The trillion hole in the US budget, which recently hit record levels, could put Bitcoin prices under pressure soon. The Bitcoin price was $ 9,137 at 1 percent below the previous day’s level. Over the course of the week, the largest cryptocurrency by market capitalization has to cope with a minus of 1.45 percent. In the 30-day trend, the digital asset recorded a loss of 4.44 percent.
Trillion hole in US budget at record high
According to a Delphi Digital newsletter, state spending in the “Land of the free” recently hit the all-time high of $ 1.1 trillion as part of Covid19. The monthly budget deficit for June dropped to $ 864 billion, the worst in US history. In the first half of 2020, the deficit will be around $ 2.7 trillion. To make matters worse, the US economy will have massive problems filling this hole again – in the past 5 months alone, 65,000 US companies have had to hang up their business on the already worn nail.
Pressure on the Bitcoin rate
In short: it doesn’t look good for the US economy. This could ultimately put pressure on the Bitcoin price and the crypto market. After all, a not insignificant proportion of Bitcoin traders come from the States. If these are also affected by the economic imbalance, larger sales could be due here – similar to what happened in March. During the so-called “Black Thursday”, the panic in the international financial markets had hit the crypto market, the Bitcoin price had slipped below $ 4,000 as a result of large sales.