Bitcoin (BTC) and the broader crypto market are gaining strength, with BTC trading up by 3.16% at $62,700, backed by China's latest economic stimulus. Earlier today, China raised its debt ceiling as part of efforts to boost liquidity in the market.

Bitcoin and Altcoins Rally In Strong Reversal

After dipping below $60,000 earlier this week due to rising US CPI data, Bitcoin has recovered, nearing $63,000. Despite volatility, whales have continued accumulating BTC, with 1.5 million Bitcoins added since March—nearly 7% of the total circulating supply. Bitcoin ETFs now hold more than 5% of the total supply, highlighting strong institutional demand.

Meanwhile, altcoins like Ethereum (ETH), Binance Coin (BNB), Solana (SOL), and Dogecoin (DOGE) are posting around 3% gains, showing signs of broader market recovery.

China to Revive Economic Growth by Increasing Debt

China has announced a significant increase in its government debt issuance, offering subsidies to low-income individuals and supporting the property market. Finance Minister Lan Foan hinted at more "counter-cyclical measures" this year, though specific details on the size of the stimulus weren't disclosed. Reports suggest that China may introduce another $283 billion in stimulus.

Fiscal stimulus measures have garnered global attention, with Chinese stocks jumping 25% after a Politburo meeting in September, though concerns re-emerged over the lack of specifics on the spending plans.