Bitcoin climbs to $66,000 after Chinese stimulus and seems ready to reach ATH

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Last Updated on 28 September 2024 by CryptoTips.eu

Optimism is clearly rising in crypto markets as Bitcoin briefly touched the $66,000 level on Saturday morning at the time of writing. That means it’s well on track to record its best September ever.

After an interest rate cut by the Federal Reserve last week, an assurance by the Bank of Japan that they will not increase their interest rates any further and a large stimulus package by the Bank of China this week, all lights are flashing green for both stock exchanges and crypto.

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China

The government in Beijing clearly did not want to lag too far behind Western stock markets (which have been doing very well in the past fortnight). Xi Jinping’s team therefore presented a substantial stimulus package to boost the sluggish Chinese economy.

Various new measures, including more flexible rules for banks (which can lend more to Chinese consumers) as well as discounts on mortgage interest rates for homeowners (the real estate market in China has been in the doldrums for a long time) were introduced.

Their plan seems to have been successful because investors are well convinced this will boost the economy. The Chinese stock exchanges are having their best week since November 2008, which also resulted in many additional crypto investments from Asia.

ETFs

The various Bitcoin ETFs (exchange traded funds) also had a few very good days this week.

A well-known meme shows that no one wants Bitcoin in the current market at a price of $50k because they are afraid of a crash, but it is remarkable to see that Bitcoin at a price of $65k seems to attract a very large group of buyers because they are convinced that it will overcome the $70k price point quickly.

Human psychology during investing is never logical of course.

In any case, nothing but positive news this week it seems as Bitcoin steadily climbs higher. There is almost no volatility, because Bitcoin only goes in one direction: up.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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