China's Rate Cut Fails to Boost Bitcoin or Economy

Bitcoin remained stable as China's first cut in benchmark lending rates in 10 months failed to boost traditional markets. The looser conditions contrast with continued monetary tightening in western economies and follow recent economic reports that showed the world's second-largest economy is losing steam and is on the brink of deflation. Some crypto observers say a bigger China stimulus could compensate for the hawkish biases of the U.S. Federal Reserve, the European Central Bank and others, eventually pushing risk assets higher.