Bitcoin
Bitcoin
and cryptocurrencies surged after China said it would continue to support its economy with monetary stimulus – adding to a boom fueled by BlackRock.

Unlock over $3,000 in perks, including unparalleled access to a community of top Web3 entrepreneurs, creators and investors, giving you world-class networking, priority access to global events, and free access to Forbes.com and ours Forbes “CryptoAsset & Blockchain Advisor” newsletter. Apply now!

Bitcoin price has surpassed $65,000 per bitcoin, rising to levels not seen since September, while MicroStrategy founder Michael Saylor revealed the company’s “end goal” of $100 trillion.

With JPMorgan analysts now releasing a surprising Bitcoin price forecast, traders are betting on a further rotation away from Chinese stocks and into Bitcoin and cryptocurrencies.

Register now for free CryptoCodex—A daily five-minute newsletter for traders, investors and cryptocurrency enthusiasts to keep you informed and updated on the bull market in the Bitcoin and cryptocurrency markets

Forbes“Digitizing the Dollar” – BlackRock CEO reveals his radical plan for an AI-powered crypto that is expected to drive up the price of Bitcoin and EthereumFrom Billy Bambrough

“Markets are likely to take a disappointing stimulus from China as positive news for Bitcoin, as Bitcoin’s capital rotation into Chinese stocks was previously seen as a drag on crypto prices,” said Caroline Mauron, co-founder of crypto derivatives liquidity provider Orbit Markets Bloomberg.

On Saturday, China’s Finance Minister Lan Foan pledged to “significantly increase” debt to revive the country’s stalled economy, but gave no specifics on the overall size of the stimulus package.

“We didn’t achieve much at the weekend, but our expectations weren’t high anyway. “I still believe there will be more fiscal stimulus coming this year and in the coming years,” said Mohit Kumar, chief financial economist for Europe at Jefferies Reuters.

Earlier this month, analysts David Brickell and Chris Mill told traders to expect “fireworks.” They wrote in their newsletter that they believe the Bitcoin price will reach new all-time highs as China has unleashed a “tsunami of liquidity” along with the Federal Reserve cutting interest rates.

However, some market observers fear that the lack of detail from Chinese authorities could mean that the market recovery is short-lived.

Register now for CryptoCodex– A free, daily newsletter for those interested in crypto

ForbesDonald Trump’s “decisive” China nightmare suddenly comes trueFrom Billy Bambrough

“The devil is always in the details and once again China has glossed over how it plans to accelerate economic growth,” Russ Mold, investment director at AJ Bell, said in emailed comments.

“Investors hoped Saturday’s event with China’s Ministry of Finance would provide all the answers; instead, it was too high to sustain the market’s optimism. While Chinese stocks continued their rise on Monday, the pace has slowed, and some investors may now be wondering whether “we’ve seen the best of the rally.”