Actions in China, as well as enthusiasm and euphoria, may propel Bitcoin (BTC) to the next support level.
● CoinDesk Market Index (CMI): 1,133, -0.4%
Bitcoin: $24,815, +1.9%
Ethereum: $1,701, +1.1%
● S&P500: 4,079.09, -0.3%
Gold: $1,851, +0.5%
On the 20th, which was a holiday in the United States, Bitcoin rose 1.9% in 24 hours, near $24,815, and Ethereum rose 1% near $1,701.
China-related Layer 1 tokens are on the rise. Conflux is up 500% over the past week and NEO is up 70%.
Conflux announced last week that it will partner with China Telecom to develop blockchain-enabled SIM cards. However, it should be noted that in China, it will be a tokenless, government-approved blockchain that will be used in conjunction with the country’s BSN (Blockchain Service Network).
Craig Erlam, senior market analyst at Oanda, said solid economic data from China, which ended its zero-corona policy, would boost stock markets and crypto assets.
“The Chinese economic bull situation remains solid, and as the pace picks up, further stimulus measures are likely to be rolled out in the coming months, and further growth is likely. They should try to maximize the potential of the economy.”
He believes crypto and stock markets will be on an upward trend, but not gold.
“Gold traders do not share the enduring optimism of stock market and crypto traders, and the last few weeks have highlighted that. I’m worried.”
With US holidays on Monday and Japan on Thursday, and no big economic news expected this week, bitcoin may rise only on enthusiasm and euphoria, albeit slowly.
“Crypto assets seem to exist in a world of their own, with Bitcoin rising 2% on the 20th, revisiting last week’s highs. Breaking through can create more enthusiasm, and we all know what happens when there’s enthusiasm and excitement,” Erlam said.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: First Mover Asia: Bitcoin Edges Toward $25K During Slow Economic Day
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