The senate just cleared the next stimulus package. It then goes to the House this coming week where it is expected to also clear. Major stock averages are likely to resume their uptrend barring a last minute gridlock in the House. This is also bullish for bitcoin and alt coins which can correlate with stocks when stocks get pulled down hard. Bond yields on the longer end of the curve which have been soaring are likely to settle back as such "super spikes" are generally unsustainable. Both bitcoin and ethereum are moving higher on the news. Further, F2 miners which were a headwind to higher bitcoin prices have calmed down. Other metrics including futures funding rates have reset which is no longer a headwind. If you're trading cryptocurrencies, of course you can act on this news if you decide to do so as these markets trade 24/7.
https://www.france24.com/en/live-news/20210306-biden-covid-rescue-plan-clears-crucial-senate-hurdle
Market Lab Report - The Bulls are Back?
| Published: | 6 Mar 2021 14:49 ET |
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