Bitcoin, Korea’s Kospi and Nasdaq Futures Rally as China GDP Beats Estimates
Global markets rallied Monday as stronger Chinese data and lower oil prices lifted risk appetite. Bitcoin traded near $82,500, up 0.7% since midnight UTC, while Nasdaq futures rose more than 1% and South Korea’s Kospi gained 0.6%, according to CoinDesk. China’s GDP grew 4.5% year on year in the third quarter, accelerating from 4.3% in the second quarter; retail sales rose 1.1%, beating the 0.5% expected. Oil fell amid expectations that President Donald Trump’s Russia waiver would boost supply, Reuters reported. A sustained oil decline could ease inflation concerns and support Fed rate cuts; the central bank was expected to hold rates at 4.75% to 5% this month after raising them by 25 basis points last month.