Bitcoin has soared back above $48,000 this morning, after crashing near a $42,000 handle over the weekend, following Congress’ passing of Biden’s stimulus package.
“In the US a $1.9 trillion stimulus package is on the way. That’s more than all the cash currently sitting on the US Treasury account at the Federal Reserve,” on-chain analytics service Ecoinometrics summarized to Twitter followers.
“This is good for Bitcoin.”
However, perhaps most notably, in a 108-page deep-dive into cryptocurrencies, Citi said there had been a major change in bitcoin from “primarily a retail-focused endeavor to something that looks attractive for institutional investors” as they search for higher returns and alternative assets.
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