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BTC$84,5221.60%ETH$1,878.732.13%USDT$1.000.01%XRP$2.10-0.30%BNB$600.56-1.50%SOL$124.59-1.26%USDC$1.000.00%DOGE$0.171.73%ADA$0.670.76%TRX$0.240.12%STETH$1,877.12.22%WBTC$84,5381.86%TON$3.99-3.14%LINK$13.710.70%LEO$9.392.10%XLM$0.270.91%WSTETH$2,249.192.18%USDS$1.000.04%AVAX$19.190.86%SUI$2.350.13%SHIB$0.00001235-2.74%HBAR$0.171.19%LTC$82.90-1.26%DOT$4.110.18%OM$6.19-1.99%BCH$304.99-0.40%BGB$4.600.09%WETH$1,878.992.20%USDE$1.000.02%BSC-USD$1.000.14%BTC$84,5221.60%ETH$1,878.732.13%USDT$1.000.01%XRP$2.10-0.30%BNB$600.56-1.50%SOL$124.59-1.26%USDC$1.000.00%DOGE$0.171.73%ADA$0.670.76%TRX$0.240.12%STETH$1,877.12.22%WBTC$84,5381.86%TON$3.99-3.14%LINK$13.710.70%LEO$9.392.10%XLM$0.270.91%WSTETH$2,249.192.18%USDS$1.000.04%AVAX$19.190.86%SUI$2.350.13%SHIB$0.00001235-2.74%HBAR$0.171.19%LTC$82.90-1.26%DOT$4.110.18%OM$6.19-1.99%BCH$304.99-0.40%BGB$4.600.09%WETH$1,878.992.20%USDE$1.000.02%BSC-USD$1.000.14%

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Crypto Markets Rebound on Renewed China Stimulus Expectations

China reportedly plans to inject up to $274 billion in fiscal stimulus.
By: Mehab Qureshi • October 11, 2024
uptober happy wojak

The cryptocurrency market rallied on Friday, reversing losses following the release of U.S. Consumer Price Index (CPI) data on Thursday.

Bitcoin (BTC) led the recovery, rising by 2.5% to $62,200, while Ethereum (ETH) gained 1.7%, reaching $2,440. Other notable cryptocurrencies, such as Solana (SOL) and Polkadot (DOT), also recorded gains, with each up by 4%.

BTC Price chart
BTC Price

The market recovery comes as investors digest U.S. inflation data and global economic developments, including fresh signals of potential fiscal stimulus from China.

China could be preparing to inject up to 2 trillion yuan ($274 billion) in fiscal stimulus. This move is seen as an effort to stabilize the world’s second-largest economy and restore investor confidence, particularly in the face of slowing growth and pressure on sectors like real estate.

According to a Bloomberg survey, this fiscal package could be announced as soon as tomorrow by China’s finance minister. The stimulus would likely be funded through increased government bond issuance.

‘Uptober’ Hopes Rekindled

China’s economic recovery plan could have implications for the crypto market. Large-scale fiscal interventions could stimulate global demand for riskier assets, including cryptocurrencies.

A stabilized Chinese economy could also increase institutional interest in crypto assets, often viewed as alternative investments that benefit from loose monetary conditions and rising inflation expectations.

“We remain hopeful of an Uptober rally as long as the $60,000 key support level [for Bitcoin] remains intact,” said QCP Capital, a digital asset trading firm.

Ryan Lee, Chief Analyst at Bitget Research, shared a similar outlook. He expects Bitcoin to hold steady or increase slightly towards the end of the year.

Meanwhile, U.S. stocks rallied. The S&P 500 climbed 0.5%, while the Nasdaq was flat. The Dow Jones Industrial Average edged up by 0.6%.

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