As per latest statement released by IRS, $600 fresh COVID relief aid is on its way and initial direct deposits have started on Tuesday. Bitcoin price boosted partially with massive government stimulus throughout 2020 has already crossed $29,000 and traders are expecting more upward movement as soon as stimulus money hits bank accounts.
Fresh $600 Stimulus Check Expected to Boost Bitcoin Price
Stimulus aid historically have went in favor of Bitcoin price and throughout 2020 BTC price rallied riding over FED stimulus package and aid. Bitcoin price along with other assets suffered a huge sell-off as Coronavirus tumbled the global economy. Bitcoin price bottomed at $3,850 and that’s when the first round of FED stimulus package was confirmed.
As soon as the stimulus checks hit bank accounts of American people, the bitcoin prices doubled to about $8600 by the end of April, 2020.
It is worth noting the senate has already passed a bill to extend the year end coronavirus stimulus package to $2000 from current $600. The ongoing second round of payments will be distributed directly to bank accounts in the order of $600 for eligible candidates, $1200 for couples who applied together and upto $600 for each child.
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