Bitcoin prices briefly rose above $64,000 in Asian trading on Monday afternoon, as analysts said the cryptocurrency was boosted by a rebound in Chinese stocks.
Bitcoin BTC
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Bitcoin is up 2% in the last 24 hours, trading at $63,800 as of 2 a.m., according to The Block’s Bitcoin. Pricing page.
“An important driving force behind this momentum appears to be China’s recently announced economic stimulus package, which has strengthened market sentiment,” said Presto Research analyst Minjeong.
Chinese Finance Minister Lan Fo’an outlined the country’s financial support plan. economic stimulus package Efforts were made to revitalize the economy, but no specific figures were provided on the amount of financial support. Shanghai Composite Index rose As of today, it is 2.12%.
Augustine Fan, Head of Insights at SOFA.org, said: “Chinese stocks bounced back from weekend disappointment, with prices surging above $64,000 this morning, so risk sentiment is likely to remain in ‘buy everything’ mode until further notice. “It’s high,” he said. .
The world’s largest cryptocurrency traded sideways between about $62,500 and $63,000 over the weekend. It fell to about $60,500 on Thursday due to higher-than-expected U.S. Consumer and Producer Price Index data.
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However, Pan noted that the market remained stable while U.S. inflation indicators increased. “Markets were initially confused by the impact of the data, but ultimately concluded that the ‘core’ inflation trend remained intact and the curve steepening move continued,” SOFA.org analysts said.
Most non-Stablecoin cryptocurrencies in the top 20 list also rose in price. Ethereum rose 3.24% to $2,539, while Solana rose 4.67% to trade above $152. The overall cryptocurrency market also rose 2%, according to data from The Block.
Is it Uptober yet?
Presto’s Jung pointed to China’s third-quarter GDP data due out on Friday and earnings reports from major U.S. banks as macroeconomic factors that could impact markets this week.
While October has historically been a stronger month for Bitcoin and the broader cryptocurrency market, Jeong said some significant uncertainties remain this month that require a more cautious approach.
Researcher Jeong said, “First, geopolitical risks in the Middle East region are showing significant overhang, and if these risks expand, there is a high possibility that it will affect global risk assets.” Second, with less than 30 trading days left until the US presidential election, political uncertainty is also a factor to pay attention to.
The US presidential election is scheduled to be held on November 5th. Former president and cryptocurrency supporter Donald Trump leads the poll with 54% against current Vice President Kamala Harris’ 45.4%, according to decentralized betting platform Polymarket.
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