{"id":462460,"date":"2024-09-24T15:44:54","date_gmt":"2024-09-24T15:44:54","guid":{"rendered":"https:\/\/www.crypto-news-flash.com\/?p=858719"},"modified":"2024-09-24T15:44:54","modified_gmt":"2024-09-24T15:44:54","slug":"bitcoin-set-for-100k-surge-as-china-stimulus-and-russia-crypto-deals-drive-demand","status":"publish","type":"post","link":"https:\/\/e-bitco.in\/index.php\/2024\/09\/24\/bitcoin-set-for-100k-surge-as-china-stimulus-and-russia-crypto-deals-drive-demand\/","title":{"rendered":"Bitcoin Set for $100K Surge as China Stimulus and Russia Crypto Deals Drive Demand"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/www.crypto-news-flash.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-22-12.53.23-An-illustration-showcasing-the-concept-of-Bitcoin-BTC-reaching-new-all-time-highs-inspired-by-the-analysis-of-PlanB-predicting-a-4-7x-price-increas.webp\" class=\"ff-og-image-inserted\"><\/div>\n<ul>\n<li><strong>Monetary policies from China might help drive the next major Bitcoin rally.<\/strong><\/li>\n<li><strong>Market experts continue to watch key trends, including national adoption, to prop the market rally.<\/strong><\/li>\n<\/ul>\n<hr>\n<p><span>Bitcoin (<\/span><a href=\"https:\/\/www.crypto-news-flash.com\/what-is-bitcoin-a-beginners-guide-to-the-worlds-popular-type-of-cryptocurrency\/\"><span>BTC<\/span><\/a><span>) might be on its way to breaching its previous All-Time High (ATH) amid recent monetary developments in China and Russia. Following these developments, there are expectations of rising demand for Bitcoin, which could push the coin\u2019s price further.&nbsp;<\/span><\/p>\n<h3><b>China Central Bank to Implement Aggressive Monetary Measures<\/b><\/h3>\n<p><span>According to <\/span><a href=\"https:\/\/www.reuters.com\/world\/china\/china-unveils-broad-stimulus-measures-revive-economy-2024-09-24\/\" target=\"_blank\" rel=\"nofollow noopener\"><span>reports<\/span><\/a><span>, Pan Gongsheng, the governor of the People\u2019s Bank of China (PBoC), has unveiled several growth strategies to revive China\u2019s economy. These measures stem from concerns that the country may not meet its 2024 growth target of roughly 5%.<\/span><\/p>\n<p><span>The proposed measures include a 50 bps cut in the reserve requirement ratio, a 20 bps cut in key short-term interest rates, and monetary stimulus. Furthermore, the PBoC plans to relax rules for second-home purchases and lower borrowing costs on up to $5.3 trillion in mortgages.<\/span><\/p>\n<p><span>With these measures, Chinese policymakers aim to restore economic confidence after several disappointing data raised concerns about a prolonged structural slowdown. Capital Economics analyst Julian Evans-Pritchard commented,&nbsp;<\/span><\/p>\n<blockquote>\n<p><span>This is the most significant PBOC stimulus package since the early days of the pandemic.&nbsp;<\/span><\/p>\n<\/blockquote>\n<p><span>Following the announcement, Chinese stocks and bonds rallied, while Asian markets hit two-and-a-half-year highs. However, Bitcoin\u2019s price shows mild gains despite its higher volatility in response to stock market rallies.&nbsp;<\/span><\/p>\n<p><span>Governor Pan did not specify when the changes would take effect. However, a 50 basis points (bps) rate cut will free up about 1 trillion yuan ($142 billion) for new lending. When this happens, demand for cryptocurrencies like Bitcoin will likely increase as the excess might devalue fiat value. This will make inflation hedges more attractive overall.<\/span><\/p>\n<h3><b>Russia\u2019s Crypto Trade Move With China<\/b><\/h3>\n<p><span>The recent move by Russian authorities to use crypto to pay for commerce with China might contribute to the price of Bitcoin reaching $100,000. According to reports, Russia may get military supplies from China using cryptocurrencies for payments.<\/span><\/p>\n<p><span>In June, Anatoly Aksakov, a member of the Russian State Duma, claimed Russia and China have extensive cryptocurrency experience and that technological improvements in this area are progressing progressively.<\/span><\/p>\n<p><span>Recent reports reveal that plans are already in place for importers to be allowed to pay for Chinese goods in cryptocurrencies under an experimental legal regime. Banks, electronics producers, and a few Russian Chamber of Commerce and Industry representatives were among them.<\/span><\/p>\n<p><span>It is important to note that the primary objective of Russian authorities is to reduce the dominance of the US dollar for global trade. There has been a defined shift from the BRICS nations regarding trade settlement in the past year.&nbsp;<\/span><\/p>\n<p><span>As CNF <\/span><a href=\"https:\/\/www.crypto-news-flash.com\/russia-legalizes-bitcoin-and-xrp-payments-for-trade-marking-key-shift-for-brics-bloc\/\" target=\"_blank\" rel=\"noopener\"><span>mentioned<\/span><\/a><span>, Russia became the first BRICS nation to legalize the use of crypto payments for trade. This development comes as the country faces growing financial pressure from the US sanctions.<\/span><\/p>\n<p><span>In a <\/span><a href=\"https:\/\/www.crypto-news-flash.com\/brics-news-russia-gears-up-for-crypto-regulation-aims-to-weaken-usd-dominance\/\" target=\"_blank\" rel=\"noopener\"><span>recent update covered by CNF<\/span><\/a><span>, Russia aims to finalize its crypto regulation framework by November.&nbsp;<\/span><\/p>\n<h3><b>Bitcoin\u2019s Price Outlook<\/b><\/h3>\n<p><span>As of this writing, the BTC price was trading at <span>$63,563<\/span>, up <span>2.4%<\/span> in 24 hours a day. The current surge in the Bitcoin network follows the <\/span><a href=\"https:\/\/www.crypto-news-flash.com\/bitcoin-dominates-crypto-inflows-investors-eyes-to-federal-reserve-rate-cuts\/\" target=\"_blank\" rel=\"noopener\"><span>US Federal Reserve<\/span><\/a><span>\u2018s decision to cut rates by 50 bps.&nbsp;<\/span><\/p>\n<p><span>Market analysts claim the next bull market will be driven by macro and technical factors rather than net inflows in spot Bitcoin ETFs. According to the analysts, these investment instruments will support the existing upward trend rather than lead the movement.<\/span><\/p>\n<p><span>Analysts, financial experts, and Wall Street giants have forecasted an average Bitcoin price rise of $100,000 to $150,000 this cycle.<\/span><\/p>\n<hr>\n<h6>Recommended for you:<\/h6>\n<div class=\"tve-leads-shortcode tve-leads-triggered tve-tl-anim tl-anim-instant tve-leads-track-shortcode_228374\">\n<div class=\"tl-style\" id=\"tve_tcb2_set-001\" data-state=\"50\" data-form-state>\n<div class=\"tve-leads-conversion-object\" data-tl-type=\"shortcode_228374\">\n<div class=\"tve_flt\">\n<div id=\"tve_editor\" class=\"tve_shortcode_editor\">\n<div class=\"thrv-leads-form-box tve_no_drag tve_no_icons thrv_wrapper tve_editor_main_content thrv-leads-in-content tve_empty_dropzone\" data-css=\"tve-u-185a09262cb\">\n<div class=\"thrv_wrapper thrv_text_element\">\n<p data-css=\"tve-u-185a09262d4\"><span data-css=\"tve-u-185a09262d5\">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; No spam, no lies, only insights. You can unsubscribe at any time.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/www.crypto-news-flash.com\/\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monetary policies from China might help drive the next major Bitcoin rally. Market experts continue to watch key trends, including national adoption, to prop the market rally. Bitcoin (BTC) might be on its way to breaching its previous All-Time High (ATH) amid recent monetary developments in China and Russia. Following these developments, there are expectations [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":462461,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7,10],"tags":[31,25,6096],"class_list":{"0":"post-462460","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-other","9":"tag-bitcoin","10":"tag-news","11":"tag-spot-bitcoin-etf"},"_links":{"self":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/462460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/comments?post=462460"}],"version-history":[{"count":0,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/posts\/462460\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media\/462461"}],"wp:attachment":[{"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/media?parent=462460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/categories?post=462460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/e-bitco.in\/index.php\/wp-json\/wp\/v2\/tags?post=462460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}