Bitcoin Slips Below $63K as China Eases Stimulus Plans

TL;DR

• Bitcoin is down 1.6% in the last 24 hours and trading below $63k.

• The poor performance comes as China eases its stimulus measures.

BTC Underperforms on Chinese Stimulus Measures

Bitcoin, the leading cryptocurrency by market cap, has been underperforming over the last 24 hours. It is down 1.6% and now trades at $62,289 per coin.

The poor performance comes after the Chinese government announced its stimulus plans. Market analysts expected the National Development and Reform Commission (NDRC) to announce extra stimulus measures in its briefings earlier today after the Chinese Golden Week holiday.

The stimulus measures should be in addition to the government’s September rate cuts and liquidity support for the market to boost the slowing Chinese economy. However, the government failed to announce stimulus plans, negatively affecting Chinese stocks and spreading to the cryptocurrency market.

If the bearish sentiment continues, Bitcoin risks dropping below $62k in the coming hours. The ongoing tension in the Middle East adds further pressure on risk-based assets like Bitcoin.

Thanks to this latest bearish performance, the total cryptocurrency market cap has dropped below $2.2 trillion after losing 2% of its value in the last 24 hours.