Bitcoin (BTC) 
$62,401 and altcoins lost 1.5 percent of their value after the incentive steps expected from China were inadequate. Cryptocurrency investors await BTC’s next move US Federal ReserveHe is focused on the (Fed) meeting minutes. The rise in the markets for a while was interrupted by weak economic measures.
Latest Situation in Bitcoin and Cryptocurrency Market
Bitcoin fell during Asian hours on Tuesday as investors returned to China’s stock markets, which reopened after the October holiday. While the largest cryptocurrency fell to $62,000 late Monday, it rose to $62,700 in Asia. Thus, most of last week’s gains were erased. However, one of the leading altcoins solana (LEFT), Ethereum (ETH) 
$2,425, XRP (XRP) and BNB (BNB) also gave back its gains on Monday, losing up to 4 percent in value.
The total market value decreased by 2.18 percent. These declines occurred as a result of investors expecting more from China’s economic measures, but the expected steps were not taken.
China Failed to Meet Expectations
Investors, ChineseHe expected to make a strong return to the markets after the October holiday and that this would have a positive impact on the cryptocurrency market. However, the statements made by China’s National Development and Reform Commission (NDRC) on Tuesday did not include further stimulus plans and caused disappointment in the markets. NDRC Chairman Zheng Shanjiestated that the Chinese economy was “stable” and that they were confident that they would reach the 5 percent growth target, but this statement did not have the expected impact on the markets.
China’s largest stock market index Shanghai Composite Index While it started the day with a 4 percent increase, it gave back these gains at the end of the day. Hong Kong based technology focused Hang Seng index fell by almost 7 percent.
Amidst all these developments, cryptocurrency investors have their eyes on the data that will be released this week. The Fed will announce important data tracking economic growth and FOMC minutes. These data are Bitcoin and altcoins It will be a critical guide for
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
