Hopes for Bitcoin Rise Dim as China Lightens Stimulus Plans

Bitcoin (BTC) fell in Asian morning hours, while the September rally in Chinese stocks faded as investors returned to the market after a week-long holiday.

Bitcoin has fallen to $62,000 lately. Among the major tokens, Solana’s SOL, ether (ETH), XRP and BNB fell by up to 4 percent, erasing the gains recorded yesterday.

The broad CoinDesk 20 (CD20) Index, which tracks the largest tokens by market cap, lost 2.18 percent.

Investors expected the National Development and Reform Commission (NDRC) to outline more stimulus measures at a briefing following the Chinese Golden Week holiday, adding to the interest rate cuts and market liquidity support plans the government announced in September to revive the slowing economy. was waiting.

There was an expectation of a big rally when Chinese markets reopened, and some of this was predicted to affect crypto markets.

However, the fact that no statement was made regarding these at the meeting reduced market sentiment, especially as concerns about conflicts in the Middle East continued.

China’s leading index, the Shanghai Composite, rose 4% after the open but fell throughout the day as investors priced in the meeting. Hong Kong’s tech-heavy Hang Seng index fell nearly 7%, reversing gains from yesterday and Friday.

NDRC Chairman Zheng Shanjie described the Chinese economy as “stable” and “making progress” and said that the priorities have not changed and that they are determined to achieve the economic growth target of about 5%.

Crypto traders are looking forward to the Federal Reserve meetings scheduled for this week, which will play a big role in positioning the market. The agency is expected to publish economic data tracking growth for August, as well as the FOMC minutes.