US Stimulus Drives Major Crypto Rally

On Thursday, US President Joe Biden signed a long-awaited stimulus package providing direct payments of up to $1,400 per individual and $2,800 per couple to 158 million Americans. The American Rescue Plan extends unemployment benefits to those affected by the pandemic and provides funding for COVID-19 testing, treatment, and vaccinations, as well as direct aid to schools.

White House Press Secretary Jen Psaki said some eligible taxpayers could receive their direct stimulus payments as early as this weekend, and according to reports online, many already have received their checks via direct deposit.

Throughout the week leading to the bill's signing, the crypto market saw slow but steady gains in anticipation of the stimulus package, as Bitcoin led opening the week at $50,000 to riding all time high's of $60,000+ throughout the day of Saturday, March 13, 2021.

BTC currently sits at an ATH of $60,399.49 at time of publication.

With major institutions hedging against inflation, and retail investors driving adoption of crypto, the cryptocurrencies market is seeing a remarkable rally in this confluence of factors and the Rescue Plan's huge infusion of cash.

The alt-coin market is following BTC's lead. As of writing, most alts are rallying in this March madness event, with ALGO at $1.16 and ATOM at $19.68 as of publication. Several crypto trading platforms introduced new tokens throughout the week, notably SushiSwap and SKALE on Coinbase, driving further adoption in the alt market.

— The Algo Post

Like what you read?

We’re a free, independent news site.

Consider tipping the editor! Here’s our Algorand wallet address:



Related Posts

See All