Bullish Bitcoin Hopes Dented as China Eases Stimulus Plans

According to CoinDesk: Bitcoin's recent rally has been dampened by a lack of new stimulus measures from China, with Beijing’s latest announcements falling short of market expectations. As a result, BTC dropped by 1.5%, following a surge in the past few weeks that had been partly driven by hopes of long-term Chinese stimulus. Crypto traders are now shifting their focus to an upcoming Federal Reserve meeting for potential market direction.

The market was further disappointed when the National Development and Reform Commission (NDRC), in a Tuesday briefing, provided no specific details on new measures to stimulate China's economy. This underwhelmed investors who had anticipated stronger post-holiday market support. Consequently, the Shanghai Composite jumped by 4% at the open but closed the day lower, while the Hang Seng Index fell nearly 7%, reversing previous gains.