Bitcoin Bull Sentiments Increase as Chinese Government Decides to Lower Interest Rates

Many crypto analysts shared their analysis of the latest developments around China’s economic activities and the crypto market.

On 25 Sep 2024, QCP Capital analysts predicted that additional stimulus measures from Chinese financial regulators will create a more positive environment for volatile assets, including digital assets.

QCP experts expect the People’s Bank of China (PBoC) to introduce more economic easing measures, as the bank has hinted at this. They also noted that, along with the U.S. Federal Reserve likely cutting rates, most major central banks, except for the Bank of Japan, are preparing to add more money into the market. According to analysts, this global trend is creating a more favourable outlook for riskier assets like cryptocurrencies.

The analysts noted that many bullish factors are already supporting bull-run sentiments for the crypto market, and now this latest decision by China’s central bank authority is expected to inject a new wave of bullish sentiment.

We know that the trade prices of cryptocurrencies always remain volatile, and they just need a trigger to start a rally.

It is worth noting that despite this positive sentiment, the global crypto market cap fell to $2.34 trillion, reflecting a 0.9% decline over the past 24 hours.

Bitcoin Price Action

The current trade price of Bitcoin (BTC) is $63,817, and this price is 6.52% higher over the last 7-day period. Now, it will be interesting to see how the trade price will react in the coming weeks.

During the same time period, the trade price of Ethereum (ETH) surged 14% in the last 14 days.

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