Attention Bitcoin Bulls, China Stimulus May Have Lost Its Mojo
According to BCA Research, generating large bullish “credit impulses” is now a tough task for China.
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According to BCA Research, generating large bullish “credit impulses” is now a tough task for China.
Bitcoin and ether outflows from ETFs contribute to this week’s weak crypto price action.
But bettors are also confident that this won’t be the smoking gun
Geopolitical risk fueled by conflict in the Middle East and the upcoming U.S. election are likely to reinforce the debasement trade, to the benefit of both bitcoin and gold, the report said.
BTC’s implied volatility curve shows a noticeable kink on Oct. 5, signaling expectations for an unusually volatile Saturday.
Most gains come in the latter part of the month.
The IMF has been asking El Salvador for changes regarding its bitcoin law since its adoption in 2021.
Bitcoin held above the $60,000 key support level, while Ethereum’s ETH fell to near its weakest level against BTC since mid-September.
Risks stemming from the Middle East conflict are likely to push bitcoin below $60K before the weekend, the report said.
The latest price moves in bitcoin (BTC) and crypto markets in context for Oct. 3, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.