Bitcoin Surges to $66,000 Amid Renewed Chinese Stimulus Hopes, Market Optimism

Bitcoin kicked off the week with strong momentum, breaking past the $64,000 mark for the first time in several weeks and currently trading at $66,000.

The flagship cryptocurrency’s 5.6% surge in the past 24 hours has been driven by renewed optimism over a potential Chinese stimulus package and rising demand for Bitcoin-based assets.

Altcoins like Ether (ETH) and Solana (SOL) also experienced gains of 3 per cent, while XRP and BNB Chain’s BNB remained stable. Over $100 million in short positions were liquidated as Bitcoin outperformed market expectations, according to data from CoinGlass.

Memecoins saw strong activity, with Mog (MOG) extending its weekly gains by 20 per cent, and SPX6900, a parody of the S&P500 index, skyrocketing by 135 per cent. Bitcoin-based memecoins and Runes also rose nearly 10 per cent, further energizing the market.

Bitcoin’s price surge has been partly attributed to positive developments in Chinese stocks, spurred by remarks from Chinese Finance Minister Lan Fo’an, who hinted at potential stimulus measures targeting key sectors like real estate. These comments have bolstered market sentiment.

As the U.S. presidential election approaches on November 5, Bitcoin’s trajectory could be further influenced by political outcomes. Donald Trump, a pro-crypto candidate, currently leads in Polymarket polls, and his victory could trigger a bullish trend for Bitcoin, while a Kamala Harris win might result in a bearish response. Despite the recent rally, Bitcoin remains 10.3 per cent below its all-time high of $73,737.