Bitcoin Started the Week Above $64 Thousand

Bitcoin (BTC) rose above $64,000 in morning trading, pushing the overall crypto market higher, as renewed hopes for Chinese stimulus and increased demand for some bitcoin-based assets increased.

According to the data, while BTC gained 2 percent in value in the last 24 hours, ether (ETH) and Solana’s SOL increased by 3 percent. XRP and BNB Chain’s BNB remained flat. CoinDesk 20 (CD20) Index increased by 2.19% in the same period.

According to CoinGlass data, following the developments, short positions worth more than 100 million dollars were liquidated.

Some memecoins led price movements over the weekend, continuing what traders are referring to as a “super cycle.” Mog (MOG) extended its seven-day gains to nearly 20%, while the SPX6900, a parody of the S&P500 index, extended its gains to 135%. Runes, a key protocol for Bitcoin-based memecoins and assets on the blockchain, jumped as much as 10 percent over the weekend, pushing weekly gains to over 100 percent, CoinGecko reported.

According to Bloomberg news, Chinese Finance Minister Lan Fo’an promised to take new steps to support the real estate sector at his meeting on Saturday.

However, the announcement fell short of expectations and showed that inflows into China-linked assets were unlikely to continue.

“As Chinese stocks rebound from the disappointments witnessed over the weekend, bitcoin managed to rise above $64,000 this morning. Therefore, risk sentiment is likely to remain in ‘buy everything’ mode until further notice,” said Augustine Fan, head of insight at SOFA. “It seems,” he said.

Referring to the US elections planned to be held on November 5, Fan continued: “A strong BTC inflow, likely to be recorded on Friday, could create a positive environment as we enter the final weeks of the election campaign, but we will have to be patient so that we can make new ATHs in the near future.”

US markets recorded relatively stronger data last week, with both CPI and PPI remaining stronger. Although markets were initially confused by the impact of the data, it was ultimately decided that the ‘core’ inflation trend remained the same.