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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/china-cuts-interest-rates-crypto-rises" data-wpel-link="internal" rel="noopener noreferrer nofollow">China Cuts Interest Rates, Crypto Rises</a><br></p>
<p style="text-align: justify">China’s recent decision to decrease <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rates</a> has significantly impacted the cryptocurrency market. The People’s Bank of China (PBoC) reduced the seven-day reverse repo rate by 0.1% to 1.7%, alongside adjustments to one- to five-year interest rates. This unexpected move was driven by a notable slowdown in economic growth in the second quarter, as highlighted by Macquarie Group’s chief China economist, Larry Hu.</p>
<h2 id="why-did-china-cut-rates">Why Did China Cut Rates?</h2>
<p style="text-align: justify">Holger Zschaepitz pointed out that it has been a year since China last adjusted its rates. Unlike China, other major economies such as the US, Canada, and the EU have yet to follow suit, though a 25 basis point rate cut is anticipated during the US Federal Reserve’s September meeting. Consequently, market reactions have varied, with the stock market showing tepid enthusiasm.</p>
<h2 id="how-does-this-affect-cryptocurrencies">How Does This Affect Cryptocurrencies?</h2>
<p style="text-align: justify">Crypto commentator TMXC Trades noted that investors had been betting on a global easing cycle entering 2024, which would reverse significant monetary tightening. However, mid-July has not seen these predictions come to fruition. Amid the rate cut, the cryptocurrency market displayed a bullish sentiment.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Investors should consider the following points in light of the <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">recent developments</a>:</p>
<ul>
 <li>China’s rate cut might signal a broader easing trend, influencing global markets.</li>
 <li><a href="https://en.bitcoinhaber.net/experts-predict-bitcoin-price-fluctuations" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has shown resilience and may reach new all-time highs by September.</li>
 <li>Altcoins could follow Bitcoin’s trajectory, offering potential gains.</li>
 <li>A pullback to $65,000 for BTC would not be unusual; targets are around $71,500 to $73,777.</li>
</ul>
<p style="text-align: justify">Rekt Capital observed that a five-week pullback was recovered in just two weeks, indicating a renewed bullish sentiment. By September, or within two months, Bitcoin (BTC) is expected to break new all-time records, potentially leading to new highs for altcoins as well.</p>
<p style="text-align: justify">Michael Poppe confirmed these predictions, stating that if BTC holds the $65,000 level and closes weekly within the current range, it could target $73,777. The analyst emphasized that maintaining these levels is crucial for further upward momentum.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/china-cuts-interest-rates-crypto-rises" data-wpel-link="internal" rel="noopener noreferrer nofollow">China Cuts Interest Rates, Crypto Rises</a></h5>

China Cuts Interest Rates, Crypto Rises

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