The price of Bitcoin recently surpassed $70,000 per coin, marking its highest point since June, as the cryptocurrency market experiences a strong upswing in 2024. This surge follows Elon Musk’s warning of a “financial emergency,” and is bolstered by a Wall Street-led crypto momentum and a dovish stance from the Federal Reserve, creating what some analysts call a “nightmare scenario” for traditional finance.
China’s Potential $1.4 Trillion Stimulus Leak Sparks Market Buzz
Recent leaks indicate that China is contemplating a substantial economic stimulus package worth 10 trillion yuan ($1.4 trillion) to reignite its slowing economy. This stimulus, rumored to be even more expansive if Donald Trump wins the upcoming U.S. presidential election, could ripple through global markets, particularly influencing Bitcoin and the broader crypto landscape. China’s Standing Committee of the National People’s Congress is expected to address this proposed package during a meeting between November 4 and November 8, catching the eye of market analysts worldwide.
How China’s Economic Plans Could Drive a Bullish Crypto Trend
Market experts suggest that if China enacts additional fiscal measures, particularly in infrastructure and liquidity support, it may trigger increased risk appetite, potentially propelling Bitcoin prices even higher. Analysts like Nikolay Karpenko from B2C2 and Mohit Kumar from Jefferies predict that China’s economic strategies could usher in a bullish phase for crypto, reinforced by global monetary policy shifts. BitMex co-founder Arthur Hayes further supports this optimistic view, emphasizing the combined impact of China’s economic actions and the Federal Reserve’s policies on the crypto market’s positive trajectory.
Disclaimer: Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Source: https://changelly.com/blog/leaked-china-stimulus-could-boost-crypto-bitcoin-already-soaring/
