Bitcoin (BTC) 
$98,290 and altcoins faced a 1.5% decrease following insufficient stimulus measures anticipated from China. Cryptocurrency traders are now concentrating on the Federal Reserve meeting minutes to gauge BTC’s next move. Market gains have been disrupted due to weak economic indicators.
Current Situation in Bitcoin and Crypto Markets
On Tuesday, with the reopening of Chinese markets post-October holidays, Bitcoin began to decline during Asian trading hours. Late Monday, the leading cryptocurrency dropped to around $62,000 before rising to $62,700 in Asia, erasing a significant portion of last week’s gains. Additionally, prominent altcoins such as Solana 
$198 (SOL), Ethereum (ETH) 
$3,453, XRP (XRP), and BNB (BNB) also experienced declines of up to 4%, reversing Monday’s gains.
The total market capitalization decreased by 2.18%. These declines occurred as investors anticipated more substantial economic measures from China, which did not materialize.
China’s Expectations Fall Short
Investors expected a strong rebound from China post-October holidays, positively influencing the cryptocurrency market. However, the National Development and Reform Commission’s (NDRC) announcements on Tuesday lacked additional stimulus plans, resulting in market disappointment. NDRC Chairman Zheng Shanjie claimed the Chinese economy is “stable” and confident in reaching a 5% growth target, but this did not produce the expected market impact.
China’s largest stock index, the Shanghai Composite Index, started the day with a 4% increase but ultimately lost those gains by the day’s end. The Hong Kong-based technology-heavy Hang Seng index fell nearly 7%.
Amid these developments, cryptocurrency investors are keenly observing this week’s upcoming data releases. The Fed is set to release crucial data on economic growth and FOMC minutes, which will serve as critical indicators for Bitcoin and altcoins.
