Bitcoin Bitcoin and cryptocurrencies soared after China announced it would further support its economy with financial stimulus, adding to the BlackRock boom.
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While the price of Bitcoin has risen to over $65,000 per Bitcoin, levels not seen since September, MicroStrategy founder Michael Saylor says the company’s $100 trillion “end goal” revealed.
Traders are betting that the rotation away from Chinese stocks into Bitcoin and cryptocurrencies will continue after JPMorgan analysts released a surprising Bitcoin price prediction.
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Forbes: “Digitizing the Dollar”—BlackRock CEO reveals radical plans for AI-powered cryptocurrencies that are expected to drive up the prices of Bitcoin and Ethereum Text: Billy Bambrough
Chinese President Xi Jinping has overseen a crackdown on bitcoin and cryptocurrencies in his country, which has weighed on bitcoin prices over the past few years.
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Caroline Moron, co-founder of crypto derivatives liquidity provider Orbit Markets, said: “The market has seen a rise in the market as capital rotation from Bitcoin to Chinese stocks has long been understood to be weighing on crypto prices. is likely taking the disappointing Chinese stimulus package as positive news for Bitcoin.” Bloomberg.
China’s Finance Minister Lan Feng on Saturday promised to “significantly increase” debt to revive the stalled economy, but gave no exact figure on the overall size of the stimulus package.
Mohit Kumar, chief financial economist for Europe at Jefferies, said: “The weekend didn’t do much, but our expectations weren’t high either way. I believe that measures will be taken,” he told Reuters. .
Earlier this month, traders were told by analysts David Brickell and Chris Mill to “expect fireworks.” They said in a newsletter that they expect Bitcoin prices to reach new all-time highs thanks to China, along with the Federal Reserve, creating a “tsunami of liquidity.” interest rate reduction.
But some market watchers fear the market rally will be short-lived as details are not released by Chinese authorities.
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Forbes Donald Trump’s ‘major’ China nightmare suddenly becomes reality By Billy Bumbrough
Bitcoin prices soared to over $65,000 per Bitcoin on the back of China’s new economic stimulus package…(+) and then pulled back slightly.
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“The devil is always in the details, and China is once again fudging how it intends to accelerate economic growth,” Russ Mould, investment director at AJ Bell, said in an emailed comment.
“Investors were hoping Saturday’s event with China’s Ministry of Finance would provide all the answers, but the level was too high to maintain market optimism. Chinese stocks rose again on Monday. We’ve seen the best of the rally. ”
