• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews
Bitcoinist.com
No Result
View All Result
bitcoin stock market biden presidential election
Nexo

Bitcoin Eyes Bull Run Towards $40K Ahead of Biden’s Stimulus Plan

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement

Bitcoin extended its recovery trend as traders shifted their focus on Joe Biden’s stimulus plan expected later on Thursday, hoping that a generous spending package would pressure the US dollar and boost demand for alternative safe-haven assets.

The US president-elect’s proposal expects to increase the federal deficit by around $2 trillion.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

His bill might contain financial support for state and local governments and a direct check payment worth at most $2,000 to American households. Tom Block, Washington policy analyst at Fundstrat Global Advisors, told CNBC that the Thursday bill could also include an extension of the eviction moratorium and “hundreds of billions” in government aid.

Friday’s labor market data, which showed that employers trimmed about 140,000 jobs in December, has increased the need for larger government spending. Bulls in riskier markets see it as a clue for a weaker US dollar ahead. Meanwhile, Bitcoin speculators watch the entire macroeconomic development as a catalyst to push the cryptocurrency to a new record high.

“Bernie Sanders takes over budget with total deficit worst in 40 years,” said macro analyst Dan Tapiero on the newly-appointed chairman of the Senate Budget Committee. “Interest rates cannot rise with a massive debt load. [The] dollar bear market must continue or equities will suffer. [A] perfect backdrop for gold and bitcoin.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
US Fiscal Deficit hits worst levels in 40 years. Source: Dan Tapiero

Bitcoin Rally Resumes Momentum

The benchmark cryptocurrency did react well to the stimulus narrative. Its rate per token surged to $38,800 in an early London session, up about 29 percent from its session low near $31,000. Nevertheless, Bitcoin was trading still lower from its record high of $41,986.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Many traders noted that the cryptocurrency would reclaim its previous peak—and form a new one in the sessions ahead. One of them—a pseudonymous analyst—noted that Bitcoin flipping $36,500 from resistance to support provides it an ideal footing to continue its rally to a new high.

“Reclaim $39.5k next and then we can attack the highs,” he claimed.

Meanwhile, another analyst drew two sloping trendlines around Bitcoin’s recent downside correction and pullback move, making it look like a Bullish Pennan structure. That also hinted at an upside continuation—by as much as the size of the previous upside move, which easily puts Bitcoin en route to over $42,000.

What is the best crypto casino in July 2022? Read our comprehensive comparison! We made deposits, played and reviewed 80+ crypto casinos to choose the best one.

DECISION TIME FOR #BITCOIN!!!!!! pic.twitter.com/biiSWpUSE3

— MMCrypto (@MMCrypto) January 14, 2021

Stablecoin Inflow

Mr. Biden’s stimulus bill prospects also coincided with an increase in stablecoin deposits across all the exchanges. Data analytics firm CryptoQuant noted that the sideline capital moved back into the trading platforms, pointing to a potential uptick in cryptocurrency buying.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Stablecoin inflows into crypto exchanges rise as Bitcoin reclaims $37K. Source: CryptoQuant

Stablecoins, such as Tether, act as de-factor dollar tokens due to their 1:1 pegging with the greenback. Tether’s supply increased from $20 billion to $24 billion in over a month, pointing to higher demand.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin Mining

Why The Bitcoin Hashrate Has Barely Moved Since May

21 mins ago
Bitcoin Mining

Bitcoin Mining Company Returns Over 26,000 Rigs To Save Itself From A Ballooning Debt

6 hours ago
Ukraine

Ukraine Buys New Batch Of Weapons To Fight Russia Using $60 Million Crypto Donations

8 hours ago
bitcoin and stocks

Is the Bitcoin Stock Market Correlation Finally Ending?

1 day ago
Bitcoin

Bitcoin Is Now Accepted In This Popular Resort In The Maldives

1 day ago
Anthony Scaramucci

Here’s Why Scaramucci Expects Bitcoin Price To Reach $300,000 Before 2030

3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Play Games
  • BET&WIN
  • Bitcoin Casino Reviews

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.