Bitcoin has risen approximately 2.14% in the past 24 hours, trading at around $64,300 in Monday afternoon sessions in Asia.
Bitcoin has risen approximately 2.14% in the past 24 hours, trading at around $64,300 in Monday afternoon sessions in Asia.
This increase follows a fiscal stimulus announcement from China, which has positively impacted Chinese equities. The Shanghai Composite Index saw a rise of 2.12% as investors reacted to the stimulus news.
Analysts attribute the momentum in Bitcoin's price to this rebound in Chinese markets. Min Jung, an analyst at Presto Research, noted that the fiscal measures, although lacking specific figures, have bolstered market sentiment. “A significant driver of this momentum appears to be the recently announced stimulus package from China,” Jung stated.
Earlier in the day, Bitcoin briefly surpassed $64,000, reflecting a broader trend in the cryptocurrency market.
Augustine Fan, Head of Insights at SOFA.org, remarked that risk sentiment remains high, with investors adopting a "buy everything" strategy in light of recent developments.
Bitcoin had previously oscillated between $62,500 and $63,000 over the weekend and had dipped to around $60,500 last Thursday following unexpectedly high U.S. consumer and producer price index data.
Despite these fluctuations, Fan observed that market reactions were stable, as the core inflation trend appeared to hold steady.
Other crypto also experienced gains, with Ether increasing by 3.24% to $2,539 and Solana rising 4.67% to trade above $152. Overall, the crypto market saw a 2% uptick.
Looking ahead, the release of China’s Q3 GDP data and earnings reports from major U.S. banks later this week could further influence market conditions.
Jung cautioned that geopolitical risks and political uncertainty related to the upcoming U.S. presidential election on Nov. 5 may affect investor sentiment.
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