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BTC Price Ups as EU agrees on Stimulus Deal

Bitcoin edged huge on Tuesday while stock markets cheered the EU's decision to allow a landmark coronavirus rescue fund.

  • The leading crypto by market-rate bounced from $9,190 to $9,360 through the sixty minutes to 08:00 UTC.

  • BTC is trading at $9,348 at press time – up to about 2% on the day, Shown in the CoinDesk's Bitcoin Price Index.

  • European Union leaders held the long-awaited €750 billion post-pandemic fiscal incentive program during the Asian trading hours, increasing demand for equities, and sending EUR/USD to a 4.5-month high 1.1470.

  • Extra bullish pressure seems to be originating from hopes that coronavirus vaccines would be available by the year-end.

  • Some key European equity indices are up at least 1.5% each, while Germany's DAX index is currently at its most exceptional level since Feb. 

  • Asian stocks also increased over 2% early Tuesday; expectations tied to the S&P 500, Wall Street's benchmark index, are currently up approximately 0.8%. 

Looking forward

  • BTC has now developed a robust positive relationship with the stock markets.

  • Equities persist vulnerable to a possible escalation in lingering Sino-United States tensions.

  • Wayne Chen, CEO of Interlapse Technologies, told investors may now seem to BTC as a store of value/haven given the high gold price.

  • The refined metal is now only 4.6% short of the record high of $1,911 touched in Sep 2011.

  • From a technical analysis viewpoint, BTC's immediate bias continues inactive, despite today's growth.

  • Adrian Zdunczyk, CEO of the trading community The BIRB Nest noted in a blog post that A Bollinger breakout in either way would make measured progress of $400 to support at $8,600 or stand at $9,800.

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