U.S. Bitcoin exchanges are yet to feel the effect of Biden’s stimulus funding
Despite the excitement that trailed the recent $1.9 trillion relief package from the U.S. government, trading activities on crypto exchanges did not change significantly.
As reported by BTC PEERS, several analysts predicted that Biden’s stimulus funding would have a positive effect on the price of Bitcoin and other cryptocurrencies amid rising awareness of inflation. A recent poll conducted by Harris Insights also confirmed that a significant percentage of young investors had either invested their $1,400 check on Bitcoin or were planning to do so.
Surprisingly, U.S. Bitcoin exchanges have not witnessed an increase in trading activity, a development that has caught the attention of the crypto community. Commenting on the development, the CEO of Voyager, a U.S.-based exchange said that it was too early to judge.
He may be correct since the checks are still being distributed. However, considering the trend of things, one might be forced to call the build-up to the disbursement a dud. Mizuho, a Japanese brokerage firm, had earlier estimated that about $40 million would flow from the latest round of stimulus checks into Bitcoin and stocks.
Another possible explanation for the low turnout could be due to retail traders pausing their trades and waiting for a possible correction.
