The latest Bitcoin news show that the most dominant cryptocurrency is currently experiencing multiple periods of losses. Despite the hopes of many for the inflation-boosting US stimulus to come and therefore increase the price of BTC, the reality is that stocks have started rallying. Now, we can see how Bitcoin drops while other assets are increasing their value, mostly because of President Joe Biden’s new full budget reports.
According to the New York Times, Biden is seeking $6 trillion in federal spending for 2022, as well as an additional $8.2 trillion by 2021. In the proposal, we can also see how the Biden administration remains undeterred by the recent inflation fears, and is very unlikely to close any of the liquidity taps. With trillions of dollars being pumped into the system, the economic effects of COVID-19 have been challenging for many businesses.
Bitcoin drops while stocks rally, and we can see that the bullish development has come to an end.
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The leading cryptocurrency is now trading at $36,142 with a small increase over the past hour. The Ethereum news show that the second largest coin by market cap, ETH, is now at $2,508 but has lost 10% over the past 24 hours which is more than Bitcoin’s loss of 8% during the same period.
“Environmental concerns will get bigger with time. This will represent a major long-term headwind for bitcoin, and help push dominance down,” trader and analyst Alex Kruger tweeted.
Musk is the kind of person that does whatever he wants. And yet, the Tesla board bent his arm and got Tesla to stop accepting bitcoin.
Environmental concerns will get bigger with time. This will represent a major long term headwind for #Bitcoin, and help push dominance down.
— Alex Krüger (@krugermacro) May 13, 2021
In the top 10 cryptocurrencies, Binance Coin (BNB), Cardano (ADA), and Ripple (XRP) were among the biggest 24 hour losers. Currently, buyers are waiting for the positions to be secured, especially BTC’s one as many are hoping for a run to ,000.
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The prospect of more liquidity is what is pushing the stocks higher. According to the pan-European Stoxx 600 index which is trading 0.43% higher, we can see that there is a positive start of the trading season with small gains that might turn to something more significant in June 2021.
On the other hand, Bitcoin drops while all of this momentum is happening, but new gains are also expected once there is a new boom. Many people are investing in BTC as a hedge against inflation, yet news from China about potential regulatory bans have been keeping others at bay.
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