Bitcoin, stocks rally as US floods economy with $2 trillion
The US has finally agreed on a stimulus package. It will inject the economy with $2 trillion in an effort to curb the coronavirus fallout. The traditional stock indices in Asia and Europe, as well as cryptocurrency markets, are rallying on the news.
The groundbreaking deal was struck between opposing members of US government early Wednesday morning, reports Bloomberg.
“At last we have a deal,” Senate Majority Leader Mitch McConnell remarked on the Senate floor. “I’m thrilled that we’re finally going to deliver to the country.”
The abundant package encompasses $500 billion to bail out companies and back loans. A further $350 billion is set aside to aid small businesses. And $150 billion for hospitals, and health care provisions, such as supplies and equipment. In terms of direct payments, the package sets out $1,200 for each lower/middle-income American adult with an extra $500 per child.