Stimulus package drop in coinbase

[Cratoon]

Most pumps are done by really big whales. I feel like at this point of time (a month) we won't see a gigapump but it's coming...

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[Naida_BR]

So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.

The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.

Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?

As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.

If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?

I my opinion, such moves are happening from the institutions in order to have a control over the market.
If this is true and American Citizen has started buying Bitcoin - which can be realized only if they make an announcement about that - then the price is going to be increased due to mass adoption.

[Gyfts]

I don't think so. The amount of people that need the $1,200 immediately to pay for bills because they lost their job is too high to see significant amounts of people dumping their checks into crypto. Upwards of 20 million people lost their job and the number is going to continue to rise over the next few weeks even with states attempting to open back up. A pump is going to require a lot of people dumping their checks into crypto and I just don't see that happening with the unemployment numbers we have.

[Sadlife]

Looks like the quantitative easing the Fed has been doing to stimulate the US economy backfired at them. They maybe digging their own graves if they pursue printing trillions of unlimited money that would only increase fear and uncertainty with their investors.
Making those trillions worth of newly printed money flow through new hedge such Bitcoin.

[The Sceptical Chymist]

If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?

"Half" is far too high an estimate when referring to how many recipients are going to buy bitcoin with their stimulus money.  I'm not sure what the percentage of Americans is that own any form of crypto, but I'm pretty sure it isn't 50%.  Plus there are going to be a lot of people who have to use their stimulus checks in order to put food on the table, either because they're out of work or for whatever other reason.

That said, I have no doubt there are going to be a lot of people using that money to buy bitcoin.  However, I don't think the amount of money we're talking about would cause the market to spike significantly.  Just looking at bitcoin's price now it seems that it's rebounded over the last few months (and that's a great thing), but it doesn't exactly look like it's going to be headed toward a new ATH.  We'll see.  The stimulus checks are helping to support bitcoin's price in a small way--and probably the stock market's level as well.

[figmentofmyass]

5 trillion got pulled out at least, a lot of it may have already found it's way back since we're probably only about 10% down now.
But if people have had to rebalance where their funds go and a lot of stock markets offer entry to bitcoin then we may expect to see some people putting a small percent of their equity 1-5% of risky portfolio amounts into bitcoin.

I wouldn't be surprised if there's money on the sidelines right now, waiting to see whether Bitcoin goes down with the stock market or keeps true to its promise as a hedge during times of financial crisis.

$3 billion added to the stablecoin market in the last 1.5 months, $9 billion total: https://coinmetrics.io/charts/#assets=usdc,pax,tusd,gusd,usdt,usdteth,usdttrx,busd,husd_log=false_left=SplyCur_zoom=1582243200000,1593544320000_stack=true

$3 billion in stablecoins are now sitting on exchanges too: https://twitter.com/twobitidiot/status/1250979847536590849

and who knows how much non-stablecoin fiat is on the sidelines. i don't wanna read too much into it as a short term indicator, but that's a whole lot of dry powder!

even if bitcoin can't diverge from the stock market, then this at least suggests there will be strong demand for bitcoins when the economic recovery does finally come.

[Snappycoco]

I dont think so. The crisis is getting worse and physical money are what we need right now. Pumping will take its place after this crisis or maybe in the nexy few years.

[Serco]

So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.

The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.

did you have news link so we will not guessing this is just a rumor or real news. if real news i am thinking this is good news for crypto , but personally in my opinion quarantine stimulus should not invested in finance market. our goverment give us for daily needs not for investment.

If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?

we need data to calculate how much US citizen that get quarantine fund, so we will know how much fund will come to crypto market and did it will take significant movement or not.

[shoreno]

any good increase on the price is something that could lead to bull run but we dont only know if its a trap or continous because we cant verify hundred percent if the funds came from people that recieve a check from government or the funds only came from manipulators and acting like it came from the said project of government  . why people will put that money on btc when infact they need the money right now on more important use because they dont know if how long the crisis will last .

[chip1994]

So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.

The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.

Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?

As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.

If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?

I dont think so. $ 1200 is too little for the whales to make a difference. But the bulls can run at any time when the crowd is not paying attention to the market. We can see that bitcoin always grows when we don't notice. The whales are preparing for bull run and the proof is that hundreds of millions of stablecoins are printed every day. Especially USDT, every 120 days, it prints another $ 120 million and that's the true signal of bull run.

[Psynthax]

So I've read that coinbase has been receiving a $1,200 deposits which the US government pays their citizen for quarantine relief, stimulus package.

The CEO of Coinbase Brian Armstrong reported that they were getting a huge number of deposits amounting $1,200 that quadrupled over a week.

Are we going to see a massive pump because of this? Or is it just the big players acting to stage a pump like season to set traps for the upcoming halving?

As for Treasury Secretary Steven Munchin, they have distributed the stimulus check last week in nearly half of their target. 80 million people should have received it.

If this is true that American Citizen has been buying bitcoin from last week, or at least half of them, do you believe that this could start the bull to run?

I dont think so. $ 1200 is too little for the whales to make a difference. But the bulls can run at any time when the crowd is not paying attention to the market. We can see that bitcoin always grows when we don't notice. The whales are preparing for bull run and the proof is that hundreds of millions of stablecoins are printed every day. Especially USDT, every 120 days, it prints another $ 120 million and that's the true signal of bull run.

I don't think these huge number spike of $1200 is too little by any means. the coinbase themselves said that the amount quadruple to what they usually get and coinbase is not some measly exchang, most of the people are depositing through there and if the could total the amount they received, i'm sure it's huge money.

[Clement Kaliyar]

$3 billion in stablecoins are now sitting on exchanges
and who knows how much non-stablecoin fiat is on the sidelines. i don't wanna read too much into it as a short term indicator, but that's a whole lot of dry powder!

This clearly shows that everyone is expecting an economic turmoil and it is evident that they are expecting that it will affect the bitcoin market too, i wonder how many exchanges will go offline claiming someone hacked their wallets because the amount of coins sitting in the exchanges are really high and people would never understand the risk even though you hear about a major crypto hack every year.

why people will put that money on btc when infact they need the money right now on more important use because they dont know if how long the crisis will last .

It is just a comical approach to the situation and we see these conspiracy theories pop up and no one in the right mind will do those in a crisis like this.

[Findingnemo]

Enemplyment rate in USA facing a worse situation which was never happened in the 50 years history so people who need money now may not be investing their money into cryptos but we can't say everyone need that stimulus money so they are spending it to buy bitcoin just as an experiment or really wanted to, but we can conclude the things better only if we found how much of trade orders were raised for $1200.