In the TD Ameritrade Network news release, Bitcoin is described as a more profitable investment than US stocks.
At the end of his six-minute market reviewprogram host Oliver Renick said that investors are more interested in owning bitcoin than holding stocks. He said the cryptocurrency "has great potential" as it is the only asset that has shown a bullish trend amid positive news about stimulus payments in the US.
You can call him a bitcoin cynic, but stockstocks are struggling, even though the market is already incorporating incentive payments into the trend. From the very beginning of this review, Oliver Renick says that the BTC rally is "the most positive thing for Bitcoin bugs."
You might call him a #bitcoin cynic, but asstocks struggle despite the market seemingly already pricing in stimulus, @OJRenick says $ btc's rally is "the most positive thing for bitcoin bugs" since he started covering it. "
- TD Ameritrade Network (@TDANetwork) October 21, 2020
White House and Democrats in the US Congresscame close to agreeing on the size and details of the next coronavirus benefit package. President Donald Trump has said he is willing to allow larger measures, despite opposition from members of his own Republican Party.
Republican Senator Mitch McConnell from Kentucky is deliberately sabotaging COVID-19 aid negotiations, and Colorado residents receive nothing but the cowardly silence of their Senator Corey Gardner. We're tired of Senator Gardner putting political games ahead of Colorado people struggling to pay bills and put food on the table.
Mitch McConnell is deliberately sabotaging COVID relief negotiations — and Coloradans get nothing but cowardly silence from Cory Gardner.
We’re sick of Sen. Gardner putting political games ahead of Coloradans struggling to pay bills & put food on the table. https://t.co/AlFnd2S9cp
- John Hickenlooper (@Hickenlooper) October 21, 2020
House Speaker Nancy Pelosi also said she hoped for a new deal. However, she admitted that the package would not be adopted until the November 3 presidential elections.
This was upbeat news for the riskyassets. So far, the prospects for a second stimulus package have weakened the US dollar, which in turn has benefited US stocks and bitcoin. But as Renick pointed out Wednesday, Wall Street indices fell along with the US dollar index.
Bitcoin breaks up whileThe stock market is not responding to the dollar decline and stimulus payments, and this is the most positive moment for [cryptocurrency] bugs since we [TD Ameritrade] started covering this topic three years ago, commented the news anchor.
Some media also reported that investors did notconfident in the next package of stimuli and not optimistic about it. This was one of the reasons why the US dollar and stocks fell on the same day.
In his comment to Bloomberg, the head of departmentNatWest Markets Strategies James McCormick said that "people are increasingly recognizing that reaching agreement on a fiscal package ahead of an election is unlikely." He also noted that investors are not paying attention to the problem of the new wave of coronavirus - all eyes are on the deal to stimulate the economy.
Their insecurity was visible in the marketsafe haven assets. Gold, a hedging asset, rose 0.91% on Wednesday, its best daily close since October 9 amid falling dollar sentiment. This precious metal worked as an alternative to the market, which sought to hedge against the impact on stocks.
Bitcoin, in a sense, also acted more like a safe haven asset.
It grew along with gold, as investors in many popular companies saw its growing value as a preservation asset.
Investors also chose Bitcoin on Wednesday afterPayPal announcements about the integration of cryptocurrencies into their services. The global payments giant will provide users with the ability to buy, store and sell bitcoin.
Many analysts have noted that by the end of this year, the cryptocurrency will rise to at least $ 15,000. At the time of writing, BTC was trading at $ 12,973.</p>
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