Bitcoin Little Changed as China Announces Stimulus; Traders Say Harris' Win Unlikely to be Bearish [Yahoo! Finance]
ING Group, N.V. (ING)
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Source: Yahoo! Finance
Local equities indices are up as investors move into stocks as a result of the central bank's measures. Bitcoin {{BTC}} started to pare weekly gains early Tuesday to fall to $62,700, following a nearly one-month high of $64,500 at the start of the week, as China unveiled fresh stimulus to revive a slowing economy. The People's Bank of China (PBoC) announced Tuesday morning that it was cutting the reserve requirement ratio for mainland banks by 50 basis points while also lowering the seven-day reverse repo rate (the interest rate at which a central bank borrows funds from commercial banks) by 20 basis points to 1.5%. In addition, the central bank cut the minimum down payment requirement for mortgages to 15%. Data shows that BTC fell 2.2% in the past 24 hours, leading to losses among major tokens. Ether {{ETH}}, BNB Chain's {{BNB}}, XRP {{XRP}} and Solana's {{SOL}} lost up to 1.8%. Such corrections are common after a large rally and may not be necessarily tied to China's rate dec
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