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Bitcoin Shoots Up to $6,400 as S&P 500 Falls, Even on Federal Reserve’s ‘QE Infinity’

What a crazy day it’s been for markets thus far. Bitcoin, after falling as low as $5,700 during Sunday’s retracement, rallied as high as $6,650 on Monday morning on the back of news from the Federal Reserve.

While a portion of this move has been retraced, with Bitcoin now trading at $6,400 as of the time of this article’s writing, the cryptocurrency is still outperforming (up 7% on the day) the S&P 500 and Dow Jones, which have fallen 2% since the open as fears of a recession spread.

The stock market’s latest bout of weakness, which may affect Bitcoin, is seemingly a result of a confluence of news regarding the spread of the coronavirus-caused illness COVID-19 and the related economic effects of this outbreak. These include but are not limited to:
 ▪ A more than 50% increase in U.S. coronavirus cases from Friday to Monday.
 ▪ The coronavirus bill‘s failure to “clear the first procedural hurdle” in the Senate.
 ▪ A comment from the Federal Reserve Bank of St. Louis President James Bullard that unemployment could reach 30% in the second quarter, with GDP falling by 50%.