US Bitcoin Exchanges See No Major Uptick in Stimulus-Related Buying
The stimulus checks are in the mail so it might be too early to call the hyped-up episode a dud.
The Fed's taper talk presents downside risk to liquidity-addicted financial markets.
Tax hikes could encourage profit taking in cryptocurrencies, but some investors remain bullish as ongoing stimulus could trigger inflation.
Policymakers should not be concerned, the researchers wrote: Only 0.02% of coronavirus-relief checks ended up in bitcoin.
Bitcoin’s struggle to retest a key resistance level at $60,000 has “dampened” market sentiment, said one trader.
Slowing bitcoin volume suggests retail traders are less active with their "stimmy" checks compared to 2020.