Chinese Stocks Slump, Is It Time for Bitcoin Prices to Rise?
2024-10-09
Bittime - China's stock market surged 34% following the announcement of a $140 billion fund by the People's Bank of China, but is now in decline.
With weak economic growth projections and Bitcoin prices depressed below $62,500, investors are questioning the possibility of reinvesting in BTC and altcoins. Read more!
The Last Three Weeks Chinese Stocks Market Soared
Following the $140 billion fund announced by the People's Bank of China (PBoC) in mid-September, China's stock market has seen huge gains in the past three weeks.
With the central bank's desperate efforts to boost the economy, Chinese stocks jumped 34% in three weeks.
Chinese Stocks Fall
However, as Chinese stocks begin to decline, investors are curious about further developments and whether capital will return to BTC and altcoins, resulting in a future rally.
The latest report from CoinGape suggests that the price of Bitcoin will reach a never-before-seen high in October.
China's Economy Will Weakens
In contrast, the World Bank estimates that China's economic growth will weaken in 2025.
In its semi-annual report, the global lender forecast China's economic growth will fall to 4.3% next year, down from 4.8% forecast in 2024.
Read Also: CATS Listing di Bittime
Is It Time for Bitcoin Price to Rise?
Bitcoin Price again faced rejection at $64,000, down 2% and is now below $62,500. Despite the market volatility, market analysts note that Bitcoin remains stable within the bull market support group.
In contrast, altcoins have grown alongside Bitcoin, and Ethereum and others are trading at very supportive levels. The following is a list of the most anticipated altcoins for October 2024.
Conclusion
After the People's Bank of China announced a $140 billion fund, China's stock market jumped 34% in three weeks.
However, with share prices falling, investors are now questioning whether investment will return to Bitcoin (BTC) and altcoins.
While the World Bank estimates China's economic growth will weaken to 4.3% in 2025, Bitcoin's price is depressed below $62,500.
Nonetheless, the increasing stability of altcoins like Ethereum makes October 2024 an interesting month for crypto market developments.
How to Buy Crypto on Bittime
Want to trade, sell, buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
