The flagship crypto asset has started the week with a bang surging past the $64,000 mark for the first time in so many weeks.
The recent surge was a direct result of renewed hope for a Chinese Stimulus and increased demand for certain Bitcoin-based assets.
BTC surged by 5.6% in the past 24 hours and is currently exchanging hands for $66,000. Other altcoins witnessed significant price action with Ether (ETH) and Solana’s SOL rising by 3%.
Other assets like XRP and BNB Chain’s BNB remained flat. Over $100 million in shorts against higher prices were liquidated on the move, as Bitcoin overperformed in the markets. CoinGlass data has detailed information on the Liquidations.
In the memecoins category, some memecoins dominated the weekend amid talks of an impending super cycle. Standout performances in the memecoin sector include Mog (MOG) which extended its seven-day gains to nearly 20%, while SPX6900 memecoin a parody of the S&P500 index — extended gains to 135%.
CoinGecko revealed that Bitcoin-based memecoins and Runes jumped by nearly 10% over the weekend extending their weekly gains.
Chinese Stimulus
BTC price surge can be linked to Chinese stocks ending the morning session higher backed by renewed stimulus hopes. According to a Bloomberg report, Chinese Finance Minister Lan Fo’an promised new steps to stimulate the economy, especially in the areas of the property sector and government borrowing.
Augustine Fan, head of insights at SOFA further commented on the issue with a direct message to CoinDesk.
“Bitcoin prices did manage to jump this morning to above $64K as Chinese equities rebounded off the weekend disappointments, so risk sentiment will likely remain in ‘buy everything’ mode until further notice, Fan stated
“A strong BTC inflow on Friday might be a positive sign of things to come as we head into the final weeks of the election campaign, but patience will likely be required before we can make new ATHs anytime soon,” Fan added referring to the U.S. elections scheduled for November 5.
The November 5 United States elections are a key event with strong significance to affect the price of Bitcoin. A win for Donald Trump will likely lead to a bullish run for the crypto asset against a Kamala Harris win which might be bearish.
What to Know
- Donald Trump has positioned himself as a Pro Crypto candidate with major appearances in Bitcoin events like the Bitcoin conference in Nashville. Donald Trump is slightly leading on Polymarket polls as the big day draws closer. A win for him will be celebrated as a bullish trend amid the global crypto community.
- Bitcoin at the moment is exchanging hands for $66,000 and is 10.3% down from its all-time high of $73,737.
