European Central Bank Announces $135 Billion Stimulus
Following the announcements from U.S Federal Reserve that it won’t cut interest rates further, the European Central Bank (ECB) is making similar moves although with a different take. The European Central Bank announced a $135 billion stimulus as well as maintain interests rates in an effort to combat struggling markets.
The ECB is injecting the funds to its asset purchase program, rather than cut interest rates. Although the U.S have cut down interest rates, the ECB decided to take a different route rather than following the established protocol.
“Contrary to expectations, the ECB did not cut its deposit rate more deeply into negative territory,” Berenberg economics expert Holger Schmieding said. “Instead, the ECB will buy more assets with a focus on private sector bonds and inject even more liquidity at even more favourable terms into the banking system.”
After a sharp drop in price, Bitcoin’s market cap values approximately $108 billion at press time, which gives each individual coin a value in the region of $5,170. The European Central Bank cash injection values $25 billion more than the entire speculative capital housed in Bitcoin at this moment.
Global Economy Struggle
The global market has taken a massive hit in the past few months, leading to authorities taking evasive actions. While some authorities are taking actions by cutting rates, others are feeding capital into their respective economies. The U.S Federal Reserve injected $165 billion into its financial sector.
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