Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

China rate cuts elevate Bitcoin momentarily before retracement

Share This Post

China’s central bank, the People’s Bank of China (PBOC), has cut key interest rates to stimulate economic growth amid ongoing challenges in the property sector and the broader economy. The seven-day reverse repo rate was reduced from 1.8% to 1.7%, the one-year loan prime rate (LPR) from 3.45% to 3.35%, and the five-year LPR from 3.95% to 3.85%.

China interest rate cuts (Trading Economics)
China interest rate cuts (Trading Economics)

These cuts follow weaker-than-expected second-quarter GDP growth of 4.7% and aim to address weak consumer demand and deflationary pressures. The property sector remains troubled, with major developers facing financial difficulties. Market reactions were mixed, with muted responses in Chinese stock markets but some positive movement in Hong Kong’s Hang Seng index.

Following Bitcoin’s rally on the initial news of Biden dropping out of the US presidential race from $65,800 to $68,500 hours later, the top digital asset retraced to around $67,800 by the time of the Chinese announcement. It rose around 0.5% as the news of the rate cut broke but has since declined around 1% to $67,400 as of press time.

The effectiveness of the rate cuts remains uncertain, and further policy actions may be necessary for sustained economic recovery.

The post China rate cuts elevate Bitcoin momentarily before retracement appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Wordcoin (WLD) Price Forecast: Bullish Breakout Confirmed After a $135M Fundraise

The post Wordcoin (WLD) Price Forecast: Bullish Breakout Confirmed After a $135M Fundraise appeared first on Coinpedia Fintech News The World App has grown to more than 26 million users from

Bond Yields Continue to Soar as Markets Eye Trouble, Bitcoin and Gold Shine

Markets are flashing warning signs as long-term US Treasury yields spike, bond auctions falter, and prediction markets show rising odds of economic trouble ahead Treasury Market Signals Mounting

Dogecoin Breaks Out Of Bull Pennant—What’s The Target?

An analyst has pointed out how Dogecoin is showing a break out of a Bull Pennant Here’s where the target could lie, based on the pattern Dogecoin Has Just Seen A Surge Beyond Bull Pennant

Active DeFi loans hit all-time high at $23.7B as TVL nears pre-tariff levels

Active loans across decentralized lending applications climbed to a record $23723 billion on May 21, based on Token Terminal data Meanwhile, the DeFi ecosystem’s total value locked (TVL) sits

Ethereum’s March To $3,000 Depends On Holding Above This Key Resistance Level

Given the growing bullish momentum across the general crypto market, Ethereum is showing early signs of an upward movement as it draws close to key resistance levels While ETH is gaining traction, a

UK Court of Appeals dismisses BSV lawsuit against Binance, others over 2019 delisting

The UK Court of Appeals dismissed a high-profile challenge by BSV Claims Ltd, which sought up to £9 billion in damages from Binance and other exchanges over the 2019 delisting of Bitcoin Satoshi