US lawmakers will vote on the massive stimulus packages on Monday, which would give a substantial boost to the US financial markets. However, the price of the leading cryptocurrency is still expected to plunge in the coming days.
US Democrats vote against the coronavirus relief package.
On Sunday, US Democrats did not vote in favor of the $2 trillion stimulus packages citing that the package does not provide enough relief to the American citizens and is therefore inadequate. US stock markets plunged further after the news. However, the US lawmakers will vote today on the stimulus package once again. The relief is expected to help the financial markets in the time of the global pandemic.
Bitcoin is expected to fall below $5,000 in the coming days.
The price of bitcoin at the time of writing is trading at just above $6,200. In the midst of the global pandemic, the leading cryptocurrency has failed to prove its status of safe have as the price continues to fall. The short-term prediction for the price of bitcoin is still quite bearish as the price is expected to fall below the $5,000 mark in the coming days.