Bitcoin Crosses $12K as Pelosi and Mnuchin Near Stimulus Deal

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Bitcoin rose on renewed optimism for the second coronavirus stimulus package, while the US dollar plunged. House Speaker Nanci Pelosi said a bill for the compromised aid is on the way after confirming a fruitful, 45-minute telephonic conversation with Treasury Secretary Steven Mnuchin. Simultaneously, Senator Mitch McConnell, the majority leader, warned his lot not to negotiate a pre-election deal, stating the US cannot stomach another huge federal package. In April, Congress had approved a $2 trillion relief fund to help American households and businesses through the coronavirus-led lockdown. The flood of new money into the economy via the Federal Reserve’s unprecedented bond-buying program also repaired markets that, in March, had crashed. Bitcoin was among the fallen ones. The benchmark cryptocurrency plunged by more than 60 percent in just two days of trading. Nevertheless, its recovery picked momentum after the passing of the $2 trillion stimulus package. At one point in…

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