Bitcoin price regained 40% of market capitalization after Senate GOP releases Coronavirus relief plan

The administration of US President Donald Trump plans to award $ 1,000 to each American adult and $ 500 to each child. In an interview with Fox Business Network on March 19, US Treasury Secretary Steven Mnuchin described the Trump administration’s plan to rescue the economy in the new Coronavirus epidemic. Bitcoin price has just had an impressive recovery on Friday, helping the most significant cryptocurrency market offset the recent decline. Bitcoin hit an 8-day high of $ 6,943 at 17:30 on March 20, up from $ 5,400 yesterday.

The United States announced its third anti-Covid-19 relief package

Mnuchin said White House officials are in discussions with US Congress leaders about the plan. Accordingly, the government will transfer $ 500 billion in cash to Americans.

Minister Mnuchin said:

“The money transfer campaign will be divided into two phases. In the first round, each adult will receive $ 1,000 per child receiving $ 500. Thus, a family of 4 will be transferred a total of $ 3,000.”

bitcoin-price-regained-40-of-market-capitalization-after-senate-gop-releases-coronavirus-relief-plan

After a period of being subjective and reckless with the Covid-19 epidemic, US President Donald Trump is speeding up efforts to support the economy

After a period of being subjective and reckless with the Covid-19 epidemic, US President Donald Trump is speeding up efforts to support the economy.

He asserted:

“When Congress passes this bailout, we will transfer the first round of money within three weeks. And six weeks later, if the president maintains a national emergency, each family will receive an additional $ 3,000 more.”

Besides, the White House will also spend $ 300 billion to support small companies. This group of enterprises will be postponed to repay debts to retain workers. About $ 200 billion will be spent on other relief operations, including funding for airlines and industries affected by the Covid-19 epidemic.

However, the Trump administration needs to convince Congress to approve this bailout. Senator Chuck Schumer said transferring a few thousand dollars in cash would not be enough for workers who lost their jobs.

He said the government needs to expand unemployment insurance to protect American workers. CNBC sources said Mnuchin had spoken to Senator Schumer several times over the past few days about his plan to rescue the US economy.

In early March, President Trump signed an $ 8.3 billion bailout package. On March 18, he continued to sign through a $ 100 billion bailout package, which included essential provisions such as free coronavirus testing and guaranteed wages for sick employees.

Recently, CNBC quoted economist Ian Shepherdson warning that in the next week, there will be 2 million more Americans will fall into unemployment due to the impact of the Covid-19 epidemic on the world’s largest economy.

Bitcoin price regained 40% of market capitalization, peaking above $ 6,800

Bitcoin price has just had an impressive recovery on Friday, helping the most significant cryptocurrency market offset the recent decline. Bitcoin hit an 8-day high of $ 6,943 at 17:30 on March 20, up from $ 5,400 yesterday.

The sharp rally has helped Bitcoin regain 46% of its value from the bottom of $ 3,867 on March 13 – the dark Friday of the world financial market. At the time of writing, Bitcoin price is being traded at $ 6,632.

The recovery of the market within more than 24 hours of trading was also anticipated through technical analysis charts showing that the selling pressure has cooled down.

Meanwhile, market analyst Simon Peters from the eToro platform said there was a volume of buy orders placed on exchanges after Tether had just issued an additional 120 million USDT within the past 48 hours.

The fundamental analysis seems to be showing more positive signs as fiscal institutions around the world are pumping a lot of liquidity to rescue the current economic downturn.

The balance sheet of the US Federal Reserve has recently increased to $ 4.7 trillion. The institution also cut interest rates to nearly 0% on Sunday, injecting $ 1.5 trillion into the economic system.

And counterparts around the world have the same move. The situation of traditional markets has been well controlled. This could be a positive signal for Bitcoin because, in the recent past, the cryptocurrency market has had changes in correlation with the traditional capital market.

Technical analysis charts also show a similar recovery trend.

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Source: TradingView

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