Bitcoin Price Targets $100K On China Stimulus And Trade With Russia In Crypto.
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Traders target Bitcoin price at $100K as China announced massive stimulus to boost economy and Russia to pay in crypto for trade with China.â°
Can Bitcoin Price Hit $100K As China Boosts Global Markets
Peopleâs Bank of China (PBoC) Governor Pan Gongsheng announced on September 24 several measures to revive Chinaâs economy amid concerns that the 2024 growth target of around 5% might be out of reach. It includes a 50 bps cut in the reserve requirement ratio, a 20 bps cut in key short-term interest rates, and monetary stimulus, reported Reuters.
The PBoC also plans to lower borrowing costs on up to $5.3 trillion in mortgages and relax rules for second-home purchases. This has boosted the Shanghai Stock Exchange by more than 4% in a day. Stock markets globally are in green today on cues from the Chinese stock market. However, Bitcoin price shows volatility amid buying in stock markets.
âThis is the most significant PBOC stimulus package since the early days of the pandemic,â said Capital Economics analyst Julian Evans-Pritchard.
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