The reason Bitcoin price recovered
Many prompt and drastic responses were given. FED and central banks of many countries have implemented many policies to stabilize the market. For many Bitcoin believers, the extra liquidity acts as a good reason to maintain this asset.
Negative interest rates have arrived in the US! 6mo t-bill at -2bps. Means you need to PAY US govt for 6mo cash deposit. Rates to go much more negative to weaken dollar. This is confiscation and it is bad but it needed for now to stabilize system. Mega bullish for #Bitcoin pic.twitter.com/mwgEhnXKsD
– Dan Tapiero (@DTAPCAP) March 19, 2020
Economic Stimulus Packages in response to # CoVid19
🇬🇧 UK: $ 39 billion
🇺🇲 US: $ 1.2 trillion
🇫🇷 France: $ 45 billion
🇳🇿 NZ: $ 8 billion
🇮🇹 Italy: $ 28 billion
🇨🇦 Canada: $ 56 billion
Korea South Korea: $ 10 billion
🇮🇳 India: Janata Curfew & Clapping hands in the Balcony on Sunday
– Srivatsa (@srivatsayb) March 19, 2020
Now, FED measures seem to be working. The US stock market grew higher on the 19th trading day. That showed that some venture capitalists have returned to the markets.
Bitcoin is also performing well. In the past 24 hours, investors have purchased more than $ 18 billion of this cryptocurrency. In the meantime, the BTC / USD pair is trading at $ 6,649, up 22.06% in 24 hours.
Can Bitcoin hit $ 10,000 on halving?
With the price rising, the upward momentum of Bitcoin suddenly suddenly returned. Some people believe that the increase in Bitcoin price coincided with the bank's liquidity injection. This shows that BTC is functioning as a safe haven for assets.
Within less than a day of the two largest central banks in the world printing a combined $ 2 trillion of their paper money, Bitcoin's price surges + 20%.
Bitcoin is working as designed.
– Vis (@Vis_in_numeris) March 19, 2020
However, shortly after the Bitcoin price rebounded above $ 6,000. Many people have expressed optimism about the future of this coin. Blockstream's Samson Mow gave a rare BTC price forecast.
– Samson Mow (@Excellion) March 19, 2020
Samson Mow thinks that Bitcoin will once again surpass $ 10,000 in halving in May this year. Just 1 month ago, such a prediction could be considered too light. However, with Bitcoin needing to increase by more than 60% in 2 months and having just gone through the most turbulent period to date, Mow's forecast is worth questioning.
Maybe you are interested:
Join our channel to stay up to date on the most useful news and knowledge at:
According to BeInCrypto