days, BTC/USD has gained seventy% — firmly beating any other major nugget.

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