Bitcoin (BTC) jumped over $100 as Wall Street opened on March 24, markets broadly gaining amid hope of the United States agreeing a $2 trillion coronavirus rescue package. 

Cryptocurrency market daily overview. Source: Coin360

BTC price steadies as stocks bounce

Data from Coin360 and Cointelegraph Markets showed BTC/USD circling $6,700 at press time on Tuesday — up 7% on the day.

Stock markets reversed Monday’s losses — the Dow Jones opened up 6.1%, while the S&P 500 was 5.3% higher.

Bitcoin 1-day price chart

Bitcoin 1-day price chart. Source: Coin360

The week had begun with turmoil as the U.S.’s two major political parties repeatedly blocked an aid package that aims to bail out the faltering economy. Overnight, however, Treasury Secretary Steven Mnuchin said that talks had seen “a lot of progress.”

At the same time, G7 finance ministers issued a joint statement pledging to do “whatever is necessary” to protect the international financial system. 

As Cointelegraph reported, however, compensating losses in the form of “unlimited” money printing is causing alarm bells to ring for some. 

Commenting on the Federal Reserve’s liquidity drive, Wall Street veteran Caitlin Long argued that…

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Author: William Suberg


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