Although the incentive announcements from China did not fully meet expectations, traders’ hopes remain high. Bitcoin (BTC) surpassed the $64,000 level, leading the SOL of other major cryptocurrencies ether (ETH) and Solana, while XRP and BNB remained stable.

With this rise in prices, more than $100 million in short positions (those betting on lower prices) were liquidated. Memecoins Mog and SPX6900 were among the most talked about coins of the week, making serious gains especially around the “super cycle” concept talked about in the crypto world.

Broad market sentiment has generally been towards buying, driven by positive economic data from China and the US. While US stocks reached new highs, Bitcoin rose above the $64,000 level during Asian hours, thanks to renewed hopes for Chinese stimulus and rising demand for Bitcoin-based assets.

While BTC increased by 2% in the last 24 hours, ether (ETH) and Solana (SOL) increased by 3%. The CoinDesk 20 index also increased by 2.19%, which was considered a sign of an overall market recovery.

Due to this price increase, short positions (i.e. bets that prices will fall) were liquidated in significant amounts, according to CoinGlass data. A serious movement was observed especially in the memecoin market. While Mog (MOG) gained nearly 20% in a week, the memecoin named SPX6900 increased by 135%.

Bitcoin-based memecoins and some blockchain-based protocols like Runes rose by 10% over the weekend, pushing their weekly gains to over 100%. However, these gains have decreased slightly in the last 24 hours.

Interest in Memecoins emerged around the same time as low volatility in more serious crypto sectors (e.g. layer-2 solutions and the storage sector) and increasing negative sentiment towards tokens backed by venture capital funds.

Such tokens are increasingly considered overvalued and risky by retail investors.

Bitcoin’s rise was supported by Chinese stock markets closing higher in the morning session. According to Bloomberg, Chinese Finance Minister Lan Fo’an said on Saturday that new steps will be taken to support the real estate sector and the government may increase its borrowing capacity.

However, this statement did not have as big an impact as expected, and it was concluded that capital outflows to China-related assets were unlikely to continue.

Augustine Fan, head of insight at SOFA, stated in his statement that Bitcoin prices exceeded the $ 64,000 level following the recovery in Chinese markets. Fan said the market is currently in “buy everything” mode and this trend may continue for a while.

He also emphasized that strong inflows into BTC heading into the US elections are a positive signal, but added that patience is needed to reach new highs.

Consumer Price Index (CPI) and Producer Price Index (PPI) data announced in the US markets last week were stronger than expected. Although markets were initially uncertain about the impact of this data, they concluded that core inflation was still strong, making the curve even steeper.

US stocks reached all-time highs, while the dollar continued to strengthen. The probability that the Federal Reserve will cut interest rates by 25 basis points in December remains above 85%.