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06 March 2021

Did $50K 'trigger' Peter Schiff to buy BTC? 5 Things to watch in Bitcoin this week

Did $50K 'trigger' Peter Schiff to buy BTC? 5 Things to watch in Bitcoin this week

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5 Things to watch in Bitcoin this week?

Last week, Treasury Secretary Janet Yellen suggested that the mechanism for the money, which would include a third round of stimulus checks worth $1,400, would be finalized by Congress within the next few weeks.

With no specific timeframe in mind, the risk was clearly being felt for this March to repeat last March, something which ultimately allowed both Bitcoin and Ether (ETH) to outperform.

As Cointelegraph reported, long-term forecasts still see the dollar weakening overall in time, thanks in no small part to the huge expansion of the money supply by the Federal Reserve.

Last week, Cointelegraph reported that stablecoin balances on exchanges had hit all-time highs, something which accompanied BTC/USD reaching a new record of its own — $58,312 on Bitstamp.

Should Bitcoin retrace, expectations are that altcoins could once again move into the spotlight this week.

The weekend produced mixed results for major cap tokens, with some gains while others stagnated.

“Money is flowing into #Bitcoin right now,” popular trader Rekt Capital told Twitter followers last week.

As Cointelegraph reported last year, Bitcoin hitting $50,000 might indeed be the event that “triggers” Schiff to invest.

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