The stock market’s solid run came to an end this morning as the Dow Jones Industrial Average opened more than 700 points lower, while Bitcoin was down just slightly. Traditional and crypto markets remained mostly unmoved after the House approved a $2 trillion economic stimulus package to combat the economic effects of the coronavirus.
The stock market remains down around 2.5% since yesterday’s close. Today’s drop came after successive gains from Tuesday to Thursday—the biggest upswing in Dow history since 1931.
Crypto, meanwhile, remained relatively unchanged over the past 24 hours, with Bitcoin treading water between $6,600 to $6,700 and Ethereum above $136, near where it stood yesterday. Ripple’s XRP is the day’s big winner, holding its $0.17 price from this morning as part of a 9% increase over the last 24 hours.
There was some doubt whether today’s House vote would even happen. Rep. Thomas Massie of Kentucky said he would block a voice vote, meaning the legislative body would require a quorum to be present to pass the bill. With most representatives working from their home districts, Massie’s maneuver could have delayed the House’s vote on the economic stimulus bill, designed to fight negative financial effects of the coronavirus pandemic.
Massie had criticized the bill for spending “too much taxpayer money.” The move sparked anger from his fellow representatives including Peter King of New York, who referred to Massie as “irresponsible” and “disgraceful” in a tweet. He and other representatives embarked on last-minute trips to D.C. to try to push the bill forward.
In the end, Massie’s objections weren’t enough to stave off passage of the $2 trillion stimulus plan via a voice vote.
American citizens can now potentially look forward to extended unemployment benefits and $1,200 checks, while businesses and the healthcare system can expect access to billions in relief aid.
And maybe, just maybe, crypto and stocks can look forward to a few additional rallies as well. But those haven’t come yet.