April 30, 2020 | Investopaper
Bitcoin climbed 12 percent on Wednesday to $8,703 as the US economy slides into recession. With the Federal Reserve initiative to increase the money flow in the economy to keep it moving amidst the coronavirus impact, the cyptocurrency saw its price surge.
On Wednesday, Fed Chairman Jerome Powel stated that Fed would keep the interest rates close to zero as well as continue to inject money into the market.
Bitcoin is seen as the hedge against inflation as similar to the precious metal gold, by most investors of cryptocurrency.
The price of bitcoin had plunged in the first quarter of 2020. Since the start of April, the price of the leading cryptocurrency has skyrocketed.
Currently, Bitcoin is trading at $9,358.34.