Crypto market reacted negatively to the lack of additional stimulus measures in China
Bitcoin and the largest altcoins lost 3-4% of their value over the day
08.10.2024 - 12:05
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What’s new? By October 8, the rally on the Chinese stock market stopped, as the authorities still did not announce the stimulus measures expected by traders. Initially, it was assumed that a reversal in the country’s monetary policy would push stocks up, followed by the cryptocurrency market. Instead, bitcoin has lost 3% of its value over the past 24 hours, with the largest altcoins, including ETH, SOL, XRP, and BNB, down by about 4%.
What else is known? Investors expected China’s National Development and Reform Commission (NDRC) under the State Council to propose additional stimulus measures at its first briefing after the end of the National Golden Week holiday on October 8. These were expected to complement the government’s September plans to cut interest rates and support liquidity amid a slowing economy.
Had that happened, the Chinese stock market could have seen a sharp rise after opening on Tuesday and spurred the cryptocurrency sector.
However, contrary to expectations, officials did not announce at the briefing specific stimulus measures for the near term, which had a negative impact on traders’ sentiment, given also the ongoing concerns about the conflict in the Middle East. Thus, the Hang Seng Index fell by 9,4% over the day.
In particular, NDRC Chairman Zheng Shanjie characterized China’s economy as stable and showing progress, saying that fundamentals remain unchanged and there is confidence in achieving the economic growth target of around 5%.
Nevertheless, crypto traders continue to monitor the US Federal Reserve meetings, the closest of which is scheduled for later this week. Key economic indicators for August are expected to be published, based on which it can be assumed whether further interest rate cuts should be expected.
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