Bitcoin Eyes $50K as Traders Pause Profit-Taking after Biden’s Stimulus Push

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Bitcoin refreshed its all-time high during the early Asian session Tuesday as traders assessed the prospects of Joe Biden’s latest push to pass his ambitious $1.9 trillion stimulus package. The Financial Times reported late Monday that the US president would make official trips outside Washington to put his expansive aid proposal before the public. In doing so, he aims to pressure Congress into closing negotiations over the coronavirus package, especially as Republicans on Capitol Hill worry that its excessiveness would add to the public debt. But with polls showing that the US public supports receiving direct payments, some of which include a $1,400 benefit for individuals and extra help for the unemployed and parents, the Democrats believe that mounting public pressure would sway some Republicans into supporting Mr. Biden’s proposal. Allianz Economist Sees Bitcoin Boom The news has worked as a headwind to the bearish bias renewed at the start…

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