It has been a tough period for stocks in the United States stock market. This is after President Donald Trump announced his decision to go ahead with construction of the Mexico border wall. This has caused uncertainty or rather fears associated with an almost imminent economic recession in the country. However, cryptocurrencies and Bitcoin alike have been able to weather the current condition.
There is little evidence showing that the policy of Donald Trump’s government will affect Bitcoin in any way. Even as some listed stocks continue to decline, cryptocurrencies keep showing an improving trend. This might be because when the local currency declines in value many will run for cryptocurrencies, and in this case Bitcoin.
Analysts have tried to evaluate the performance of Bitcoin. They argue that it is not affected by the current shutdowns negatively. It might be too early, but the current signs suggest that all is well in the crypto sector.
US Dollar to be affected by the economic shutdowns
The impact of the shutdowns is quite severe. That said, its speculated that the value of the US dollar might be affected negatively. This might be caused by the incapability of the Federal Reserve to perform its duty as expected in such economic conditions.
However, crypto enthusiasts have something to smile even as other sectors of the economy are not doing so well. This is due to the fear brought about by the shutdowns, which might see the value of the crypto getting better than what they currently are. This has been the case in a number of countries. where crypto have thrived in the expense of the local currencies. This will be a relief for crypto holders who have had a tough year as the prices of crypto all over the world have been discouraging.