(Bloomberg) — Bitcoin climbed to its highest level in two weeks as a mixed reaction to China’s latest stimulus measures bolstered bets that speculators will chase cryptocurrencies rather than the country’s stocks.

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The largest digital asset rose as much as 3.5% on Monday before paring some of the rise to change hands at $64,900 at 7:19 a.m. in New York. Smaller tokens, including second-place Ether and top-10 coin Solana, also made progress.

China is eager to revive its economy, but a much-anticipated policy briefing over the weekend did not specify how much fiscal stimulus the government plans to use. Economists are not convinced authorities are doing enough to combat deflation and a world-leading rally in Chinese stocks has stalled.

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

The US presidential race could be another support for digital assets. Prediction markets have pivoted in recent days, giving pro-crypto Republican candidate Donald Trump a higher chance of winning than Democratic rival Vice President Kamala Harris.

Meanwhile, bankrupt crypto exchange Mt. Gox last week pushed back by a year to Oct. 31, 2025, the deadline to repay creditors for its remaining assets, which Arkham Intelligence estimates at about $2.9 billion. The delay allays concerns about an oversupply from creditors looking to sell returned Bitcoin.

“The recent improvement in Trump polls will reinforce the market’s receptiveness and the positive impact of good news on prices,” said Benjamin Celermajer, co-chief investment officer at Magnet Capital. “Good news like Mt. Gox’s delayed repayment plan is received more positively.”

Bitcoin was little changed in October after a weak start to the month that saw an average gain of 20% over the past decade, according to data compiled by Bloomberg.

“Historical data suggests that crypto markets’ seasonal strength in October is typically concentrated in the second half of the month,” Sean Farrell, head of digital asset strategy at Fundstrat Global Advisors LLC, wrote in a note.

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– With support from Sunil Jagtiani.

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