Bitcoin and stock traders are watching closely to see if the US Senate has passed a massive $ 2 trillion economic stimulus package that is expected to be voted today.
The result of this vote will explain how far the government is willing to go to reduce the economic impact of the rapidly spreading Coronavirus and can provide a lifeline for the struggling business and individuals.
A trader now notes that Bitcoin may be a “toast” if the bill does not pass, as almost all markets are watching closely to see the results of the upcoming vote.
Investors closely monitor the status of the upcoming multi-trillion dollar incentive bill
At one point this afternoon, the Senate's A large incentive bill of $ 2 trillion Senate Majority Leader Mitch McConnell called "emergency aid" to help struggling businesses and individuals financially devastated by Coronavirus.
This bill will result in many Americans receiving $ 1,200 in cash, as well as a $ 400 billion loan program to help small businesses endure the current economic downturn.
The size of this bill is unprecedented, but it is expected to be supported by two partisan support, due to the far-reaching effects of this “movement of God”, which has almost frozen the economy.
This upcoming voting decision will likely greatly affect the US stock market, which is rising even further today, on the expectations that the bill will pass.
This will likely lead the Bitcoin and bulk crypto market to see similar intense volatility, BTC is likely to continue its close correlation with the stock market right now.
Merchant: Failure of the Bill Can Have Terrible Effects for Bitcoin
Satoshi Flipper, a well-known cryptocurrency analyst on Twitter – said in the last tweet that BTC believes where to go next might depend on the outcome of the upcoming vote.
“We are IMO at a very important point: If we leave here and finally turn this resistance, I will continue with a serious weight for a long time. Otherwise, a lot of room back down $ 5.8 support. Also, if the stimulus package was not approved today, I thought BTC was toast. ”
We are IMO at a very important point:
If we leave here and eventually turn this resistance over, I will continue with a serious weight for a long time.
Otherwise, a lot of room back down $ 5.8 support.
– Satoshi Flipper @SatoshiFlipper Instagram Profile March 25, 2020
If the incentive package does not pass in this afternoon voting, the benchmark stock indices are likely to drop and take Bitcoin with them.
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