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US Senate approved stimulus package proposed by Joe Biden

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  • Joe Biden proposed a stimulus package in response to the pandemic crisis, which the US Congress members have now approved
  • The package will specifically help to fund for making vaccines and increasing federal unemployment assistance
  • The release of the package is expected to bring a positive impact on the crypto market
  • Since the news spread in the market, the price of Bitcoin was observed gaining back its bullish momentum

Joe Biden had proposed a stimulus relief package last month after observing the scenario generated due to the global COVID-19 pandemic. The United States Congress members have approved the US president’s proposal on Saturday. The fiscal stimulus package was proposed to increase federal unemployment assistance in the state and provide funds for COVID-19 vaccines. Moreover, it was also expected that the package might bring cryptocurrency adoption. According to many in the cryptosphere, the stimulus injection could positively impact the prices in the cryptocurrency market.

What benefit will the stimulus package by Joe Biden bring?

The proposal of Joe Biden for a financial stimulus injection of $1.9 trillion was passed with a 50-40 party-line vote. However, now the measurement is heading back to the House to approve Senate changes before heading to the president for signature. Indeed, it is expected that the Senate will take up the measure by next week.

The legislation would offer $300 in weekly unemployment benefits by the first week of September 2021. Moreover, it will send $1400 payments to few Americans and will direct $350 billion to state and local governments.

Does the release of the package matter to the cryptosphere?

There are some factors in which the injection of the stimulus package proposed by Joe Biden will matter to the cryptocurrency industry. First of all, the package is likely to boost the stock markets. The cryptosphere could also witness some positive impacts on cryptocurrency prices. Moreover, the central bank’s spending is expected to cause inflation, which could again be beneficial for Bitcoin. The financial package is calling into question the central bank’s independence. The previous fact will help prevent economic ruins in a shorter time frame. This will also leave itself open to criticism regarding the mountain of debt spending.

Effect on the price of Bitcoin after the news revealed

After the news of the approval of the proposal of Joe Biden for the stimulus injection spread, the price of Bitcoin was observed gaining back momentum. Since yesterday the price of Bitcoin gained back the positive area, quickly rising by $500. However, at press time, the price was observed near the level of $50,674. Which is up by more than 6% over the last 24 hours.

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