Hours after the White House announced its plans for combating the economic effects of the coronavirus pandemic, the stock market has rebounded. The crypto market has meanwhile stabilized, with Bitcoin up nearly 10 percent on the day.
The Trump administration plans to reverse the negative market trends of the last few weeks through a proposed $1 trillion stimulus package. The package would contain many factors, including individual payments of $1,000 to each American.
Treasury Secretary Steven Mnuchin said during a press conference today that “Americans need cash now,” and that Washington is looking to potentially send checks to people’s mailboxes within the next two weeks.
In addition, corporations would be able to defer tax payments of $10 million or more, while individuals could do so with payments exceeding $1 million. Overall, President Trump plans to permit the deferment of up to $300 billion in payments to the Internal Revenue Service (IRS).
The stock market rallied following the news, with the Dow Jones Industrial Average closing the day up by more than 1,000 points. Oil, meanwhile, continues to plummet, with one barrel now priced at $26.
The crypto market, which has itself had a tumultuous few weeks that tracked traditional markets closely, has remained relatively stable throughout the day. Bitcoin is currently trading for $5,400 per coin. Ethereum is up nearly 9 percent and priced at $117, while XRP remains at $0.15 per coin.
Total market cap for crypto likewise remains unchanged and currently stands at $150 billion.
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