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China’s upcoming fiscal stimulus announcement could impact Bitcoin markets, analysts say
China is set to announce new fiscal stimulus measures on Saturday, which could boost liquidity in risk assets, including cryptocurrencies like Bitcoin, according to analysts. China's intervention, aimed at supporting its financial and property markets, is expected to benefit risk-on assets by injecting fresh liquidity into the economy. Analysts from Bitfinex noted that while some of the stimulus is already anticipated, the announcement could still lead to increased market volatility and positively impact Bitcoin. Additionally, a report from the ETC Group highlighted that global liquidity, China's stimulus, and upcoming U.S. elections could drive Bitcoin’s price higher. Betting markets currently favor a Trump victory in the 2024 election, which could also spur Bitcoin's growth.
Stripe’s New Stablecoin Payment Option Sees Adoption in 70 Countries on Launch Day
Stripe introduced USD Coin (USDC) payments on October 9, with users from 70 countries adopting the stablecoin option on the first day, reflecting strong global demand for alternative payment solutions. Stripe, which initially supported Bitcoin in 2014 but discontinued it in 2018 due to slow transaction speeds and high fees, has now shifted focus to stablecoins as a more efficient payment method. The company supports USDC on Ethereum, Solana, and Polygon, and partnered with Coinbase earlier this year to enhance fiat-to-crypto conversions. Stripe charges a 1.5% fee for stablecoin transactions.
Trump's Lead Over Harris on Polymarket Jumps to 13% as Mystery Trader Boosts His Election Odds
Donald Trump’s lead over Kamala Harris surged to 13% on the blockchain-based prediction platform Polymarket, driven by significant wagers from a mystery trader known as Fredi9999, who has accumulated nearly 11 million shares betting on Trump’s victory. The total volume of bets on this matchup has exceeded $1.6 billion, reflecting increased market activity. Earlier this week, Tesla CEO Elon Musk highlighted Polymarket's accuracy compared to traditional polls, further boosting interest. The platform has seen record trading volumes and raised $45 million in Series B funding led by Founders Fund and other investors.
Trading Desk Insights
Thursday's inflation data exceeded expectations, rekindling concerns among investors about persistent inflationary pressures. September's Consumer Price Index (CPI) outstripped forecasts, triggering a broad sell-off in risk assets. BTC initially dipped following the release, before sliding an additional 2% in the afternoon to a low of $58,900. The disparity in ETH open interest, with a 2.5:1 ratio of calls sold over calls bought, indicates a cautious outlook among traders regarding ETH's short-term potential. However, BTC is transitioning from the typically bearish months of August and September into what is traditionally a bullish October.
Bloomberg has indicated that the People's Bank of China (PBoC) may be gearing up to introduce additional economic stimulus measures, a move likely to bolster global market sentiment.
In the realm of political finance tokens, those themed around Donald Trump have seen substantial gains, coinciding with his lead over Kamala Harris in Polymarket predictions. Tokens such as MAGA, MAGA HAT, and Solana-based TREMP have all surged, posting double-digit gains this week and triple-digit increases from their recent troughs at the end of September or early October.
Turning to cryptocurrency ETFs, the market witnessed a divergence with Bitcoin ETFs experiencing outflows of $81.1 million, while Ethereum-based ETFs attracted $10.1 million in inflows. Since their inception in July, ETH ETFs have seen net outflows totaling $556 million. A significant drawback of ETH ETFs is their lack of exposure to staking opportunities, denying investors potential yields of around 4%.
Stock futures showed minimal movement early Friday but shifted into positive territory as Producer Price Index (PPI) data for the month came in at 0%, surpassing the anticipated increase of 0.1%.
Crypto Charts
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This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
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