News of a delayed stimulus package by Trump has made the Bitcoin fall

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News of a delayed stimulus package by President Donald Trump has made the Bitcoin fall, while it was trying to get out of the $10,500 range where it was stuck in the last two days.
Bitcoin opened Monday at $10,795, with analysts expecting a new retest of $11,000 or at least to maintain that range. However, it went down to the intra-day low of $10,528 and closed at $10,602 on Coinbase.
As Cointelegraph reported, the shattered momentum could be attributed to fresh news from Trump, who tweeted that the second stimulus package will have to be delayed and it will not be released until the election is over. This meant Americans would receive the stimulus after November.
The delay comes following a disagreement between Democrats and Republicans on the amount of the stimulus package to be approved. “Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19,” President Trump said on Twitter.
“We made a very generous offer of $1.6 trillion dollars and, as usual, she is not negotiating in good faith. I am rejecting their request, and looking to the future of our country,” the president continued, adding that he has instructed his representatives to stop negotiating until after the elections. “Immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.”
Announcement of President Trump made both Bitcoin and the stock markets to drop in tandem. Bitcoin bounced slightly, but the drop effectively erased whatever gains the benchmark cryptocurrency has had in the last two days.
As Bitcoin fell, so did the entire crypto market. Ethereum closed Monday at $340.75, its lowest in the last two weeks.
Bitcoin and the stock market falling again in tandem has made analysts wary of the benchmark cryptocurrency’s correlation with the stock market. Bitcoin was supposedly a non-correlated store of value, a hedge against inflation and the weakening dollar.
In a previous report, billionaire and Bitcoin investor Michael Novogratz said the correlation between the world’s first cryptocurrency and the stock market will not last forever. “To illustrate, if the Nasdaq fell 5% today, bitcoin would probably be lower, not higher. But I think you are going to see those correlations break down,” he continued.

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