Cryptocurrency Markets Trade Lower as China's Stimulus Measures Came in Lower than Expected
- DDDOriginal
- 2024-10-09 06:16:201060browse
Notable Statistics: Notable Developments: Top Losers: Trader Notes: With Bitcoin prices trading down, Altcoin Sherpa sees the compression is extremely tight
Cryptocurrency markets are trading lower on March 8 as China's stimulus measures came in lower than expected.
The People's Bank of China increased its one-year loan prime rate (LPR) to 3.65%, lower than the anticipated 3.7%. Meanwhile, the five-year LPR was maintained at 4.3%.
The one-year LPR serves as a benchmark lending rate for corporate loans, while the five-year LPR is used to price mortgages. Traders were expecting a cut in the five-year LPR.
However, Chinese markets are reacting positively to the decision. The Shanghai Composite is up 0.3%, while the Hang Seng is trading flat.
Notable Statistics :
Bitcoin (BTC) is down 0.3% at $40,113.65.
Ethereum (ETH) is trading lower by 0.9% at $2,867.5.
Dogecoin (DOGE) is down 1.3% to $0.14.
Shiba Inu (SHIB) is trading flat at $0.000012.
Notable Developments : Top Losers:
The total cryptocurrency market cap now stands at $1.71 trillion, and 24-hour trading volume is around $93 billion.
Among the top 100 cryptocurrencies, the biggest loser is Aptos (APT), which is down more than 6% over the past day. Other notable losers include Filecoin (FIL), which is down around 4%, and Chainlink (LINK), which is trading lower by 3%.
Trader Notes: With Bitcoin prices trading down, Altcoin Sherpa sees the compression on price is extremely tight. He predicts a big move incoming.
$BTC: compression on price is extremely tight. Big move coming, probably to the upside pic.twitter.com/mR1rM8dcMS
Another trader, CryptoCon, analyzed Bitcoin's current price patterns based on historical trends. He states that Bitcoin's current price action is consistent with past cycles, which also took time to reach new all-time highs.
In previous cycles (2012, 2016, 2020), Bitcoin was far from all-time highs by Oct. 8, whereas in 2024, it is much closer. Historically, peaks took 5-6 months to arrive after this point. His tweet emphasizes that "Bitcoin is doing great, and perspective is key."
Crypto Quant founder and CEO Ki Young Ju noted a generational shift in Bitcoin whales. He marks that new whales have invested $108 billion, while older whales have invested $113 billion since Bitcoin’s inception. The ratio is now 48:51.
He predicts the realized cap of new whales is expected to surpass that of older whales soon.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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