Bitcoin’s (BTC) fundamentals received a boost as the U.S. Senate passed the $1.9 trillion stimulus bill on March 7. If traders react to this bill in the same way as they had done to the first stimulus package in April 2020, then the crypto markets may witness a strong rally.
The stimulus package also intensifies the focus on the devaluation of the U.S. dollar. These concerns could lead some investors to park their money in hard assets or Bitcoin instead of keeping them in fiat currencies, according to veteran trader Peter Brandt.
Crypto market data daily view. Source:Coin360
In addition to investors, a growing number of listed companies are choosing to protect their fiat reserves by buying Bitcoin. After the high-profile purchases by MicroStrategy, Tesla, and Square, a Chinese listed company called Meitu revealed that it had acquired $40 million worth of Bitcoin and Ether.
If other companies across the world also follow this lead and invest a portion of their treasury reserves in Bitcoin, that could create a massive supply and demand imbalance, sending pricesTitle: Top 5 cryptocurrencies to watch this week: BTC, UNI, THETA, VET, LUNA
Sourced From: cointelegraph.com/news/top-5-cryptocurrencies-to-watch-this-week-btc-uni-theta-vet-luna
Published Date: Sun, 07 Mar 2021 19:36:15 +0000