Chinese money print go brr and US GDP increases makes $BTC go above bull-run line
¥1 tri + US GDP announced as expected takes everything to the moon.
What a beautiful day (at least for those not exposed solely to the fiat economy).
Bitcoin has finally hit $65,000, its highest level in 55 days. At this level, Bitcoin is once again trading above its 200-day moving average. This is important because the 200-day line is known as “bull market support line.” For comparison, gold has been trading above its 200-day line since November 2023.
But it’s not just a big day for Bitcoin. Stocks are up. Gold and silver are up, and many altcoins are up double digits. Nonetheless, the highlights goes to Chinese market, which had its best week in a decade. After the announce of 1 trillion yuan in economic stimulus and today announces of Beijing was also considering a recapitalization of the country's ailing banks , chineses index have exploded.
CSI 300 open in a INSANE GAP, rose 12% in 4 days. Largest one-week percentage gain since Dec. 5, 2014.
Shanghai Composite Index up 9.7%, this week. Largest one-week percentage gain since Nov. 14, 2008
Hang Seng Index is up 9.1%, this week. Largest one-week percentage gain since Oct. 28, 2011.
US GDP growth
China's central bank's actions were met today with the announcement of US GDP growth. The BEA (Bureau of Economic Analysis) confirmed this Thursday that US GDP grew 3% in the 2nd quarter of 2024. The data was in line with expectations and the annualized result is 1.6 percentage points higher than in the 1st quarter.
As GDP is one of the most important metrics to define whether or not an economy is in recession, the news of growth generated even more excitement in the market today.
The increase in global liquidity from East to West makes the market dream.