Today, the US is expected to provide details of the latest economic incentive package. However, assets such as Bitcoin, gold and silver also started to rise.
While gold has reached its all-time high, Bitcoin seems to have broken off from a multi-year triangle formation that will mark the start of a new bull run. We will see if the leading crypto money will follow precious metals and break the record of all time in the coming days.
In the USA, pandemic cases started to increase again throughout the country, and a new incentive arrangement emerged due to this reason.
The possibility of returning to quarantine times, rumors that unemployment will increase and the economy being on a thin line lead investors to assets that can be regarded as safe ports, and therefore investors have intense interest in precious metals. However, the increase in Bitcoin is mostly due to the interest of the altcoin investor who thinks that the expected rally of Bitcoin has begun, not the cash entering the market.
Besides the pandemic, the increase in trade tensions between the USA and China is also shown as a reason for investors to switch to precious metals.
Bitcoin is digitally designed to be scarce as it is limited to 21 million BTC. This important factor, which closely resembles gold and silver, will see if crypto money will rise with the same stimulating effects and will it prove itself as digital gold in the coming days.