Bitcoin price started to move past $ 9 thousand.
Bitcoin, which fell to $ 8,500 yesterday, compensated for this drop today. BTC price, which is over 9 thousand dollars in many exchanges, is still in the range of 9 thousand-9 thousand 100 dollars.
It is not possible to give a very clear answer to the question of “Why is Bitcoin rising?” However, according to many analysts, this price fluctuation stems from developments in the USA a few hours ago.
The U.S. Treasury Department spends large sums of money to combat coronavirus. The ministry has requested a $ 3 trillion loan from the federal budget to continue this struggle between April and June.
According to The Wall Street Journal, this amount is five times more than the amount requested by the Ministry during the 2008 financial crisis. In addition, the Ministry plans to borrow nearly 700 billion dollars in the third quarter after it has survived the second quarter of the year.
This development may have triggered the movement in the crypto money market. Because it is thought that this demand of the Ministry will force the US economy and cause bigger problems. Meanwhile, Messari’s founder Ryan Selkis said; He emphasizes that this amount of debt requested by the Ministry of Treasury for only 3 months is more than the gross domestic product of India, France and the UK.
The U.S. treasury is borrowing $3 trillion this quarter.
That's more than *annual* GDP of India, France, or the UK. pic.twitter.com/51PLjqVy2O
— Ryan Selkis (@twobitidiot) May 4, 2020