• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Biden’s $1.9T Relief Package Proposal Fails to Stir Bitcoin Market

January 15, 2021
in Market
Reading Time: 2min read
Biden’s $1.9T Relief Package Proposal Fails to Stir Bitcoin Market


Bitcoin’s two-day rally has stalled as the U.S. dollar gains ground in the wake of Joe Biden’s fiscal stimulus announcement.

The U.S. President-elect proposed an emergency relief package worth $1.9 trillion at around 00:15 UTC when bitcoin was changing hands near $39,600. At press time, the leading cryptocurrency by market value is trading down near $38,000, according to CoinDesk 20 data.

The lack of a bullish response by the bitcoin market is perhaps surprising, given that fiscal/monetary stimulus is inflationary and bitcoin is widely considered a store of value. Public-listed companies such as MicroStrategy bought bitcoin in the second half of 2020 to preserve the value of their treasury.

The strength of the U.S. dollar against foreign currencies could be playing spoilsport. The performance of USD on the Dollar Index (DXY) has affected the cryptocurrency’s price in the past, and the negative correlation between the two assets is strengthening, as noted by CoinDesk Research.

The DXY is currently trading modestly higher on the day near 90.40. Meanwhile, European equities and S&P 500 futures are trading lower, and gold is trading flat, according to data source Investing.com.

“A lot of the optimism surrounding another injection of U.S. fiscal stimulus had already been priced in ahead of the keenly-awaited announcement,” ForexTime market analyst Han Tann noted in his daily analysis. Axios had previously suggested Biden would push for a $3 trillion relief package.

With the stimulus expectations, the dollar is rising, possibly on the back of the classic “sell the rumor, buy the news” trade and capping upside in bitcoin.

Analysts, however, expect the greenback’s bounce to be short-lived. “Biden’s stimulus plan has given some strength to the U.S. dollar. However, it remains firmly bearish for the medium term,” Matthew Dibb, COO, and co-founder of Stack Funds, told CoinDesk. “Any further depreciation of the greenback will lead to a bitcoin rally.”





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: 19TBidensBitcoinFailsMarketPackageProposalReliefStir
Next Post
Bittrex Won’t Disclose Why It Withdrew Support for Dash, Zcash, Monero

Bittrex Won't Disclose Why It Withdrew Support for Dash, Zcash, Monero

First Mover: Biden’s $1.9T Plan Shows ‘Blue Wave’ Bitcoiners Saw Coming

First Mover: Biden's $1.9T Plan Shows 'Blue Wave' Bitcoiners Saw Coming

Don't Miss

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls
Bitcoin

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

by Lascena Cryptocurrency News Education
March 5, 2021
0

Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of...

Read more
Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

March 5, 2021
BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

March 5, 2021
Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

March 5, 2021
BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

March 5, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$47,324.00-4.20%
  • ethereumEthereum(ETH)$1,479.40-5.39%
  • tetherTether(USDT)$1.000.20%
  • cardanoCardano(ADA)$1.13-3.79%
  • Binance CoinBinance Coin(BNB)$222.29-7.24%
  • PolkadotPolkadot(DOT)$33.01-8.86%
  • rippleXRP(XRP)$0.4569541.22%
  • litecoinLitecoin(LTC)$173.91-6.55%
  • chainlinkChainlink(LINK)$26.57-8.69%
  • bitcoin-cashBitcoin Cash(BCH)$483.03-6.59%