China considers stimulus package for Bitcoin and cryptocurrency.

The Chinese government is considering a major stimulus package to revive its economy after implementing restrictive Corona measures. This has resulted in a new bullish narrative for the Bitcoin and crypto market, especially since Hong Kong has opened to cryptocurrency trading by retail investors. The Chinese stimmies could go directly into “unregistered securities,” as stated by renowned expert Lex Moskovski. The package is said to include at least a dozen measures to support areas such as real estate and domestic demand, with a particular focus on China’s beleaguered real estate market. Interest rate cuts by the People’s Bank of China are also under consideration. While the impact of the stimulus measures on the Bitcoin and crypto market remains to be seen, the liberal Hong Kong’s recent opening and the stimulus package are interesting developments with regard to cryptocurrencies. The $1,200 stimulus checks in the US had a measurable impact on Bitcoin, and a similar effect could still be possible in China. The Bitcoin price stood at $26,226 at press time.

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