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Cryptocurrency News Articles
Bitcoin (BTC) Price Crosses $65K as China Announces Monetary Policy Adjustments
Sep 29, 2024 at 05:00 pm
Bitcoin (BTC) price crossed above $65,000 on Thursday after China announced adjustments in its monetary policies, which experts say have fueled rallies in the past.
Bitcoin’s price crossed above $65,000 on Thursday, a move that could be linked to China's recent adjustments in monetary policies, which have been known to fuel crypto rallies in the past.
Data from CoinGecko shows BTC reached $66,304 on September 27th before dropping to its current price ($65,535).
Short Traders Lose $107 Million Following Bitcoin’s Rally
This sudden bullish move has brought significant losses to several short traders, with CoinGlass reporting on Saturday that over $107 million worth of short positions had been liquidated since Thursday.
In a recent post, 10x Research's analyst Markus Thielen analyzes the potential impact of China's latest monetary policies on crypto. These policies, which include a $278 stimulus package, are designed to bolster the Chinese economy. According to Thielen, this move has historically increased investors' spending power, channeling more liquidity into the crypto market. He highlights the 2013 rally, which began after Chinese investors started pouring funds into various cryptocurrencies.
Analyst Tips Bitcoin to Hit $90K by December
The announcement of the stimulus package comes shortly after the US Central Bank's 50 bps interest rate cut. Thielen suggests that these factors are likely to trigger massive capital inflows into the cryptocurrency markets over the coming days. He anticipates Bitcoin will hit $70,000 in October and rally to $90,000 before the end of the year.
Another crypto analyst who's bullish on Bitcoin is CEX.IO's Illia Otychenko. Speaking to a Decrypt journalist on Friday, he noted that if Bitcoin manages to cross the $66,800 – $67,500 supply zone, there won't be any tougher price hurdles to overcome, easing its journey to $73,778 (all-time-high).
notably, Bitcoin's current bullish move comes amid reports that price volatility in crypto has dropped to 41%. When price volatility decreases, institutional investors typically find BTC more appealing, prompting them to open large positions.
Top Altcoins’ Performance This Week
All the top ten cryptocurrencies are closing the week with gains. Ethereum has risen 1.8% in the past seven days to $2,687. BNB and Solana are up 1.6% and 5.5% to $593.59 and $156, respectively. XRP, on the other hand, trades at $0.6231 after posting 7-day gains of 4.5%. Finally, Dogecoin has seen the most gains this week (16.9%). It's valued at $0.1265.
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- Bitcoin (BTC) Nears $70K as Focus Shifts to Labor Market, ETH Navigates Mixed Signals
- Sep 29, 2024 at 09:00 pm
- Bitcoin (BTC) is edging closer to the $70,000 milestone after retesting $66,000 on Friday. This comes after a softer-than-expected reading from the U.S. Federal Reserve’s preferred inflation measure—the Core PCE Index (Personal Consumption Expenditures).
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- Former Chinese Finance Minister Lou Jiwei Urges Policymakers to Examine Crypto Advancements
- Sep 29, 2024 at 09:00 pm
- During a speech at the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing, former Chinese finance minister Lou Jiwei urged China to closely examine advancements in cryptocurrency.
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- Bitcoin (BTC) Climbs Above $65,000, Eyes $70,000 Next; Ethereum (ETH) and Ripple (XRP) Await Their Moves
- Sep 29, 2024 at 09:00 pm
- The cryptocurrency market has been buzzing with activity, led by Bitcoin (BTC) surpassing the $65,000 mark. Ethereum (ETH) is showing signs of an upcoming rally, while Ripple (XRP) finds itself stuck in a range, struggling to break out. This article will dive into what the future could hold for these top three digital currencies.
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- Cardano (ADA) Price Analysis: TD Sequential Indicator Flashes Sell Signal, Suggesting Upcoming Correction
- Sep 29, 2024 at 08:30 pm
- ADA has exploited the cryptocurrency market rebound following Fed rate cuts last week. Since hitting a local low of $0.303 earlier this month, ADA has maintained an upward momentum.
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- Lunex Network (LNEX) Emerges as a New DeFi Competitor as Tron (TRX) and Ethereum (ETH) Battle for Dominance
- Sep 29, 2024 at 08:25 pm
- With its unique cross-chain feature, Lunex Network is set to change the status quo of the crypto exchange market. Experts project that Lunex Network could quietly rise to prominence while Ethereum and Tron battle for dominance in the DeFi market.