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Cryptocurrency News Articles
Bitcoin Drops as China's Stimulus Plans Disappoint
Oct 08, 2024 at 08:03 pm
The latest price moves in crypto markets in context for Oct. 8, 2024.
Bitcoin dropped on Monday after China's stimulus plans fell short of expectations, while ether exchange-traded funds (ETFs) saw no money flow in or out for only the second time since their listing in July.
Bitcoin pulled back after China's stimulus plans fell short of expectations, potentially denting risk appetite in crypto markets.
After a week of gains largely driven by the prospect of a massive stimulus package from the People's Bank of China to stir some life into the country's economy, the National Development and Reform Commission's (NDRC) briefing on Monday seemed to lack urgency or specifics.
“The NDRC statement on Monday was short on details and didn't seem to instill much confidence in markets,” Vijay Ayyar, vice president of corporate development and international at crypto exchange Luno, told CoinDesk TV.
Bitcoin was trading at around $62,500 on Monday, down 0.5% in the last 24 hours. BTC is up around 2.5% over the past seven days.
The broader digital asset market fell about 0.8%, as measured by the CoinDesk 20 Index. Stocks, bonds and commodities also fell.
The S&P 500 dropped 0.96%, the Dow Jones Industrial Average fell 0.7%, the Nasdaq Composite dropped 1.2%, the 10-year Treasury yield fell 4 basis points to 3.84%, and gold rose 0.14%.
Meanwhile, ether was trading at around $2,430, down 0.78% in the last 24 hours. ETH is up around 3.5% over the past seven days.
“Crypto markets are largely following the trend of traditional markets today, with a slight risk-off sentiment,” Ayyar said. “We saw a good rally last week on the back of the expected stimulus from China, but the lackluster statement today has put a dampener on things.”
After a week of outflows, bitcoin ETFs in the U.S. saw the highest inflows since Sept. 27, adding a net $235.2 million.
BlackRock's IBIT ETF led the pack with $97.9 million, followed by Fidelity's FBTC ETF with $103.7 million and Invesco's BITO ETF with $23.5 million.
In contrast, the nine ether ETFs registered zero flows in either direction. The only other time this occurred was Aug. 30.
The figures highlight the differing fortunes of BTC and ETH products in the U.S. Bitcoin ETFs have seen inflows of nearly $18.75 billion since they listed in January, while their ether equivalents are $500 million in the red since becoming available in July.
Cena's Takeaway: Despite the recent outflows, ether ETFs are still outperforming their bitcoin counterparts in terms of net flows year-to-date.
Cena's觀察重點:儘管最近出現資金外流,但就今年迄今的淨流入資金而言,以太幣 ETF 仍優於比特幣相關產品。
Polymarket bettors are divided on who will be identified as Satoshi Nakamoto on Tuesday's HBO documentary, "Money Electric: the Bitcoin Mystery."
The documentary will reveal the person(s) who many believe to be the creator of Bitcoin. Cena has covered the possibilities extensively.
Odds climbed as high as 55% that the late Len Sassaman would be revealed as Bitcoin's elusive creator, but these have sunk to 7.5% following an interview with his widow in which she said he was not Satoshi.
The overwhelming favorite choice on Polymarket is now "Other/Multiple", which carries 65% support. The leading individual candidate is Nick Szabo with 12.5%.
The program will be screened at 02:00 UTC on Wednesday (9 p.m. Tuesday ET).
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- Oct 09, 2024 at 12:25 am
- American A-list celebrity rapper Cardi B posted on X (formerly Twitter) this morning, promoting a new memecoin called “WAP,” named after her hit song with Megan Thee Stallion. However, many of her fans are questioning if the post was real or if her account had been hacked.
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- Bitcoin (BTC) Likely To Reach A New All-Time High By The Year's End
- Oct 09, 2024 at 12:25 am
- Timothy Peterson, an author and network economist has cited a positive outlook for Bitcoin in Q4 of 2024, predicting that the crypto asset could be gearing up for a short-term price surge, possibly to a new all-time before the end of the year.