Bitcoin Price Rises above $57.5k on Inflation Fears. Surging prices, anticipation, and steady coin interest round out today’s headlines.

President Biden Signs the $1.9 Trillion Stimulus Package into Law, Bitcoin Retests $58k

One week after the U.S. Senate approved the $1.9 trillion COVID-19 relief package, Biden has made it into law. He has appended his signature in a historic moment, subsequently signaling his support of a fragile economy reeling from the effects of the coronavirus pandemic. Nonetheless, the global economy, analysts reckon, is not out of the woods yet and may deflate. Bitcoin Price Rises above $57.5k on Inflation Fears.

Accordingly, to stay afloat, central banks are back to the money printers. 

However, as they ease and airdrop money, crypto crusaders say the economy will inevitably heat up, pushing inflation to new levels above the FED’s two percent target. 

It will subsequently push the BTC price even higher, negatively affecting the bond market, therefore causing a repricing of asset valuation across-the-board. 

In anticipation of high inflation, the BTC price is rising, retesting the February 2021 highs of $58k. Candlestick’s arrangement suggests that the BTC/USD pair could reach over $90k, in line with analysts’ projections.

Ethereum will shift to Proof-of-Stake Sooner than Expected, Miners Dissatisfied with EIP-1559

As Ethereum tries to climb up from the scalability and Gas fees hole, ConsenSys is hinting at a faster rollout and shift to Eth 1.5. 

The migration, which would be monumental for DeFi users, offers extreme relief to the high Gas fee problem. Furthermore, it could potentially open up ETH/USD for more upsides. The switch from Proof-of-Work was initially penciled in for late 2021 or early 2022. A faster shift is supportive of ETH prices.

However, the opposition to EIP-1559—with opposing miners joining forces to attack the network in protest, appears to be fast-tracking the migration.

Eth2 will integrate all scaling solutions, including Layer-2 and Sharding, in a Proof-of-Stake-powered blockchain fronting network users’ interests.

Crypto Current Staff

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