Cryptocurrency News

Financial Market Continue Progress As Stimulus Checks Arrive

The financial week started skeptically as entities and outfits started to wade in their opinion regarding the American economy’s expectation. While crypto was still having a volatile season, the federal reserve announced that it would distribute another round of stimulus checks.

Even though Bitcoin is still being led by volatility, most of the traders in the financial space are looking at the asset as the savior once again. While the Dow and Jones are also having a remarkable period in the market, other tech stocks such as Netflix, Apple, and the likes are not having a swell time in the financial market.

Stimulus checks would help the American economy

With the news of the stimulus checks making waves all over America, most financial assets in the traditional market saw major positive moves. With that, a market crash is not something forthcoming any longer despite the volatility in the market. Before this administration came into power, the Trump era saw the government take approaches like this to keep the market stabilized.

With the news, the dollar has started doing well as it has posted greens candle upon green candles as its index has seen a massive growth of 0.32%. This recent move has been tagged as a major boost because it is coming off a recent decline in the market.

This also means that investors expect the American economy to make the right turn for the best after a very stressful season. If the economy makes a right turn, the dollar’s dominance over other currencies would be established.

Investor optimism is present in the market

In a look at market optimism, the Dow Jones and S&P 500 have been the most beneficial assets in the market. While the Dow Jones saw about a 1.93% surge to register a cumulative all-time high point of 32,104, the S&P 500 registered about 3,873 points with its 0.88% rise. This shows that the traders in the market would be expecting the stocks listed above to register a positive week. Also, Bitcoin has managed to banish its fears as the digital asset is planning to close on its all-time high record after moving very close to the $50,000 region.

Presently, Bitcoin is trading around $52,000, showing a positive sign of a surge in the coming days. Hoping to replicate the previous bill run, the market could use some more input by institutional investors to reach its predicted value of $100,000. Gold has seen a turn on a fortune in the last few days as the precious metals decline has gotten investors increasingly worried about its store of value quality.

Gold has been in a bearish run since the beginning of August 2020, as many analysts have blamed the fate of the shift in focus on digital assets such as Bitcoin. Analyst have also pointed out that the stimulus check might be a major booster for the country if they replicate last year’s form.

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