{"id":433125,"date":"2020-08-03T11:00:24","date_gmt":"2020-08-03T11:00:24","guid":{"rendered":"https:\/\/wncen.com\/?p=433125"},"modified":"2024-06-11T08:53:20","modified_gmt":"2024-06-11T08:53:20","slug":"us-deadlock-over-stimulus-keeps-bitcoin-cautious-what-to-expect","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/us-deadlock-over-stimulus-keeps-bitcoin-cautious-what-to-expect\/","title":{"rendered":"US Deadlock Over Stimulus Keeps Bitcoin Cautious; What to Expect?"},"content":{"rendered":"<ul>\n<li>Bitcoin began trading cautiously on Monday as US lawmakers struggled to finalize a stimulus plan following its expiry on July 31.<\/li>\n<li>The critical point of difference between Democrats and Republicans continues to be the proposed $1,200 assistance for the unemployed.<\/li>\n<li>A final stimulus announcement could put more downside pressure on the US dollar, which, in turn, could help Bitcoin to rise higher.<\/li>\n<\/ul>\n<p>Bitcoin started Monday on a cautious note as investors waited for the US lawmakers to <a href=\"https:\/\/www.cnet.com\/personal-finance\/stimulus-package-status-update-will-the-heals-act-pass-before-aug-7-what-we-know\/\" target=\"_blank\" rel=\"noopener nofollow\">finalize the next stimulus bill<\/a>.<\/p>\n<p>Democrats and Republicans laid out their competing versions of the relief package. One of the key sticking points concerned the unemployment assistance. The Republicans offered to reduced the federal boost to $200 per week. Nevertheless, the Democrats want the House to keep the relief at the old level of $600 a week.<\/p>\n<p>\u201cWe\u2019ve been for the $600. They have a $200 proposal, which does not meet the needs of America\u2019s working families, and it\u2019s a condescension, quite frankly,\u201d House Speaker Nancy Pelosi said. &#8220;They\u2019re saying, \u2018They really don\u2019t need it. They\u2019re just staying home because they make more money at $600,\u2019\u201d she added.<\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<p>On the other hand, Treasury Secretary Steve Mnuchin argued that their administration is worried about the debt burden following the second stimulus package.<\/p>\n<blockquote><p>\u201cThere\u2019s obviously a need to support workers, support the economy,\u201d Mr. Mnuchin said. \u201cOn the other hand, we have to be careful about not piling on enormous amounts of debt.\u201d<\/p><\/blockquote>\n<h2>Bitcoin Rebounds<\/h2>\n<p>The anticipation of a new stimulus bill kept the bids for safe-haven assets like Bitcoin higher. The cryptocurrency <a href=\"https:\/\/wncen.com\/2020\/08\/03\/bitcoin-holding-strong-at-11k\/\" target=\"_blank\" rel=\"noopener \">was up by circa 1 percent during the early London session<\/a> Monday, trading at $11,181. Less than 24 hours ago, it was changing hands for nearly $10,500.<\/p>\n<figure id=\"attachment_433128\" aria-describedby=\"caption-attachment-433128\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/HJp6ok1m.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-433128 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/HJp6ok1m.png?fit=860%2C860\" alt=\"bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency\" loading=\"lazy\"><\/a><figcaption id=\"caption-attachment-433128\" class=\"wp-caption-text\">Bitcoin price is rebounding following Sunday&#8217;s crash. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<pre>Bitcoin price is rebounding following Sunday's crash. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<p>But BTC\/USD remained cautious about extending its uptrend. Part of the reason was its sudden crash on Sunday, wherein the <a href=\"https:\/\/wncen.com\/2020\/08\/02\/bitcoin-now-trading-at-do-or-die-level\/\" target=\"_blank\" rel=\"noopener \">pair plunged about $1,500<\/a> within a few minutes of trading. The other reason \u2013 apprehensively \u2013 was a stronger US dollar.<\/p>\n<p>The US stimulus deadlock allowed the greenback to breathe a little. After trading near its two-year low, the US dollar index on Monday surged by 0.36 percent, showing that some investors moved into the safety of cash amid stimulus concerns.<\/p>\n<figure id=\"attachment_433129\" aria-describedby=\"caption-attachment-433129\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/62xfqcix.png\"><img data-recalc-dims=\"1\" height=\"860\" width=\"860\" decoding=\"async\" class=\"wp-image-433129 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/08\/62xfqcix.png?fit=860%2C860\" alt=\"bitcoin, cryptocurrency, btcusd, xbtusd, btcusdt, cryptocurrency\" loading=\"lazy\"><\/a><figcaption id=\"caption-attachment-433129\" class=\"wp-caption-text\">US dollar index rebounds from its two-year low. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<pre>US dollar index rebounds from its two-year low. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<p>Bitcoin and the US dollar index showed a negative correlation with one another since March&#8217;s global market rout. Therefore, a stronger outlook for the greenback kept the other&#8217;s bullish signals under wrap.<\/p>\n<h2>August 7<\/h2>\n<p>It is likely that Bitcoin would consolidate in a sideways direction as long as the US Congress passes the stimulus bill. It has until August 7 to put together the package.<\/p>\n<p>Meanwhile, traders should watch for $10,500-level as support should a stronger dollar attempt to dismantle Bitcoin&#8217;s bull run.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin began trading cautiously on Monday as US lawmakers struggled to finalize a stimulus plan following its expiry on July 31. The critical point of difference between Democrats and Republicans continues to be the proposed $1,200 assistance for the unemployed. A final stimulus announcement could put more downside pressure on the US dollar, which, in turn, could help Bitcoin to rise higher. Bitcoin started Monday on a cautious note as investors waited for the US lawmakers to finalize the next stimulus bill. Democrats and Republicans laid out their competing versions of the relief package. One of the key sticking points concerned the unemployment assistance. The Republicans offered to reduced the federal boost to $200 per week. Nevertheless, the Democrats want the House to keep the relief at the old level of $600 a week. \u201cWe\u2019ve been for the $600. They have a $200 proposal, which does not meet the needs of America\u2019s working families, and it\u2019s a condescension, quite frankly,\u201d House Speaker Nancy Pelosi said. &#8220;They\u2019re saying, \u2018They really don\u2019t need it. They\u2019re just staying home because they make more money at $600,\u2019\u201d she added. On the other hand, Treasury Secretary Steve Mnuchin argued that their administration is worried about the debt burden following the second stimulus package. \u201cThere\u2019s obviously a need to support workers, support the economy,\u201d Mr. Mnuchin said. \u201cOn the other hand, we have to be careful about not piling on enormous amounts of debt.\u201d Bitcoin Rebounds The anticipation of a new stimulus bill kept the bids for safe-haven assets like Bitcoin higher. The cryptocurrency was up by circa 1 percent during the early London session Monday, trading at $11,181. Less than 24 hours ago, it was changing hands for nearly $10,500. Bitcoin price is rebounding following Sunday&#8217;s crash. Source: TradingView.com But BTC\/USD remained cautious about extending its uptrend. Part of the reason was its sudden crash on Sunday, wherein the pair plunged about $1,500 within a few minutes of trading. The other reason \u2013 apprehensively \u2013 was a stronger US dollar. The US stimulus deadlock allowed the greenback to breathe a little. After trading near its two-year low, the US dollar index on Monday surged by 0.36 percent, showing that some investors moved into the safety of cash amid stimulus concerns. US dollar index rebounds from its two-year low. Source: TradingView.com Bitcoin and the US dollar index showed a negative correlation with one another since March&#8217;s global market rout. Therefore, a stronger outlook for the greenback kept the other&#8217;s bullish signals under wrap. August 7 It is likely that Bitcoin would consolidate in a sideways direction as long as the US Congress passes the stimulus bill. It has until August 7 to put together the package. Meanwhile, traders should watch for $10,500-level as support should a stronger dollar attempt to dismantle Bitcoin&#8217;s bull run.<\/p>\n","protected":false},"author":50,"featured_media":433130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1144,78790,1558,76835],"class_list":["post-433125","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>US Deadlock Over Stimulus Keeps Bitcoin Cautious; What to Expect?<\/title>\n<meta name=\"description\" content=\"Bitcoin began trading cautiously on Monday as US lawmakers struggled to finalize a stimulus plan following its expiry on July 31. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.\",\"url\":\"https:\/\/wncen.com\/author\/gola-yashu\/\"}]}<\/script>\n","yoast_head_json":{"title":"US Deadlock Over Stimulus Keeps Bitcoin Cautious; What to Expect?","description":"Bitcoin began trading cautiously on Monday as US lawmakers struggled to finalize a stimulus plan following its expiry on July 31. 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. 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