Bitcoin opened the week at around $17,200 on global optimism that China is easing its COVID-19 restrictions that have slowed down its economy.

Bitcoin opened the new week at around $17,200 after reports that a dozen cities across China were easing COVID-19 restrictions due to unprecedented protests in more than twenty major cities.

At least twelve cities have since started rolling back some of the strict measures used to keep COVID-19 in check since the pandemic began. Shanghai is the latest major city in China to scrap tests for public transport, and Urumqi has begun reopening malls and restaurants after shutting them for months.

The partial reopening of China’s cities means that companies and businesses will slowly start reopening. However, China is yet to return to a state of normalcy, but a team of Morgan Stanley analysts believe it is time to turn bullish on Chinese stocks after two years of COVID-19.

The analysts added that if China remains committed to reopening, a new bull cycle could begin in Asia.

‘Multiple positive developments alongside a clear path set toward reopening warrant an upgrade. We are at the beginning of a multi-quarter recovery in earnings revisions and valuations,’ explained Laura Wang, a strategist at Morgan Stanley.

(By John P. Njui)