In the span of the last 24 hours, Bitcoin has been ranking at an exchange position of $53,750 with a 7% positive trend. After a few turbulences in February 2021, Bitcoin has managed to climb back to the $50K mark again. Interestingly, with a series of fortunate occurrences, the crypto market has become pregnant with the strong possibility of a bullish trend.
The on-going pandemic has drained major economies of the world to a crippled state, including the USA. However, the American Congress has recently passed a COVID relief bill for its citizens amounting to $1.9 Trillion. According to official news, the Democratic dominant House of Senate has managed to find enough signee senators to pass this relief bill last Saturday. The injection of this bill in the US economy has the potential to appreciate cryptocurrencies.
Relief Bill Being Invested in the BTC Sector
The Relief Bill has been forwarded to the new US President-Elect Joe Biden to be woven into legislation. By the decree of this bill, American citizens are subjected to receive a reinforcement capital of $1,400. This bill is expected to acquire legal status by the end of this week. Most forwards from this relief bill have been going straight to Bitcoin for an increase in value. This new wave of investors can exert bullish pressure on Bitcoin.
Meanwhile, the major corporations in the world like Tesla, Square, Grayscale, Donner & Reuschel, and many others have started to take a keen interest in giving Bitcoin and its counterparts a proper digital currency status. Encouraged by this new bullish wave, the Bitcoin investment trend has started to catch on in Asia. This year, HongKong based software giant Meitu has reportedly announced to invest its cash reserves worth $100 million in cryptocurrencies.
Asian Industry Giants Getting Warmed up for Crypto
The Chairman and Founder of Meitu, Cai Wehsheng, has been a longtime admirer and advocate of cryptocurrencies. A few years ago, he set up an accrued account for acquiring 10,000 BTC rights. Meitu has already purchased15,000 Eth and 379 BTC to date. The company leadership is hopeful for the further appreciation and growth of cryptocurrency assets in the near and distant future.
This pressure of new investors in Bitcoin and other crypto-assets is predicted to be a positive sign for a highly-probable bullish trend in the crypto markets. Meanwhile, endorsements from leading industry giants on the western side of the world like Tesla and Square are making way for the Asian giants to follow suit and make room for further positive exchange triggering.