🇨🇳 **China's Economic Problems Affecting Cryptocurrency**
China's Hang Seng Index (HSI) fell by 7% today, marking the largest single-day drop since the financial crisis of 2008.
⬇️This crisis was caused by China's main economic strategy, which has refrained from further stimulating the economy. After the PBOC announced a $140 billion fund allocation in September, Chinese stocks experienced significant gains over the past three weeks.
📊 These desperate measures led to a sharp 34% increase in the stock market in just three weeks. However, following today's briefing from China, it became clear that the PBOC's stimulus would be short-term and would not amount to the previously mentioned $140 billion.
🟠The World Bank expects China's economic growth rate to slow to 4.3% by 2025, down from the projected 4.8% for 2024. This negatively impacted BTC, which dropped by 3% and failed to hold above $64,000.
