Bitcoin price surged to nearly $67,000 due to positive U.S. labor data and China stimulus

From Investing, September 27, 2024 06:45 AM:

Bitcoin’s price surged to a two-month high of nearly $67,000, up 3.2% in the past 24 hours, driven by a stock market rally amid positive U.S. labor data and economic stimulus from China. China is considering injecting up to 1 trillion yuan into state banks to boost the struggling economy.

China’s plans for economic stimulus and U.S. jobless claims dropping to a four-month low sparked gains in risk-correlated assets. Bitcoin rose after the Federal Reserve cut interest rates by 50 basis points. U.S. spot bitcoin exchange-traded funds saw a total net inflow of $365.57 million on Thursday, with Ark Invest and 21Shares leading the surge.

Fidelity’s Bitcoin fund saw $74 million in inflows as Bitcoin’s price climbed, while dog-themed memecoins and tokens gained traction, indicating a return of risk appetite in the broader crypto market. Riskier bets, including lesser-known dog-themed tokens built on Bitcoin Runes protocol, are becoming more popular among investors.

Read more at Investing.com: Just shy of $67,000 amid risk-on mood, China stimulus By Investing.com