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The EU stimulus deal sees bitcoin bullishly react

The EU stimulus deal sees bitcoin bullishly react
  • After European leaders agreed to create a recovery fund, the leading crypto spiked in seeing a significant increase when it came to its trading volume. 
  • During the announcement in a joint declaration, EU leaders agreed to a new budget of around €1.1 trillion for 2021 to 2027. 

After European leaders agreed to create a €750 billion recovery fund for Europe, the leading cryptocurrency spiked to $9400 in just hours seeing a significant increase when it came to its trading volume. During the announcement in a joint declaration, EU leaders agreed to a new budget of around €1.1 trillion for 2021 to 2027. 

“It is an ambitious and comprehensive package combining the classical [budget] with an extraordinary recovery effort destined to tackle the effects of an unprecedented crisis in the best interest of the EU.”

After seeing a $6 billion increase in the overall market capitalisation, bitcoin on the overall crypto space so massive benefits. Bitcoin saw similar increases in its value back in March/April when the United States announced Its own stimulus program when COVID-19 was in full force all over the world.

During this pandemic though, bitcoin has been relatively correlated with the S&P500 and the overall global stock market. So even though the correlation is definitely there, it doesn’t necessarily mean anything good for the flagship cryptocurrency.

It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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