Bitcoin Tops $58K With Focus On Omicron and Fed’s Powell Speech

Bitcoin Tops $58K With Focus On Omicron and Fed’s Powell Speech

Bitcoin has regained some poise, tracking signs of risk reset in traditional markets. The cryptocurrency’s immediate prospects remain tied to the newly detected coronavirus variant named Omicron’s potential impact on the Federal Reserve’s (Fed) monetary policy.

The top cryptocurrency by market value was trading near $57,300 at press time, representing a 7.3% gain compared to the low of $53,359 on late Sunday. Prices hit a high of $58,270 during the Asian hours.

The futures tied to the S&P 500 were trading 0.9% higher alongside gains in the pan-European Euro Stoxx 50 index and other risk assets like the Australian dollar and crude oil.