Bitcoin Surges Past $64K as China Stimulus Hopes Boost Market Sentiment
TL;DR
- $BTC surged past $64,000, driven by optimism from economic indicators in China and the U.S., while other major cryptocurrencies also saw gains.
- Memecoins like Mog and SPX6900 gained significant traction, with SPX6900 soaring by 135%, despite cautious sentiment toward China-linked assets.
$BTC started the week on a high note, climbing above $64,000 with a 2% increase in 24 hours. Other significant cryptocurrencies like $ETH and $SOL also experienced gains, while $XRP and $BNB remained stagnant. The CoinDesk 20 index showed a positive trend, rising by 2.19%.
The price surge led to over $100 million in short positions being liquidated, as many traders had bet against rising prices. Memecoins such as Mog (MOG) and SPX6900 gained traction, with MOG's seven-day gains reaching nearly 20% and SPX6900 skyrocketing by 135%. Bitcoin-based memecoins and Runes also saw price increases over the weekend, although some have since retraced.
Despite the positive momentum, market expectations for China-linked assets remain cautious. Augustine Fan from SOFA noted that $BTC's rise was likely a reaction to the recovery in Chinese equities, suggesting that risk sentiment may stay in a 'buy everything' mode. As the U.S. election campaign progresses, strong inflows into $BTC could signal positive trends, though patience may be needed before reaching new all-time highs.
---
Follow for the latest news! đ
#MemeCoinTrending #GrayscaleConsiders35Cryptos #BNSOL #BTCUptober #BTCSurges67K
