Why Joe Biden’s $3T Stimulus Package Could Add Fuel to Bitcoin’s Rally

A new stimulus package costing about $2.4 trillion is being prepared in the U.S. that includes a second round of stimulus checks for Americans. Since the first coronavirus stimulus package was signed into law, talks of further relief aid have stalled. This new proposal aims to restart the stimulus package discussion. Nancy Pelosi Plans to Introduce a $2.4 Trillion Stimulus Package House Democrats are reportedly putting together a new coronavirus stimulus plan that would cost about $2.4 trillion, which is roughly $1 trillion less than their previous proposal. CNBC described on Saturday: The....

Many Americans are in need of second stimulus checks and a new coronavirus relief package. As Congress resumes stimulus negotiations, President Trump has called for a “big and focused” stimulus bill now. Meanwhile, several analysts have predicted when lawmakers will pass the next stimulus package. Stimulus Package Status Stimulus negotiations have resumed after the presidential election but lawmakers still have not been able to come to an agreement. This has left Americans with little hope of receiving their second stimulus checks to help them cope with the coronavirus-led....

The report will likely influence negotiations over U.S. President Biden’s $1.9 trillion stimulus package over the coming weeks.

When the U.S. Congress approved Biden’s $1.9 trillion pandemic response stimulus package last week, the crypto market boomed as Bitcoin surged to an all-time high. The largest cryptocurrency rose to over $61,500, led by optimism that the stimulus payments would be a boon to the digital asset’s months-long rally. However, as traditional equity markets showed mixed signals on Monday with a string of bad news, Bitcoin plummeted more than 10% alongside the broader crypto market. […]

Negotiations on a new coronavirus aid stimulus package are still underway as Americans wait to receive their second round of stimulus checks. House Speaker Nancy Pelosi, President Donald Trump, and Senate Majority Leader Mitch McConnell have their own ideas of when the next stimulus package with direct payments to Americans will pass. US Lawmakers Push to Pass a New Stimulus Package Soon U.S. lawmakers have continually been discussing the next stimulus package to help Americans cope with the coronavirus pandemic-led economic crisis. Americans have been waiting for the second round of....