$ 24 trillion in US debt Could this push Bitcoin up?

$ 24 trillion in US debt Could this push Bitcoin up?
$ 24 trillion in US debt Could this push Bitcoin up

According to several recent news reports, the US national debt has exceeded $ 24 trillion for the first time ever, with each citizen becoming $ 72,890 in debt.

About $ 800 billion in debt was added between January 2020 and today as the year started with about $ 23.2 trillion in debt.

The Corona virus pandemic was clearly having a detrimental effect on the overall US economy as stocks fell faster than ever before.

The S&P 500 experienced a rebound recently but is still far from its peak at 3380 in February.

Currently, the index is at 2749, a significant increase from the bottom at 2,237 but investors are unsure.



How will Bitcoin interact?

On the other hand, bitcoin currencies seem to be performing well and they do not seem to care about debt or the US crisis at all.

Initially, cryptocurrencies were following the steps of the traditional stock market and they were also very much shattered, and Bitcoin just took a few weeks to recover almost completely.

Just before the crash, Bitcoin was trading at about $ 8,000, trading hours ago about $ 7,300, only $ 700 from the previous normal price, but at the moment of writing this article, bitcoin came back down and fell to the level of $ 6,800.

But in general, the bulls were able to determine a strong bullish trend daily and break the relationship with the traditional stock market shortly after the collapse.



If bitcoin was a safe haven, why did it crash?

Although the story of Bitcoin is a safe haven has taken a big hit, Bitcoin tracked the traditional stock market and walked with him on his downward path and did not prove to be a haven in times of crisis that can be resorted to.

However, there is another explanation for the recent incident, as traditional stock markets all over the world have retreated, resulting in investors losing a lot of money and eventually forcing them to sell other assets to cover losses, so that gold has declined as well.

Obviously, there is no way to have assets that never depreciate, Bitcoin has now proven to be a good investment at least in times of economic uncertainty.

The 85% bounce on 11 days from $ 3,782 to more than $ 7,000 is the guide, as during the same period, the S&P 500 broke from 2,480 to 2,237.

Bitcoin is now looking for $ 8,000 and maybe more as it faces very little resistance after this point.

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