Bitcoin Returns $ 50K by Incentivizing US Success to Uniswap's freebitcoinus.xyz

 Bitcoin Returns $ 50K by Incentivizing US Success to Uniswap's freebitcoinus.xyz

Perceived as a store of value, Bitcoin is trading higher on Sunday as US President Joe Biden prepares to adopt a historic $ 1.9 trillion fiscal stimulus plan aimed at accelerating economic recovery.

According to data from CoinDesk 20, the leading cryptocurrency is changing hands around $ 50,500 at time of publication, representing a 4% gain in a day, peaking at $ 51,320 this morning, according to data from CoinDesk 20.

The Senate approved Biden's economic stimulus plan on Saturday, clearing the way for $ 1,400 checks and unemployment benefits. According to media reports, the bill is returning to the House of Representatives, where it will be voted on Tuesday.


Subscribe to our daily First Mover Markets Newsletter.

The improved budget spending outlook seems to have gambled on Bitcoin (BTC), waking it up from a two-day nap in the $ 49,500 to $ 46,200 range. Fiscal spending is inflationary and often bodes well for savings like bitcoin and gold.

The cryptocurrency sail was also reassured by news that Hong Kong-based company Meitu, which makes imaging and video processing software, said it had acquired $ 22 million in ETH and $ 17.9 million in BTC for its treasury.

Bitcoin's rally foreshadows a weaker dollar in foreign exchange markets and improved risk sentiment in stock markets on Monday. The cryptocurrency has mostly moved in the opposite direction to the dollar and has behaved more or less like stocks / risky assets since the crash in March 2020.

It remains to be seen if Bitcoin will be able to increase profits over the coming week, as the approval of the stimulus could boost US Treasury yields. The yield on 10-year bonds has been plummeting recently, signaling a strong recovery in economic activity and high inflation, putting downward pressure on both bitcoins and stocks.

Aside from Bitcoin's growth, another major weekend story is the listing of UNI Uniswap token by Decentralized Finance Protocol (DeFi) in the top 10 cryptocurrencies by market capitalization list. This is the first DeFi coin to reach this level.

UNI is currently trading around $ 32, up nearly 14% in 24 hours. With a market cap of $ 16.79 billion, DeFi token is currently the eighth largest cryptocurrency and ranked higher than litecoin and chainlink, according to data source Messari.

Bitcoin Returns $ 50K by Incentivizing US Success to Uniswap's freebitcoinus.xyz

Previous Post Next Post