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Bitcoin Is At A Crossroads With The U.S. Treasury

  • The BTC/USD exchange rate continued its upside momentum on Friday as it rallied above $18,000. The pair wobbled between meager sell-off and buy-out attempts the entire day while maintaining a strong price floor.
  • Its upside session appeared in contrast with a rather grim macroeconomic outlook. U.S. Treasury Secretary Steven Mnuchin revealed plans to close several emergency Federal Reserve lending programs.
  • Those facilities backed corporate credit and municipal-borrowing markets. However, the decision to close the programs will remove about $455 billion that the Fed could have used to support the Main Street.
  • Bitcoin rallied against the Fed’s credit facilities all across 2020. Many analysts agreed that the central bank’s infinite bond-buying policy turned yields on them lower.
  • To no surprise, the Bitcoin market absorbed Mnuchin’s decision. The leading cryptocurrency rose higher as traders focused on the brighter spots, such as its booming institutionalization.
  • Traders also appeared to ignore Mnuchin because of his imminent exit from the U.S. Treasury Secretary chair in January, when President-elect Joe Biden figures to reenact the lending programs.
  • Read the full story here.

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