Relief Bill Passes by One Vote! Unemployed to Receive $300 Weekly Until September, Bitcoin Back Above $50,000, UNI Hits New All-Time High

The U.S. Senate passed a new $1.9 trillion relief package on the evening of the 6th, triggering a rebound in the cryptocurrency market. Bitcoin once again surpassed the $50,000 mark, with Uniswap's UNI token showing strong performance, hitting a new all-time high.

Biden: Wealth Redistribution with $1,400 Payments

It is understood that although the relief bill passed the threshold by a slim margin of 50:49, it differs slightly from the previous version in the House and will need to be sent back for further review before President Biden can officially sign it after the vote on the 9th. In addition to one-time stimulus checks, those unemployed due to the pandemic can also apply for an additional $300 weekly until 9/6.

Due to the expiration of previous unemployment benefits on March 14th, the market generally expects the $1.9 trillion relief package to be enacted before the 14th. The bill previously included provisions for wealth redistribution and limited the eligibility for stimulus checks, with individuals earning over $80,000 annually unable to receive the payment. After the bill's passage, Biden expressed on Twitter:

"I promised when I took office that help was on the way. Today, I've taken another giant step toward delivering on that promise. I hope the House will quickly pass the relief bill so I can sign it into law as soon as possible."

When I took office, I promised help was on the way. Thanks to @SenSchumer and Senate Democrats, we've taken one more giant step forward in delivering on that promise.

I hope the American Rescue Plan receives a quick passage in the House so it can be sent to my desk to be signed.

— President Biden (@POTUS) March 6, 2021

Last year, the U.S. also distributed relief checks of up to approximately $1,200 per individual, resulting in a depreciation of the U.S. dollar, a surge in the stock and currency markets, and Federal Reserve Chairman Jerome Powell being named the "Forbes Crypto Awards" Person of the Year for his extensive borrowing and money printing.

Bitcoin

The relief bill's progress has also brought positive news to the cryptocurrency market, with Bitcoin rebounding from its decline since the 7th and surpassing $50,000 from $47,136.

Uniswap UNI

While UNI is not the top gainer, its 11.2% increase in the past 24 hours has pushed it above the historical high set on 2/21. UNI's strong performance is likely due to market expectations for the upcoming major upgrade of Uniswap V3, which has been reported on previously.

In addition to UNI, other top performers in the past 24 hours include ENJ 39%, MANA 23%, YFI 20%, RSR 16%, REN 12%.