Bitcoin hits two-week high amid China stimulus uncertainty

Bitcoin surged to its highest point in two weeks, reaching $63,890 on Monday, following mixed reactions to China’s latest stimulus measures.

The cryptocurrency rose as much as 2.8 per cent before settling lower. Smaller tokens like ether and solana also posted gains.

Investors turned to bitcoin after China’s economic policy update failed to specify the level of fiscal stimulus, with concerns mounting over whether the measures will be enough to combat deflation.

Meanwhile, growing odds of a potential victory for pro-crypto US presidential candidate Donald Trump have further buoyed digital assets, alongside positive news of a year-long delay in Mt. Gox creditor repayments.

Bitcoin’s price is now stabilising after a weak start to October, with analysts noting that crypto markets often show seasonal strength later in the month.

Attribution: Bloomberg

Subediting: M. S. Salama