Nearly $40B in US Stimulus Checks May Be Spent on Bitcoin and Stocks: Mizuho Survey
The survey by Mizuho Securities estimates that 10% of the $380 billion to be issued as checks could be used to invest.
Bitcoin’s struggle to retest a key resistance level at $60,000 has “dampened” market sentiment, said one trader.
Slowing bitcoin volume suggests retail traders are less active with their "stimmy" checks compared to 2020.
Tax hikes could encourage profit taking in cryptocurrencies, but some investors remain bullish as ongoing stimulus could trigger inflation.
The stimulus checks are in the mail so it might be too early to call the hyped-up episode a dud.
The decline in institutional investment may be one reason behind bitcoin's failure to hold above $60,000.