Following the signing of a coronavirus relief bill and President Trump’s invocation of the Defense Production Act, stocks are up and crypto traders are bullish once more.
Crypto and stocks alike are beginning to cross back into green territory once again.
The positive maneuvers come following news that President Donald Trump signed a new economic spending bill into law as a means of combating some of the financial effects the coronavirus has had on everyday citizens. The bill provides Americans with free testing for the virus, as well as up to two full weeks of paid emergency leave capped at $511 per day.
In addition, Trump has invoked the Defense Production Act—a Korean War-era statute—into effect “just in case we need it,” he announced during a news conference. The act allows federal agencies to put its orders with private businesses at the top of the queue so that they focus on producing goods that fight the pandemic.
The announcement could help explain why so many of the crypto industry’s top assets are suddenly rebounding. Bitcoin has spiked roughly $700 since yesterday to trade over $6,100. Ethereum and Ripple’s XRP—two of Bitcoin’s biggest competitors—have also surged over the past 24 hours, with ETH trading for $135 and Ripple at $0.16.
The Dow Jones Industrial Average, meanwhile, is hovering just above 20,000 after dropping below that mark yesterday. Oil is showing stronger signs of life, jumping from Wednesday’s measly $21 per barrel to above $25.
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