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Bitcoin (BTC) has just surpassed $10,250 a few hours ago showing the cryptocurrency is gaining bullish momentum. At the same time, the White House economic advisor Larry Kudlow informed that the government will be sending $1,200 to Americans. This would represent the second time individuals in the country receive a check from the government since the Coronavirus pandemic started earlier this year.
Bitcoin Surpasses $10,250
A few hours ago, Bitcoin was able to surpass $10,200 after growing more than 5.50% in the last 24 hours. At the same time, the market capitalization of the digital currency is getting closer to $190 billion.
The interesting thing to mention about Bitcoin is related to the fact that it was the cryptocurrency that grew the most after Ethereum (ETH) among the top 30. This shows that despite positive momentum in altcoins, Bitcoin continues to be a clear leader in the space.
It is worth mentioning that a few hours ago, on July 27, Larry Kudlow said that the U.S. government is getting ready to offer a new check of $1,200 due to the Coronavirus crisis. Many countries are currently being severely affected by the pandemic and others are not able to deal with the economic consequences of the virus.
A large number of U.S. individuals lost their jobs after the current crisis. Many of them are currently trying to search for new jobs. The United States continues to generate new jobs despite all the current economic downturn.
It is worth mentioning that a large number of Americans that perhaps didn’t need the $1,200 check to continue with their lives, decided to invest the funds in virtual currencies. Brian Armstrong, the CEO of the cryptocurrency exchange Coinbase, informed that after users received the $1,200 check, the number of deposits equaling that amount skyrocketed from 0.1% to almost 0.4%.
Bitcoin is currently at a very important price level. If it is able to surpass $10,300 and continue growing higher, perhaps to $11,000, it can make the $10,300 level support. During the last year, the current price worked as a resistance level in different occasions. At the same time, the MACD is showing yet a place to continue growing, which could be certainly very positive for the digital currency and its future.
Meanwhile, many American investors continue to wait for their second $1,200 check.