Bitcoin
$ 43,998
Ethereum
$ 3,118.9
Litecoin
$ 160.28
okex ads

Tether’s Exchange Supply & $900 Billion US Stimulus Deal Offers Fuel to Bitcoin Bull

Crypto Exchange EXMO Hacked; BTC, ETH, XRP, ZEC, USDT, and ETC Stolen By Attacker recorded more gains than what we posted last week

This quarter, which is still 10 days from its end, has recorded the third-largest quarterly gains of 121% beaten by 125.32% in Q2 of 2017 and of course the 10.13% gains in Q4 of the same year, as per crypto data provider Skew.

The world’s largest cryptocurrency made yet another new high early Monday, as it jumped past $24,300 following Tesla CEO Elon Musk’s Bitcoin meme and inquiry about “larger transactions” required to convert $100 billion of USD in Tesla’s balance sheet to BTC.

According to Hxro Labs, “With a break of 24k, it looks like the next such cluster of objectives lay in wait up around the $26,750-$26,650 area.”

But the weakness in the price of the digital asset seen last night and today has some feeling a bit cautious.
And, today the price of the Bitcoin went down to about $21,885 level and is currently trading around $22,800 in red.

Interestingly, amidst the ongoing bullish price action, the number of Bitcoin holders with 1,000 or more BTC continues its upward momentum. Unlike these multi-millionaires, addresses with under 1,000 BTC have been selling off their stash since Wednesday, the day BTC price breached the all-time high of $20k only to continue to break past several levels.

Meanwhile, the bullish sign for the Bitcoin bulls is the percentage of Tether supply on cryptocurrency exchange hitting a 4-month low on the weekend, as per Santiment.

 

At the same time, Congress reached a deal on the $900 billion coronavirus relief package. Congressional leaders announced the agreement on the bill on Sunday which will fund the government through Sept. 30.

“At long last, we have the bipartisan breakthrough the country has needed,” Senate Majority Leader Mitch McConnell, R-Ky., said on the Senate floor Sunday.

However, House Speaker Nancy Pelosi called the plan inadequate and that they would soon push for more spending after President-elect Joe Biden takes office a month later, on Jan. 20.

This relief plan includes direct payments of $600 to adults and $600 per child. These payments could make their way to Bitcoin, like the last time. The $1,200 check from last time is currently worth about $4,000 in Bitcoin.

The Democrats said it would put $240 billion into Paycheck Protection Program small business loans, and direct another $20 billion to small business grants and $15 billion to live event venues.

With all the money printing going on at “unprecedented levels,” Bitcoin price could see more action. According to Mike Belshe, the CEO of California-based cryptocurrency firm BitGo, BTC is “immune” to this money printing which is because the digital asset “got a level of scarcity that we really don’t have in any other market,” not even in gold, he said.

Related Posts

Leave a Reply

Newsletter

Subscribe To Newsletter

For updates and exclusive offers, enter your e-mail below.

Popular Posts

xtingles to Launch World’s First ASMR NFT “Free Like a Butterfly” on September 16
September 22, 2021By
State Bank of India Blocks Payments to Cryptocurrency Exchanges on UPI Platform
September 22, 2021By
EST GLOBAL OF DR SINDHU ALONG SIDE ANDA GLOBAL, AND AFCFTA POLICY NETWORK PARTNERS ON AGRIBUSINESS IN AFRICA.
September 22, 2021By

Advertisement

Video Posts

In
Impact Of Technology On 4.0
July 6, 20210
In
Importance Of Cryptography
July 3, 20210

Crypto Stats


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin43,998 0.18 % 4.92 % 8.69 %
Ethereum3,118.9 0.00 % 8.87 % 13.27 %
Cardano2.260 0.22 % 10.69 % 9.42 %
Tether1.000 0.11 % 0.08 % 0.04 %
Binance Coin379.54 0.21 % 7.74 % 11.72 %
XRP1.000 0.39 % 8.35 % 10.61 %
Solana147.11 0.49 % 13.74 % 7.24 %
Polkadot31.66 1.55 % 15.94 % 12.85 %
USD Coin1.000 0.08 % 0.07 % 0.05 %
Dogecoin0.2247 0.06 % 8.33 % 9.13 %

You have not selected any currencies to display