Bitcoin has surged past $64,000, driven by positive market sentiment following China’s economic stimulus efforts.
Bitcoin Rallies as China’s Stock Market Recovers on Stimulus Optimism
According to Min Jung, an analyst at Presto Research, “The momentum appears to be largely fueled by China’s recently announced stimulus package, which is boosting market sentiment.”
China’s Finance Minister, Lan Fo’an, revealed plans for a fiscal stimulus package aimed at reviving the economy, although specific figures have not yet been disclosed. The Shanghai Composite Index responded positively, rising by 2.12% during the day.
SOFA.org’s Head of Analysis, Augustine Fan, commented, “As Chinese stocks rebounded after the weekend’s disappointments, Bitcoin prices crossed $64,000, sparking a ‘buy everything’ sentiment in the markets.”
U.S. Inflation Concerns Followed by Market Recovery
Bitcoin’s recent surge follows a brief dip last Thursday, when it dropped to $60,500 due to unexpectedly high U.S. consumer and producer price index data.
However, after an initial reaction to inflation news, the markets appear to have regained their composure.
Fan added, “Markets were initially shaken by the data, but eventually concluded that core inflation trends remained stable, and the yield curve steepening stayed in place.”
The broader crypto market also saw gains. Ethereum climbed by 3.24% to reach $2,539, while Solana surged by 4.67%, trading above $152.
October Historically Bullish, But Analysts Urge Caution
October is historically a bullish month for Bitcoin, but analysts are urging caution due to various uncertainties in the market.
As always, Turkish NY Radio will continue to monitor the latest developments in the crypto space and provide timely updates.
