Cryptomustar
Monday, May 16, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Hopes of Last-Ditch Stimulus Prompt Bitcoin to Target $11K This Week

by admin
October 1, 2020
in Bitcoin
0
Hopes of Last-Ditch Stimulus Prompt Bitcoin to Target $11K This Week
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter



Bitcoin was firm in the early Thursday trading session as new signs of progress emerged in negotiations over the second coronavirus stimulus.

The Donald Trump administration agreed to increase the size of the aid to $1.5 trillion – a trillion-dollar higher than their previous proposal. Steven Mnuchin, the US Treasury Secretary, confirmed in an interview with CNBC that a bipartisan group, known as the “problem solvers caucus,” backed the Republicans’ proposal.

On the other hand, Democratic House speaker Nanci Pelosi responded by delaying the vote on their own $2.2 trillion stimulus bill. She agreed to dwell further into the Republicans’ proposition, showing one of the first positive steps in months towards finalizing the relief package.

“Today, Secretary Mnuchin and I had an extensive conversation and we found areas where we are seeking further clarification,” Ms. Pelosi said on Wednesday. “Our conversation will continue.”

The Trump government’s offer still stands short of the Democrats’ proposal, which includes new direct payments to American households, further unemployment benefits, and aid to small and medium scale businesses battered by the coronavirus pandemic.

Risk Appetite Back

Still, the gap between what Republicans are offering and what the Democrats are expecting have narrowed down vastly. That has increased investors’ risk appetite as US stock and gold futures hint to open in a positive area this Thursday. Bitcoin, too, is maintaining itself above crucial support levels.

BTC/USD is trading upwards towards $11,000 in a choppy session Thursday. Source: TradingView.com

The benchmark cryptocurrency rose by almost 1.5 percent to $10,857 in an overnight rally. Its gains closely followed Mr. Mnuchin’s optimistic statements on the stimulus and sustained after Ms. Pelosi’s response.

RELATED POSTS

Bitcoin closes 7th red weekly candle for first time ever

Crypto Corner: The Sports Slice

Bitcoin also rose as sentiment for the US dollar grew weaker. Edward Moya, a senior market analyst at OANDA in New York, used the gold recovery on Wednesday as context to explain the said shift from cash markets, saying:

“There’s a bit of relief that the dollar rally has, for the most part, ended and it seems many investors are more so focused on the headwinds ahead of the global economic recovery.”

Both gold and Bitcoin have risen sharply this year as governments and central banks worldwide rolled out unprecedented stimulus packages to revive coronavirus-hit economies. Investors considered the two as their hedge against the potential, long-term currency debasement.

Looks like the politicians got the phone call from their masters on Wall Street. Time for more stimulus to pump the markets! This will likely be the make of break for markets in October. #bitcoin #crypto https://t.co/X4BQAzQ035

— Lark Davis (@TheCryptoLark) September 25, 2020

That further explains why a second stimulus package by the US government could lift Bitcoin further up.

Bitcoin Technical Setup

A push led by optimistic fundamentals expects to take the Bitcoin price to $11,000 by the end of this week.

Josh Rager, the founder of BlackRoots.com, highlighted the cryptocurrency for its recent ability to hold above $10,800, noting that the level could allow BTC/USD to retest higher levels this October. Excerpts:

“Monthly close looks fine for September (considering it was a down month with 15% pullback). Overall, the structure held & closed above $10,760 with a wick of almost 10% with buyers stepping-in at sub $10k IMO, expecting a green month for markets in October before election.”

$11,000 serves as a psychological resistance before the next Bitcoin bull run begins.





Source link

Tags: 11KBitcoinhopesLastDitchPromptStimulusTargetweek
ShareTweetShare

Related Posts

Bitcoin closes 7th red weekly candle for first time ever

Bitcoin closes 7th red weekly candle for first time ever

by admin
May 16, 2022
0

Disclaimer: This article contains technical analysis, which is a methodology for forecasting the direction of prices through the study...

Crypto Corner: The Sports Slice

Crypto Corner: The Sports Slice

by admin
May 16, 2022
0

Markets go up and down, but sports fandom lasts a lifetime. That makes our job easier each week with...

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

Goldman Sachs And Barclays’ Investment In Elwood Tech A Major Triumph For Crypto Adoption

by admin
May 16, 2022
0

According to reports on Monday, two of the world’s major investment banks, Goldman Sachs and Barclays, have poured a...

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

Avatars For Ukraine – Top Video Game Artists, Celebs Create Poignant NFT Artworks

by admin
May 16, 2022
0

Avatars could play a significant role in bringing about a semblance of sanity and aid in a country besieged...

Crypto & Gaming: A Look At NRG’s Insights Report

Crypto & Gaming: A Look At NRG’s Insights Report

by admin
May 15, 2022
0

Gaming might seem like a natural, endemic partner for blockchain technology and cryptocurrency partners, particularly when we look at...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

You can now pay for a WeWork office using Bitcoin and other cryptocurrencies

You can now pay for a WeWork office using Bitcoin and other cryptocurrencies

April 21, 2021
First Mover: Bitcoin Hits $11K as Square Exposes $2.3T Corporate Money Pot

First Mover: Bitcoin Hits $11K as Square Exposes $2.3T Corporate Money Pot

October 9, 2020
Decentralized Travel Site Dtravel Says It Has 250K Homes Available to Book Using Crypto

Decentralized Travel Site Dtravel Says It Has 250K Homes Available to Book Using Crypto

December 9, 2021
Bitcoin News Roundup for Aug. 24, 2020

Bitcoin News Roundup for Sept. 21, 2020

September 21, 2020

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin closes 7th red weekly candle for first time ever
  • Digital Euro Could Come Out Within Four Years, ECB’s Panetta Says
  • Why AQUANEE is expected to become the ceiling of the GameFi sector
  • Luna Foundation Guard Left With 313 Bitcoin After UST Crash
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%