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Cryptocurrency News Articles
Bitcoin Soars 5% as China Unleashes $284B Stimulus, Promises More
Sep 27, 2024 at 11:45 pm
The top crypto trades at around $66,300, its highest price since July.
China's central government plans to distribute billions in stimulus to boost economic growth, a move that has helped propel Bitcoin (BTC) to its highest price in months.
On Thursday, China's Ministry of Finance said it plans to issue $284 billion worth of bonds, the largest stimulus measure since the Covid-19 pandemic.
Since then, Bitcoin has soared some 5% as the loosening financial conditions reignite confidence in riskier bets.
The top crypto trades at around $66,300, its highest price since July.
China's CSI 300 stock index is also up 15% this week, its best weekly performance since 2020.
In addition to the stimulus, China's central bank will cut the amount of cash banks need to have on hand by 0.5%, injecting even more money into the country's economy.
“This is just the start; the real bazooka will come when Xi instructs banks to issue more credit,” BitMEX co-founder Arthur Hayes said of the moves in a recent blog post.
The news comes as a report from the Bureau of Economic Analysis estimates the U.S. economy grew at an annual rate of 3% in the second quarter, an increase of 1.6% since the first quarter.
With the U.S. Federal Reserve predicted to lower interest rates by as much as 0.5% in November, market conditions are the best they have been for Bitcoin and other crypto assets in months.
Liquidity rules
China's mega bond offering aims to reignite consumer consumption, which has lagged in recent years.
The money will be used to pay for subsidies of consumer goods, like household appliances and cars, as well as provide a monthly allowance of about $114 per child to households with two or more children, according to Reuters.
“The move should be a positive for crypto prices,” Brian Rudick, a senior strategist at crypto trading firm GSR, said on X.
"The more money there is sloshing around in the global financial system, the better for crypto."
Crypto in China
The Chinese government has been hostile towards crypto, banning most activities involving digital currencies.
However, Chinese investors can still purchase crypto through Hong Kong-based firms.
In April, three Bitcoin exchange-traded funds (ETFs) launched in Hong Kong. China Asset Management, one of China's biggest fund managers, offers the largest, with $145 million in assets under management.
The launch of Hong Kong's Bitcoin ETFs was highly-anticipated, but inflows have paled in comparison to U.S. spot Bitcoin ETFs, which manage some $60 billion.
Crypto market movers What we are reading
How Stani Kulechov and Rune Christensen cleared the air to usher in a ‘DeFi renaissance’ — DL News
Ethena Launches New UStb Stablecoin Backed by BlackRock's Tokenized Fund — Milk Road
PayPal's PYUSD Stablecoin Sees Sharp Decline in Market Cap on Solana Amid Falling Incentives — Unchained
Binance founder ‘CZ’ leaves prison on Friday—along with his $60 billion fortune — Fortune
Tornado Cash dev Roman Storm to face trial, judge rules — DL News
Tim Craig is DL News' Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.
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