Multi-millionaire and former hedge fund manager, Mike Novogratz, recently posited government spending around coronavirus efforts may be the cause of recent mainstream and crypto market rallies.

"Household Income in the USA could actually be up this yr even though we could have 25% unemployment," Novogratz said in a May vi tweet, adding:

"That is unprecedented.Thanks Uncle Sam and Chairman Powell. Helps with social unrest, might explain the retail bid to the stock market, and certainly helps make the BTC example."

Information technology is unclear exactly what Novogratz meant in his tweet, and which aspects have impacted market place prices. Cointelegraph reached out to Novogratz for boosted details, just received no response as of printing time.

The coronavirus pandemic has caused mayhem

Later on the coronavirus made its way to North America, the U.S. regime halted concern operations while urging folks to stay home in an attempt to ho-hum the virus' spread.

A brusque time later, mainstream markets reacted by entering gratuitous fall mode. Weeks of bearish toll activeness followed. At the aforementioned time, Bitcoin's toll took a severe tumble, dragging the whole crypto market with it.

Markets have since rebounded

In the weeks following the March crash, markets posted a number of boosted cerise days before carving out a noticeable recovery. Amid the recovery, the U.S. government took a number of deportment in an endeavour to prop up the struggling economy.

These solutions accept yielded massive money printing, with a primary $ii trillion dollar stimulus bundle in play. The parcel included essentially gratuitous money sent to citizens and businesses to combat expenses during layoffs, among other components.

Rising markets logically do no go hand in hand with high unemployment numbers. Mainsteam and crypto markets, however, have surged amidst rising unemployment numbers.

Bitcoin in particular has posted a dramatic recovery, shooting upwardly over 130% from its March price valley.