Crypto Tidbits: Bitcoin Surges to $7,800, More U.S. Stimulus, Tether Erupts

Another week, another round of Crypto Tidbits. Bitcoin has performed extremely well over the past week, managing to rally as high as $7,800, which is a pre-crash level, just the other day in a move that liquidated $70 million worth of short positions. Altcoins have been posting equally as impressive performances, with some actually managing to outpace BTC over the past few weeks.

Crypto’s strength this week comes as the stock market has started to stagnate in the 2,800-2,900 point range, seemingly playing with the idea of a reversal as the economic outlook remains dismal.

This stagnation may indicate that the new $500 million stimulus bill passed by the U.S. Senate and House of Representatives this week may not be enough, with U.S. unemployment continuing to ramp up, passing 25 million in the past five weeks.

Whatever the case, analysts are still bullish on Bitcoin. Trader Josh Rager, for instance, explained that the fact BTC managed to register two consecutive daily closes above $7,400 is a likely sign that “bullish continuation” to the upside will transpire in the coming days.

Related Reading: Crypto Tidbits: Bitcoin Retakes $7,000, China’s CBDC Is Here, Wall Street Wants BTC & Ethereum

Bitcoin & Crypto Tidbits

  • China’s Digital Currency Pilot is Bigger Than We First Thought: According to reports, China’s central bank, the People’s Bank of China, will be rolling out the national digital currency project it has been working on to Starbucks, McDonald’s, Subway, and many other firms. These companies listed will purportedly test the digital currency “in small transactions” in the Xiong’an New Area, a city being built south of Beijing. This news was first reported by Sina.com. This comes after images leaked revealing digital currency wallets (not crypto wallets) for the PBOC’s project from two of China’s Big Four banks. Analysts say that while the digital currency is unlikely to be interoperable with Bitcoin, it will be a boon for the crypto…

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