The Senate, led by Majority Leader Chuck Schumer, voted to approve the coronavirus relief plan which included $1,400 checks for qualifying Americans and $350 billion aid to both state and local governments.
The approval of the bill worked in favor of bitcoin as the digital asset, now seen as a store of value, climbed back to the $50K range after trading between $46K and $49.5K for two days.
Bitcoin back above $50K
The digital asset is exchanging hands for $50,085 at the time of writing, CoinMarketCap data shows.[caption id="attachment_34836" align="alignnone" width="1080"]
Bitcoin retakes the $50K trading range after U.S. Senate approves the landmark $1.9 trillion stimulus package. |Source: CoinMarketCap[/caption]
Fiscal spending leads to inflation, which traditionally favors the price movements of store of value assets such as bitcoin and gold.
Bitcoin’s rise could also be an indication that the dollar is weakening on the foreign exchange markets.
Part of Bitcoin’s surge last year is attributed to the huge coronavirus packages that the government released to ease the effects of the pandemic on the economy.
Could it be a repeat of last year?
Last year, the $2 trillion coronavirus stimulus package agreed by then-President Donald Trump and the Senate gave a boost to the financial markets.Bitcoin, which had tumbled to new lows of under $4,000, climbed back to around $7,000 within 2 weeks of the stimulus package agreement.
At the time, Galaxy Digital CEO said he would be surprised if bitcoin’s price did not go a lot higher at the end of the year.
“If at the end of the year bitcoin’s not a lot higher, I’m going to scratch my head and say, 'Look, what the heck is going on?'”
By the end of the year, bitcoin smashed records as it entered into bullish territory.
Bitcoin’s recent rise cannot be attributed to the stimulus package only.
Hong-Kong publicly-traded company buys bitcoin
Over the weekend, Meitu, a software firm incorporated in the Cayman Islands and listed in Hong Kong announced that it has invested in cryptocurrencies, specifically Ether and bitcoin.The firm bought $22 million worth of Ether and invested $17.9 million in bitcoin.
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