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Bitcoin Bounces 7% Above $63K as Crypto Traders Eye China Stimulus Statement

12/10 13:43

According to CoinDesk: Cryptocurrencies made a sharp recovery on Friday, with Bitcoin (BTC) surging over 7% to reclaim the $63,000 level after dipping below $59,000 on Thursday. The market rebound came despite slightly higher U.S. inflation data, as traders shifted their focus to an anticipated fiscal policy update from China, expected on Saturday.Bitcoin, the largest cryptocurrency by market capitalization, rose 5.5% in the past 24 hours, outperforming the broader CoinDesk 20 Index (CD20), which posted a 4.7% gain. Leading the rally were altcoins like Solana (SOL), Avalanche (AVAX), and Render (RNDR), each gaining 6%-8%. The only CD20 token to post a loss was Uniswap (UNI), which slightly retraced after Thursday’s rally fueled by the announcement of its upcoming layer-2 network.This crypto rally occurred in tandem with gains in traditional markets, as both the Dow Jones Industrial Average and S&P 500 closed the week at record highs. Meanwhile, the U.S. dollar index stabilized below 103, following a week of strength driven by solid jobs reports and rising inflation expectations.Leaders in the CD20 index on 10 11 (CoinDesk)Crypto-related stocks mirrored this positive sentiment. Bitcoin miners, including MARA Holdings (MARA), Riot Platforms (RIOT), and Bitdeer (BTDR), saw their shares soar 5%-10%. U.S. crypto exchange giant Coinbase (COIN) closed 7% higher, while MicroStrategy (MSTR), the largest corporate holder of Bitcoin, surged 16%, reaching its highest price since March 2000.China’s Fiscal Policy and Its Impact on CryptoTraders are now eyeing a potential market-moving event from China. A fiscal policy update by China's finance minister, scheduled for early Saturday UTC, could have far-reaching implications for the global and digital asset markets. Analysts from Coinbase, David Duong and David Han, suggested that crypto markets might serve as a proxy for traders to express their views on the scale of China’s stimulus efforts.The Coinbase report noted that while traditional markets will be closed during this briefing, the crypto market remains open and could see heightened volatility based on the announcement. Markus Thielen, founder of 10x Research, added that the resilient U.S. economy and strong jobs market could set the stage for further gains in risk assets, with crypto well-positioned for a potential significant move before year-end.Thielen concluded, “A significant move is likely on the horizon, and diligent traders will be well-positioned to capture it.”

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