Bitcoin Price shines, rebounds to $50K mark as U.S. President announces $1.9 trillion fiscal plan

Bitcoin touches $50K, recording a 4% gain
  • The Senate has given its nod to President Biden’s fiscal plan on Saturday. The administration is now all geared up to tighten its grip, paving the way for $1,400 checks and jobless aid
  • The improved financial structure, improved prospects of fiscal spending has put a bid under bitcoin (BTC)

Bitcoin price surges with positive economic sentiments in the U.S.

 Bitcoin has renounced back and crosses the $50K mark. It went up to $50,500 and jumped up to a 4% gain. The coin was traded higher on Sunday, and further, the prices were recorded at $51,320 on early Monday.

One of the popular and famous cryptocurrencies, Bitcoin, has been surging high almost after the last session’s consistent slump. The magical coin was trading higher on Sunday, as U.S. President Joe Biden announced a $1.9 trillion fiscal stimulus plan. The plan will help in accelerating economic recovery. 

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The top cryptocurrency has gone up to $50,500 nearly at a press time, recording a 4% gain on the day.

Meanwhile, the Senate has given its nod to President Biden’s fiscal plan on Saturday. The administration is now all geared up to tighten its grip, paving the way for $1,400 checks and jobless aid. The bill will be voted on Tuesday and has gone back to the House, as per media reports. 

The improved financial structure and improved prospects of fiscal spending have put a bid under bitcoin (BTC). It jumped up from the depth of slumber in the price range of $49,500 to $46,200. Fiscal spending is inflationary and is regarded as the store of value assets like Bitcoin and gold. 

Chinese app Meitu Investing in Bitcoin and Ethereum

Another factor that has helped surge the prices of the cryptocurrency is the investment of Hong Kong-listed Meitu which had purchased $22million in ether (ETH) and $17.9 million of BTC its treasury. Meitu makes image and video processing software. 

The increasing price of Bitcoin portends dollar weakness in the foreign exchange markets and improved risk sentiment in the stock markets on Monday. The cryptocurrency has moved opposite to the dollar’s prices and is like stock/risk assets since the March 2020 crash. 

However, the investors are eager to see the improvement in bitcoin prices. It will be seen whether the prices gain during the week ahead. This could be more dependent on the stimulus approval by the U.S. Treasury yields. The 10-year yield has been on a tear of late, and it will bounce the prices in the economic activity and high inflation and put downward pressure on both bitcoin and stocks. 

Another important thing that has grabbed the people’s attention is the Decentralized Finance (DeFi) protocol Uniswap’s UNI token’s entry into the list of top 10 cryptocurrencies by market capitalization. It’s the first DeFi coin to achieve that height. 

UNI is trading at $32, nearly up 14% on a 24-hour basis. With a market cap of $16.79 billion, the DeFi token is reaching the top 10 list and has bagged the eighth position. It ranks higher than litecoin and chainlink as per the data source Messari. 

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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