Investing.com – The price reached a two-month high at the beginning of Friday’s trading and reached nearly $67,000. The crypto asset later gave up some of those gains, trading at $65,856 as of 16:18 ET (20:18 GMT), up 1.5% in the last 24 hours.
The primary cryptocurrency returned to levels not seen since July, boosted by a stock market rally fueled by upbeat U.S. labor market data and economic stimulus from China. In other countries, prices increased by 2.4% and at the same time increased by 2.2%.
A more immediate boost came from China, where authorities are reportedly considering injecting up to 1 trillion yuan into its largest state-owned banks to aid revive its struggling economy.
Risk-linked assets, including cryptocurrency markets and stocks, gained momentum after China announced plans for further economic stimulus and U.S. jobless claims fell by 4,000 to a four-month low of 218,000.
Moreover, China’s Politburo has pledged to enhance fiscal spending and implement “strong” interest rate cuts to stimulate the economy.
the rally began last week after the US Federal Reserve made its first interest rate cut since the Covid pandemic, cutting rates by 50 basis points instead of the expected 25. Traders are now betting on another cut at the upcoming Fed meeting on November 7, and according to the CME tool FedWatch Tool many people expect another 50 basis point cut.
As Bitcoin’s price surges, U.S.-traded bitcoin funds saw total daily net inflows of $365.57 million on Thursday, the most since delayed July. The growth leaders were Ark Invest and 21Shares, which attracted $113.82 million in inflows, followed by BlackRock’s iShares Bitcoin Trust (NASDAQ:), the largest spot bitcoin ETF by net assets, with $93.38 million.
Fidelity’s Wise Origin Bitcoin Fund (NYSE:) also saw inflows of $74 million, reversing a week of flat to negative flows as Bitcoin’s price fell.
Elsewhere, risk appetite returned after months of caution, with dog-themed coins leading the broader cryptocurrency market. Even lesser-known dog-themed tokens built on the less popular Bitcoin Runes protocol have posted gains, signaling that investors are becoming more willing to make riskier bets.
Binance founder Chanpeng “CZ” Zhao could be fired on Friday
In other cryptocurrency news, Binance founder Changpeng “CZ” Zhao may be fired on Friday, two days before its scheduled September 29 launch date, CoinDesk reported, citing an interpretation of the law.
“The Bureau of Prisons may release an inmate whose release date falls on a Saturday, Sunday, or legal holiday on the last preceding weekday unless it is necessary to retain the inmate in another jurisdiction for the purpose of receiving care under temporary supervision or for any other reason may indicate that the inmate should not be released prior to his or her scheduled release date,” states the U.S. Department of Justice Federal Bureau of Prisons rule.
The final decision may be at the discretion of the Warden.
CZ was sentenced in April to four months in prison after pleading guilty to violating the Bank Secrecy Act by failing to implement an appropriate know-your-customer (KYC) program at Binance.
