Bitcoin Breaks Two-Week High as Speculators Flood in: China Stimulus, Trump Surge Boost Sentiment

Bitcoin Breaks Two-Week High as Speculators Flood in: China Stimulus, Trump Surge Boost SentimentBitcoin prices hit a two-week high on Thursday, with speculators rushing into the market on bets that China's easing measures and rising polls for Donald Trump will provide further impetus for the cryptocurrency. As of press time, Bitcoin price has surged over 2

Bitcoin Breaks Two-Week High as Speculators Flood in: China Stimulus, Trump Surge Boost Sentiment

Bitcoin prices hit a two-week high on Thursday, with speculators rushing into the market on bets that China's easing measures and rising polls for Donald Trump will provide further impetus for the cryptocurrency. As of press time, Bitcoin price has surged over 2.7% on the day, trading at $64,630. The second-largest cryptocurrency, Ethereum, also witnessed a parallel rise, gaining 2.48% in the past 24 hours.

Caroline Mauron, co-founder of digital asset firm OrbitMarkets, pointed out that a cautious wait-and-see approach towards Chinese stimulus measures could bode well for Bitcoin. Previously, capital had flowed out of Bitcoin into Chinese equities, putting pressure on the cryptocurrency's price.

Besides the anticipation of Chinese stimulus, investors have also found optimism in the rebound of crypto-friendly Trump's poll numbers. Prediction markets have seen Trump's odds increase again, implying a greater chance of victory over Harris, thereby boosting the bullish sentiment for cryptocurrencies.

Benjamin Celermajer, co-chief investment officer of MagnetCapital, noted that improved Trump polls would enhance market confidence in cryptocurrencies.

Moreover, positive developments like the delayed repayment plan for Mt.Gox have further fueled Bitcoin's upward trajectory. Last week, the bankrupt cryptocurrency exchange Mt.Gox pushed back the deadline for repaying creditors of its remaining assets by a year, alleviating concerns of a massive influx of Bitcoins into the market causing a supply glut. Mt.Gox is expected to complete the return of stolen coins, predominantly Bitcoins, by October 31, 2025. According to ArkhanIntelligence estimates, these assets amount to $2.9 billion.

Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, also highlighted that historical data suggests Bitcoin typically enjoys a seasonal surge in the second half of October.

In summary, the anticipation of Chinese stimulus policies, the resurgence of Trump's poll numbers, and positive developments like the delayed repayment plan for Mt.Gox have collectively driven Bitcoin prices higher. The typical seasonal strength for Bitcoin in the later half of October further adds momentum to its price movement.