Bitcoin rises 6.6% to $61,074 in just 24 hours

Bitcoin, the world`s biggest and best-known cryptocurrency, rose 6.64% to $61,073.71 on Saturday, adding $3,802.67 to its previous close.

Bitcoin is up 120.2% from the year`s low of $27,734 on Jan. 4. In the last 24 hours alone, it went up by nearly 6 percent in 24 hours.

After its February 21 high, Bitcoin had retreated to as low as $43,000 following uncertainty over stimulus expectations and their subsequent impact on US bond yields. 

This development comes after US President Joe Biden signed a massive $1.9-trillion stimulus bill which will dish out $1,400 cheque payments to most Americans, help the unemployed, expand public health care and garner funds for vaccination programmes.

The cryptocurrency’s price is now up almost 1,400 percent from March 2020’s low of $4,000. According to CompaniesMarketCap.com, the rise to $60,000 brings Bitcoin’s market cap to $1.12 trillion, which is not too far from Alphabet (Google)’s $1.385 trillion value.