Investors widely expected the National Development and Reform Commission (NDRC) to outline more stimulus measures in a Tuesday briefing after the Chinese Golden Week holiday, adding to the government's September plans of rate cuts and liquidity support for the market to rile up a slowing economy.
However, the briefing's general lack of urgency and specifics, and no plans for further stimulus underwhelmed investors - denting market sentiment as concerns around conflicts in the Middle East remain. At the same time, many felt an urge to take profit from the rally.
Bitcoin dropped as low as $62,000 in late U.S. hours Monday before rising to $62,700 in early Asian hours to pare nearly all gains over a seven-day period.
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