CandleFocus Bitcoin Bounces 7% Above $63K as Crypto Traders Eye China Stimulus Statement
2024-10-12
Author: Content Editor
Cryptocurrencies, led by Bitcoin, rebounded sharply on Friday, recovering from the previous day's losses. Bitcoin climbed 7% to surpass $63,000, while altcoins such as Solana, Avalanche, and Render also saw gains. The rally in crypto assets coincided with a positive performance in equities, with the Dow Jones Industrial Average and S&P 500 reaching record highs. The U.S. dollar index paused below 103 after a strong week. Crypto-related stocks, including Bitcoin miners and Coinbase, also benefited from the positive sentiment. The upcoming fiscal policy update from China was anticipated to have an impact on the crypto market, with investors expecting further financial stimulus. Overall, macroeconomic factors and positive economic data were seen as catalysts for crypto prices in the near term.
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