Bitcoin’s price surged near $65,000 as Chinese stocks rebounded, showing resilience in the face of mixed reactions to stimulus plans. The price of Bitcoin reached nearly $64,900 during the late European morning, marking a 3.4% increase in the last 24 hours. The broader digital asset market, as indicated by the CoinDesk 20 Index, also saw a rise of about 2.9%. Despite stimulus plans falling short of expectations, the Shanghai Composite Index closed the day over 2% higher, leading to a positive risk sentiment.
Additionally, nearly $500 million worth of various tokens are set to be released this week, which could potentially create downward pressure on prices. Tokens such as Worldcoin’s WLD, Arbitrum’s ARB, Eigenlayer’s EIGEN, Axis Infinity’s AXS, and Solana’s SOL are among those scheduled for release. The anticipation of traders expecting recipients to sell their tokens may lead to a preemptive sell-off. However, if the market views the unlock as a positive sign of project progress or expects the tokens to be utilized for staking governance, the price may remain stable or even increase due to favorable sentiment.
On the investment front, Samara Asset Group plans to issue a bond worth up to 30 million euros ($32.78 million) to purchase Bitcoin. This move is part of the firm’s strategy to expand its portfolio, which includes acquiring more stakes in alternative investment funds and increasing its Bitcoin holdings. CEO of Samara, Patrik Lowry, highlighted the significance of the bond in enhancing the company’s balance sheet and liquidity position. As a result, Samara Asset Group’s share price saw a rise of over 6% on Monday.
In other news, the annualized three-month BTC futures basis, which measures the gap between futures and spot prices, is approaching 10% for the first time in nearly two months. This development signals renewed bullish sentiment in the market and may attract arbitrage flows. It’s a positive indicator for Bitcoin’s future performance.
It’s important to note that CoinDesk, the source of this information, is a reputable media outlet that covers the cryptocurrency industry with a commitment to editorial integrity and independence. As part of the Bullish group, CoinDesk adheres to strict editorial policies to ensure unbiased reporting. CoinDesk journalists may receive equity-based compensation from the Bullish group, which was incubated by technology investor Block.one.
