Bitcoin and Meme Coins Rally: BTC Tops $64K on China Stimulus Hopes
Due to heightened demand for some Bitcoin-based products and fresh expectations of a stimulus from China, Bitcoin surged beyond $64.000 during Asian hours on Monday, driving a rise in the price of cryptocurrency. According to data, Bitcoin increased 2.53% over the last day. CoinGlass data indicates that almost $100 million in shorts, or bets against increased prices, were sold during the move.
Over the weekend, some meme coins dominated price activity as traders continued to discuss a supercycle. Bitcoin-based meme coins and Runes, a blockchain system for assets, surged up to 10% over the weekend to extend weekly gains above 100%, although they cut gains on the last day, according to a CoinGecko tracker.
Bitcoin Jumps Past $64K as China’s Finance Minister Pledges Economic Support
With fresh promises for stimulus, Chinese markets closed the morning session higher, which coincided with Bitcoin’s increase. At a conference on Saturday, Finance Minister Lan Fo’an alluded to increased government borrowing and pledged additional measures to boost the real estate industry, according to Bloomberg. The announcement did not meet expectations, though, and it indicated that there was little chance of further withdrawals from assets associated with China.
Bitcoin prices did manage to jump this morning to above $64K as Chinese equities rebounded off the weekend disappointments, so risk sentiment will likely remain in ‘buy everything’ mode until further notice. A strong BTC inflow on Friday might be a positive sign of things to come as we head into the final weeks of the election campaign, but patience will likely be required before we can make new ATHs anytime soon,
Augustine Fan, head of insights at SOFA
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