NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Hits $38,000 as Democratic Win Boosts Stimulus Sentiment

Yashu Gola
Yashu Gola
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin rallied continued during the European session Thursday as traders ignored Washington’s political unrest to focus instead on the potential for higher sovereign spending.

The BTC/USD exchange rate established a new record high of $38,180, adding 10 percent to what has been a relentless uptrend in the last four quarters. While the pair pared some of those gains later, the overall enthusiasm across the risk-on markets suggested it would continue posting gains in the US session ahead.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin closes above $38,000 in the latest intraday rally. Source: BTCUSD on TradingView.com
Bitcoin closes above $38,000 in the latest intraday rally. Source: BTCUSD on TradingView.com

Investors’ bullish outlook on Bitcoin improved further after Democrat Jon Ossoff’s victory in the second of two Senate run-off elections in Georgia. The seats handled control of the US senate to President-elect Joe Biden’s administration. That raised the hopes for additional stimulus for the US economy, beginning with a $2,000 worth of direct aid to deserving Americans.

A joint session of Congress Thursday morning also affirmed a clear win for Mr. Biden. Meanwhile, outgoing President Donald Trump agreed to an “orderly transition” of power after denying it since Biden’s lead in the US presidential race.

“The expectation is now we’ve avoided a gridlock, and more fiscal support will be available to the economy through this coming year, rather than less,” Christopher Smart, chief global strategist at Barings, told the Wall Street Journal.

Bitcoin To The Moon

So it appears, Bitcoin traders reacted optimistically to the overall political update.

The cryptocurrency surged by almost 900 percent after bottoming out in March 2020 at below $4,000. Its gains surfaced primarily after the Federal Reserve announced an open-ended government and corporate debts purchasing program and decided to cut benchmark lending rates to near-zero.

Meanwhile, the US government approved a $2.3 trillion stimulus package for American households and businesses suffering from the coronavirus pandemic’s economic aftermath. In December 2020, the White House passed another $900 billion worth of aid against the Democrats’ demand for “at least $2 trillion.”

“When it comes to the young people’s hands they are going right to their accounts,” said Mike Novogratz, CEO of Galaxy Investment Partners, on stimulus driving market gains. “One of the most unique things last time was seeing how many people bought Bitcoin with the exact amount of stimulus. Boom. Boom.”

Institutional investors are also gaining exposure in the Bitcoin market, believing that the strategy would protect their portfolio as their cash reserves lose value. Hedge fund veterans including Paul Tudor Jones and Stan Druckenmiller bought a small portion of Bitcoin in 2020.

Meanwhile, companies like MassMutual, MicroStrategy, Square, Ruffer Investments, also purchased Bitcoin against their fears of inflation.

Tweet123Share196ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Prognose: Zinsen runter, Wert rauf, Bitcoin Hyper als Turbo?

Das Aufatmen an den Märkten war diese Woche deutlich hörbar. Nach Monaten an endlosen Diskussionen zwischen Donald Trump und der...

georgsteiner 3 hours ago
Cardano

Can Cardano Repeat 2021 Surge? Technicals Point Toward $3–$6 Target – Details

Cardano (ADA) prices have dropped by 3.49% in the past week, amidst a broader crypto market correction. The popular altcoin...

Semilore Faleti 2 hours ago
Bitcoin

Bitcoin Tests Weekly Open As $113,300 Fair Value Gap Looms — What It Means

Over the past week, the Bitcoin market experienced significant volatile price action, resulting in a net price loss of 0.07%....

Semilore Faleti 8 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Ethereum

Ethereum (ETH) Mirrors 2021 Price Action As Bulls Target $10,000 By 2026

Semilore Faleti 1 minute ago
altcoins, bull run, altseason, trump crypto, crypto verwachting

Altcoins trekken miljarden na Fed cuts – altseason staat voor de deur

Lars Diederiksen 1 hour ago
XRP koers ATH door Ripple ETF nieuws? De belangrijkste XRP verwachting 2025

XRP koers ATH door Ripple ETF nieuws? De belangrijkste XRP verwachting 2025

Lars Diederiksen 1 hour ago

Premium Sponsors

Press Releases

  • パイネットワーク...

    22 hours ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Cele mai bune altcoin-uri de cumpărat, pe măsură ce...

    23 hours ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Cele mai bune meme coin-uri de cumpărat acum, pe măsură...

    24 hours ago
  • Cele mai bune meme coin-uri de cumpărat acum, pe măsură ce capitalizarea pieței se apropie de 1,9 trilioane RON

    Nejlepší meme coiny k nákupu nyní, když se tržní...

    24 hours ago
  • Cele mai bune altcoin-uri de cumpărat, pe măsură ce prețul Solanei se apropie de maximul istoric

    Nejlepší altcoiny k nákupu, když se cena Solany...

    24 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.