Leggi questo articolo in Italiano Italiano

2 min read 14 Oct 2024

Bitcoin: rush above $64k response to favorable macro data

By Davide Grammatica

China pushes Bitcoin upward again, with traders now assessing new economic stimulus against the backdrop of US data

Bitcoin: rush above $64k response to favorable macro data

BTC's response to global markets

Up +3.3% in the past 24 hours, Bitcoin seems to be reacting optimistically to the new economic stimulus announced by China. As previously anticipated, the Chinese government promised to “significantly increase” its debt to support its country’s growth, leaving room for equity markets to point upward.

That is what has happened, albeit with a few exceptions, in recent hours, with the major Asian stock indexes all rising. TheHang Seng opened +0.4 percent, the Nikkei 225 +0.57 percent, and the Shanghai Composite +1.6 percent.

Beijing is reportedly ready to issue more than $325 billion in treasury bonds, for a scenario that could pave the way for an increase in the value of high-risk assets, including Bitcoin.

Finally “uptober?”

The same dynamic had already occurred last month, with BTC above $65k following the announcement of an initial liquidity injection by the Chinese government. However, these measures are now also followed by more favorable macroeconomic conditions, starting with declining U.S. inflation despite a better-performing labor market than expected.

The Fed may be more cautious in its interest rate easing measures in the future, but analysts seem to agree that the environment is nonetheless favorable for a potential BTC rally to new ATH.

This “uptober” that began with the handbrake on could then, as a result, make up for lost ground in a rather good macroeconomic environment.

Increasingly decisive in this regard will be the U.S. elections, for many the real catalyst event for a recovery in the sector. Polymarket indicates Donald Trump ahead of Kamala Harris by as much as 9 percentage points (54 percent versus 45 percent), and his victory seems to be the best-case scenario for the premier cryptocurrency.

X

Vuoi essere IL PRIMO a conoscere ciò che muove il mercato?

Resta aggiornato in tempo reale con le notizie importanti, dati e analisi ESCLUSIVE

bitcoin
Bitcoin (BTC) $ 85,323.86
ethereum
Ethereum (ETH) $ 1,635.98
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.14
bnb
BNB (BNB) $ 586.90
solana
Solana (SOL) $ 130.38
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.253243
dogecoin
Dogecoin (DOGE) $ 0.160083
cardano
Cardano (ADA) $ 0.642151
staked-ether
Lido Staked Ether (STETH) $ 1,634.79
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 85,258.84
leo-token
LEO Token (LEO) $ 9.43
avalanche-2
Avalanche (AVAX) $ 20.14
chainlink
Chainlink (LINK) $ 12.65
stellar
Stellar (XLM) $ 0.241152
usds
USDS (USDS) $ 1.00
the-open-network
Toncoin (TON) $ 2.93
sui
Sui (SUI) $ 2.19
shiba-inu
Shiba Inu (SHIB) $ 0.000012
hedera-hashgraph
Hedera (HBAR) $ 0.166396
wrapped-steth
Wrapped stETH (WSTETH) $ 1,958.66
bitcoin-cash
Bitcoin Cash (BCH) $ 330.17
litecoin
Litecoin (LTC) $ 78.42
polkadot
Polkadot (DOT) $ 3.67
hyperliquid
Hyperliquid (HYPE) $ 16.20
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.997882
bitget-token
Bitget Token (BGB) $ 4.31
pi-network
Pi Network (PI) $ 0.745298
ethena-usde
Ethena USDe (USDE) $ 0.999441
weth
WETH (WETH) $ 1,633.06
whitebit
WhiteBIT Coin (WBT) $ 27.82
monero
Monero (XMR) $ 211.80
wrapped-eeth
Wrapped eETH (WEETH) $ 1,740.26
uniswap
Uniswap (UNI) $ 5.37
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 85,377.88
dai
Dai (DAI) $ 1.00
okb
OKB (OKB) $ 51.93
pepe
Pepe (PEPE) $ 0.000007
aptos
Aptos (APT) $ 4.76
gatechain-token
Gate (GT) $ 22.51
ondo-finance
Ondo (ONDO) $ 0.869121
near
NEAR Protocol (NEAR) $ 2.11
susds
sUSDS (SUSDS) $ 1.05
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
tokenize-xchange
Tokenize Xchange (TKX) $ 30.57
internet-computer
Internet Computer (ICP) $ 4.90
mantle
Mantle (MNT) $ 0.696955
crypto-com-chain
Cronos (CRO) $ 0.085139
ethereum-classic
Ethereum Classic (ETC) $ 15.22