Cryptocurrency
Here Are the Macro Factors Driving Bitcoin’s Explosive Uptrend
As reported by NewsBTC, “Bitcoin has been caught within the throes of an explosive uptrend throughout the past several days and weeks. “Buyers have allowed the cryptocurrency to put some serious distance between its recent lows of $3,800, now attempting to propel it firmly into the five-figure price region. “The ‘V-shaped recovery’ seen in the […]
As reported by NewsBTC, “Bitcoin has been caught within the throes of an explosive uptrend throughout the past several days and weeks.
“Buyers have allowed the cryptocurrency to put some serious distance between its recent lows of $3,800, now attempting to propel it firmly into the five-figure price region.
“The ‘V-shaped recovery’ seen in the time following its mid-March meltdown has certainly had some technical factors driving it, but it may also have been sparked by a swath of fundamental drivers.
“One popular crypto-focused economist recently spoke about these macro drivers, explaining that he believes there are a few primary things backing Bitcoin’s explosive uptrend.
“The ineffective responses to the Coronavirus pandemic seen worldwide have led many people to question why most governments were caught flat-footed by this lethal virus, as many even ignored some major early warning signs.
“Beyond simply putting in place lockdowns, one of the main responses to the virus has been fiscal stimulus fueled by massive inflation.
“Alex Krüger, an economist who focuses his attention primarily on cryptocurrencies, explained in a recent tweet that he believes this is one of the primary ‘macro drivers’ behind Bitcoin’s explosive uptrend…”