Biden Administrations $2.3T Proposed package gets $1T Additional Expenditure Budget

Bitcoin

As the second wave of coronavirus pandemic has started to run havoc in different countries, the Biden Administration is gearing up to announce another set of relief packages for the Americans. On top of the $2.3 trillion proposed stimulus package in the pipeline, the report suggests the White House is working on another $1 trillion American Families Plan proposal. The details of the newly proposed spending plans are yet to be discussed however, early reports indicate it would cover child care, universal pre-K, and community college tuition fee.

The slew of relief packages by the Biden Administration could offer direct cash stimulus to citizens which in turn could boost the stock and cryptocurrency market. The stimulus packages in the form of cash benefits to the citizen often flow into the market as people look for a better hedge against inflation in these troubled times. Bitcoin and cryptocurrencies have emerged as viable investment options offering better returns than most of the traditional assets.

Would Bitcoin Regain its Declining Bullish Momentum With Stimulus Cash Flow?

Bitcoin price correction last weekend saw the top cryptocurrency fall to sub $54K price levels after registering a new ATH in the second week of April. The retrace of nearly 20% did cause panic among many traders as many blamed the recent Chinese outage as the main cause, as it leads to a sharp drop in Bitcoin’s hashrate.

Historically government-led stimulus package has proven beneficial for Bitcoin and as the debate around its price reaching a potential top gains momentum, the Biden administration’s proposed relief and spending package could help it begin the next leg of the current bull run. The top cryptocurrency has also shown a distinct price pattern where it has registered a new ATH followed by a sharp retrace and a prolonged consolidation phase. As mainstream bitcoin and crypto adoption continues to rise, the stimulus package could offer a much necessary boost for the top cryptocurrency.

The post Biden Administrations $2.3T Proposed package gets $1T Additional Expenditure Budget appeared first on Coingape.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Promoting Bitcoin Could Damage The Reputation Of Banks, ECB Warns

The European Central Bank has cautioned banks against promoting Bitcoin investments, arguing that the cryptocurrency’s apparent calm will likely pan out, plunging prices lower. In a Wednesday blog dubbed “Bitcoin’s Last Stand” by Ulrich Bindseil and Jürgen Schaaf, the director general and advisor of the ECB of the institution noted that banks risked incurring long-term

Bitcoin, Ether Not Securities Because They Have No Issuer: Belgium Regulator

The regulator of the European country said cryptocurrencies issued by computer codes are not considered securities. Brussels is neutral to blockchain technology, a stark contrast to the US. Brussels’ financial authority has clarified that cryptocurrencies without an issuer cannot be classified as securities. The Financial Services and Markets Authority (FSMA) announced that digital assets issued

Over 10K Bitcoin (BTC) Moved To Crypto Exchange, Are Miners Selling?

Bitcoin price rallied after Fed Chair Jerome Powell hinted at slower rate hikes in December and upcoming sessions. The BTC price hit a high of $17,194 with an over 200% jump in trading volume. On-chain data indicates that miners facing financial issues are indeed selling their Bitcoin holdings, with Bitcoin hashrate decreasing continuously due to