Bitcoin flies over $64,000 amid ruined Chinese stimulus hopes

WBitcoin (BTC) flew above $64,000 on Monday amid disappointment in Asian markets.

Bitcoin is trading at over $64,750 at time of writing after returning hopes for a stimulus program in China, which has led to a lack of optimism in Asian markets. Bitcoin’s price increased by over 3% over the last 24 hours with a 24-hour trading volume of nearly $28 billion.

Bitcoin liquidation data by CoinGlass shows that over the last 24 hours over $118 million worth of short positions have been liquidated. Over $66 million of long positions have been liquidated over the same period as well.

As the Mainichi reported, China’s Finance Minister Lan Fo’an said that the government is looking at further ways to stimulate the economy. Still, the minister did not announce a new stimulus plan, disappointing many market participants. Fo’an said little in term of details:

“There are other policy tools that are being discussed that are still in the pipeline.”

Fo’an also noted that the government would increase scholarships for students, issue bonds to help major banks and provide support to indebted local governments.

While the Shanghai Composite Index is over 2% up today, it is also 7.2% down over the last five days, while FTSE Xinhua 200 is down 6.7% over the same timespan. Other major Chinese market indexes show similar trends.

Ethereum (ETH) is showing a similar trend to Bitcoin. ETH is trading at over $2,530 as of writing time, with its value having grown by over 2.6% over the last 24 hours. The overall crypto market is worth $2.25 trillion, over 2.7% more than the $2.19 trillion reported 24 hours ago.

The Crypto Fear & Greed Index, a multifactorial measure of crypto market sentiment, currently stands at 48, indicating that sentiment is mostly neutral crypto market. In such cases, this instrument does not give any clear indication as to where the market is headed next.

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