This website uses cookies to ensure you get the best experience on our website

Blog

Date:
08th Oct 2020
Author:
CryptoAltum Research Team

President Trump Opposes Another Stimulus Package, Slams the US Federal Reserve

Donald Trump is rejecting the U.S Federal Reserve calls for more stimulus packages. The chair, Jerome Powell, said the U.S. economy faces a tragic risk if the government and Congress do nothing to support the economy disrupted by the Coronavirus pandemic. While at it, the Bitcoin prices fell from its intraday highs of around $10,700


Details: 

Lockdowns and other economy-damaging restrictions imposed by governors across the globe to arrest the spread of the Coronavirus have had dire ramifications. As its effects reverberate, central banks embarked on a loose monetary policy, airdropping money and slashing interest rates. The FED chair wants the economy propped by supportive interventions until after the “it is out of the woods.” 


Impact on the BTC price: 

Bearish. Rejection from Donald Trump is unexpected and is bearish because of the direct relationship between expected inflation and Bitcoin price. The more central banks loosen, the higher the odds of inflation, and that is bullish for safe-haven assets like Bitcoin, Gold, and select currencies.


More Updates on Our Blog 


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020