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Stimulus passes as Bitcoin marches on
Crypto at a glance
Bitcoin extended its winning streak yesterday, soaring to more than $56,000 before a pullback last night took it back down to just below the $55,000 level, where it is currently trading.
The move came after the US House of Representatives on Wednesday passed a $1.9 trillion coronavirus relief bill that will see many US citizens get a $1,400 cheque in the post – a measure that some speculate will drive up inflation and showcase Bitcoin’s key attributes as a deflationary asset.
It could also create an influx of demand, similar to the $1,200 stimulus cheque last year. That cheque would now be worth over $10,000 if invested in Bitcoin.
Bitcoin breaks $55k again as JP Morgan changes tune
Crypto at a glance
Bitcoin saw its fourth straight daily gain yesterday, as the largest cryptocurrency climbed briefly past $55,000 late in the day.
A stumble overnight saw the price fall as much as 2.1% back down to $53,500, though normal service was swiftly resumed and it’s again changing hands at around $55,000 at time of writing. Can Bitcoin now test the record high it set last month?
It seems everyone is coming round to the idea of Bitcoin at the moment. Even long-time crypto sceptic and America’s largest bank, JPMorgan Chase is looking to join the party.
Bitcoin market cap back at $1 trillion ahead of possible US stimulus cityam.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cityam.com Daily Mail and Mail on Sunday newspapers.
Bitcoin recovery stalls as global stock markets take a battering
Crypto at a glance
Bitcoin’s recovery from last week’s losses has stalled again, with the leading cryptocurrency dropping back down to $47,000 after regaining the $50,000 level.
The stutter comes as the traditional stocks and bonds markets in general took a hammering yesterday, prompted by US Federal Reserve Chair Jerome Powell’s acknowledgement that he “would be concerned” by the impact of rising US government-bond yields on borrowing costs.
During the early stages of the COVID pandemic last year, there was a strong correlation between Bitcoin and traditional markets – are we seeing a re-emergence of this trend?