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.
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