Cryptocurrency
Bitcoin Portrays Bullish Setup as Trump Plans Yet Another Bailout
As reported by NewsBTC, “Bitcoin rebounded higher Wednesday as the Donald Trump administration discussed the prospects of introducing yet another stimulus package. “The benchmark cryptocurrency advanced $254, or 3.75 percent, to establish a daily high near $6,985 on BitMEX. The intraday recovery also took place near a long-term support area near $6,400, suggesting that traders want […]
As reported by NewsBTC, “Bitcoin rebounded higher Wednesday as the Donald Trump administration discussed the prospects of introducing yet another stimulus package.
“The benchmark cryptocurrency advanced $254, or 3.75 percent, to establish a daily high near $6,985 on BitMEX. The intraday recovery also took place near a long-term support area near $6,400, suggesting that traders want to maintain their interim bullish bias ahead of bitcoin’s supply rate cut this May.
“Part of the reason could be fears of hyperinflation. The price of benchmark West Texas Intermediate slipped below zero on Monday, reacting to the nosediving energy demand prompted by the Coronavirus-induced lockdowns and travel restrictions across the world.
“Trump made a heroic effort on Tuesday to help the oil sector coming back to its feet. He asked his cabinet to inject cash into the industry to stop it from pursuing a historic collapse…”