Bitcoin Stunted as China Eases Stimulus Plans: Has ‘Uptober’ Been Derailed?
Harvey Hunter is a Junior Content Creator at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.
Bitcoin has been stunted today as Beijing decided to hold off on new China stimulus measures aimed at supporting the economy.
Investors had widely expected China’s National Development and Reform Commission (NDRC) to outline additional stimulus measures following a Tuesday briefing after the Chinese Golden Week holiday.
Anticipation was high for a continuation of the government’s September plans, which included rate cuts and liquidity support to invigorate the slowing economy.
Instead, the briefing lacked urgency and specifics, with no new plans for further stimulus, underwhelming investors, and dented market sentiment.
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