According to a new TD Ameritrade analysis, investors remain more interested in Bitcoin than in stocks as we can see more about it in the bitcoin latest news today.
The latest segment on TD Ameritrade Network portrayed Bitcoin as a much better investment than the US Stocks. Oliver Renick, the lead anchor, claimed that the investors are more interested in owning Bitcoin than the equities and said that the cryptocurrency still has a lot to go on since it is the only asset that performed bullish on the positive US Stimulus news.
The White House and Democrats along with the US Congress are coming closer to an agreement over the size and the details of the next coronavirus stimulus relief money. Donald Trump said he is willing to allow a bigger stimulus check despite facing opposition from his own Republican party members. Nanci Pelosi also said that she is hopeful about the new deal. However, she acknowledged that it will not pass until the end of the presidential election.
You might call him a #bitcoin cynic, but as stocks struggle despite the market seemingly already pricing in stimulus, @OJRenick says $btc‘s rally is “the most positive thing for bitcoin bugs” since he started covering it.” 👀
— TD Ameritrade Network (@TDANetwork) October 21, 2020
It was optimistic news for the risky assets but the prospects of the second coronavirus stimulus package put a lot of pressure on the US dollar which benefited stocks and Bitcoin. As Mr. Renick pointed out, the Wall Street indexes slipped alongside the US dollar index:
“Bitcoin breaks higher while the stock market is not responding to the lower dollar and stimulus, it is the most positive thing for the [cryptocurrency] bugs since we [TD Ameritrade] started covering it three years ago.”
The section of the mainstream media reported that the investors remain more interested in bitcoin but are uncertain about the next stimulus package. This served as part of the reason why the US dollar and stocks declined on the same day. Global Head of Desk Strategy at NatWest Markets James McCormick said that there’s a huge recognition that no fiscal package agreement ahead of the election is likely. He noted that the investors are not focusing on the coronavirus resurgence as all eyes are on the stimulus deal.
Mitch McConnell is deliberately sabotaging COVID relief negotiations—and Coloradans get nothing but cowardly silence from Cory Gardner.
We’re sick of Sen. Gardner putting political games ahead of Coloradans struggling to pay bills & put food on the table. https://t.co/AlFnd2S9cp
— John Hickenlooper (@Hickenlooper) October 21, 2020
The uncertainty was visible across the safe-haven market as the hedging asset surged by 0.91 percent which is the best daily close since October 9 on falling dollar sentiment. The precious metal worked as an alternative to the market which was seeking insurance against their exposure in stocks. It also increased alongside gold as investors assessed the growing prominence of the store-of-value asset among the mainstream companies like Square which purchased $50 million BTC last week.
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