Bitcoin Holds $18K Even as Mnuchin Ends Some of Pandemic-Related Funds

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Bitcoin rose on Friday as traders refused to bow down before Steven Mnuchin decided to end some of the Federal Reserve’s crisis-fighting facilities. The US Treasury Secretary closed two schemes set up to buy corporate debt, five other programs launched to lend to medium-sized businesses, otherwise known as Main Street Lending Program, one facility that loaned to state and local municipalities, and another that supported asset-backed securities. Bitcoin Unfazed Those lending facilities played a principal role in reassuring financial markets following the March 2020’s global market rout. Risk-on assets such as equities surged alongside safe-havens like gold as traders anticipated two potential outcomes: that the Fed will always back the stock market and that their expansionary policy will debase the US dollar. Bitcoin, a young asset that ripples between safe-haven and risk-on per convenience, also surged incredibly against the Fed’s dovish approach. Between March and this month, the flagship cryptocurrency…

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