Bitcoin rises amid stimulus package plans
Bitcoin continued to rise on Friday after fiscal authorities in the world allowed injections of massive amounts of liquidity to oppose the economic slowdown due to coronavirus.
European Commission proposed earlier today, the “general escape clause” of the Stability and Growth Pact which means a suspension of fiscal rules in order to allow member states to spend “as much as they need” to address the impact of COVID-19 to their economies.
The United States Federal Reserve’s balance sheet rose to a record of $4.7 trillion and last week, the Fed cut rates to almost zero and pledged $1.5 trillion injection to help extremely volatile market. Bitcoin may act as a type of inflation hedge due to many stimulus packages.
Bitcoin rose by 1.84% to $6,288.9 at 2:30 pm ET, the highest since March 12, same as bitcoin SV that rose 4.75% to $163.4 at 2:46 pm ET.
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