Bitcoin jumped to a seven-day high late Sunday evening as Asian stocks showed mixed results following China's economic stimulus measures, announced during the weekend.


The crypto is trading 2.5% higher on the day to $64,300—its highest point since October 7. It follows recent stimulus promises made by the world’s second-largest economy on Saturday.


China has vowed to "significantly increase" its debt to support its weakening economy but provided no details on the size of the stimulus package, leaving investors in the dark about the potential impact on the sustainability of its recent stock market rally.


Asian equities were mixed on Sunday, with Chinese stocks showing some gains while other regional markets faced headwinds. The Shanghai Composite rose 1.6%, buoyed by hopes following the announcement.


In Hong Kong, the Hang Seng Index trimmed 0.4%, while Japan's Nikkei 225 climbed 0.57%, driven by gains in tech stocks. Markets in South Korea and Australia saw minor fluctuations.


Late last month, Bitcoin surged beyond $65,000 after China announced it would inject $113 billion of liquidity to support its ailing stocks. It also announced it would slash reserve requirements for banks while easing regulations for second-home purchases.


The Shanghai Composite is up over 20% over the last month, data shows.


Experts believe China’s stimulus measures from the country’s central bank will provide a boost to crypto throughout the remainder of the year amid a slash to U.S. interest rates and abroad.


Several tailwinds have begun to converge for the world’s largest crypto, including China’s stimulus, shifting U.S. macroeconomic data, the upcoming presidential election, and an uplift from FTX’s bankruptcy payouts.


The latest U.S. payroll figures for September 2024 also exceeded expectations at the start of the month, with nonfarm payrolls increasing by 254,000, well above the forecast of around 170,000. 


The labor market’s strength has sparked concerns the Federal Reserve could delay or reduce the scale of its planned rate cuts, as strong employment figures may fuel inflationary pressures. 


Last week, the Consumer Price Index rose 2.4% year-on-year, slightly above forecasts, with core CPI—excluding food and energy—up 3.3%. 


Despite the modest rise, inflation appears to be cooling. Though higher-than-expected CPI has led some analysts to suggest the Fed may adopt a more cautious stance on further easing.