This website uses cookies to ensure you get the best experience on our website
Join us on Telegram for FREE daily market updates!

Blog

Date:
05th Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Jesse Powell: Bitcoin would Easily Reach $1 million in 10 years

The USD, on Friday, got a boost from the positive NFP report indicating that the U.S. economy created more jobs in February. The Non-Farm Payroll (NFP) report on Mar 5 showed that the U.S. economy created 379k new jobs than anticipated while the unemployment rate fell to 6.2 percent. Consequently, the EUR/USD pair fell to fresh 2021 lows as equities and Treasury Bond Yields shot higher.


Details: 

Investors are upbeat following last week's positive news from the United States. Despite the ADP report's contractions—an indicator of the state of private-sector employment, the surprise to the upside directly fans demand for U.S. equities. Combined with rising bond rates and more optimism from investors following the passing of the American Rescue Plan Act—albeit with minor changes to the House’s bill, the USD may continue to inch higher this week.


Impact on the USD: 

Bullish. The eventual passage of the $1.9 trillion stimulus package will accelerate the U.S.'s economic recovery, pumping the greenback as a result. Accordingly, the EUR and other major currencies may fall, retracing from 2020 peaks.


For more market updates visit our Blog


Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
  • Copyright Excel Innovations Ltd (CryptoAltum) 2020