What Impacts Does Biden’s Entry into the White House Have on Cryptocurrencies Market?
Joe Biden has entered the White house while promising USD 1.9 billion financial assistance for Coronavirus pandemic. In some expert’s opinion, this will affect the cryptocurrency market. These events will also make Altcoins extremely noticeable.
But the crucial question for those involved in the cryptocurrency industry is that whether or not the Joe Biden administration would directly or through the effect of dollar rate and stock market have an impact on cryptocurrency region?
This is while the cryptocurrency still tries to introduce itself as an anti-correlation coverage for traditional marketing and public political circles, but it has a better covering opposed to indirect geopolitical events.
Dollar Takes Power
Joe Biden’s victory in the presidential election was the reason of increasing the power of dollar. The U.S dollar index that measures the U.S currency value against a basket of other currencies, surged the highest rate since December 21.
Interestingly the U.S dollar index is growing while the U.S government announced it would allocate USD 1.9 billion budget to Coronavirus subsidy. Most of the experts know this move as a thousand-million-dollar advertisement for cryptocurrencies.
When Does Altcoin Season Start?
Due to the decreasing Bitcoin rate, Altcoins will quickly absorb attentions to determine whether or not they have the ability to surf the current situation. To the assumption of most cryptocurrency and Blockchain analyzers, attentions will be detracted from Bitcoins and be drawn to Altcoins.