🔥Bitcoin has risen back, what happened?
The cryptocurrency industry has been really exciting lately, with Bitcoin showing strong stubbornness. What has happened to Bitcoin recently?
1. The German government sold 50000 bitcoins, causing a sharp drop in coin prices;
2. At the same time, the settlement of 140000 bitcoins in Mentougou resulted in a drop of around $53000 in bitcoin;
3. Subsequently, Trump was assassinated, greatly increasing the probability of winning the presidential election, and Bitcoin instantly regained lost ground;
4. The Ethereum spot ETF was approved, but at this time Ethereum did not experience the expected surge;
5. Grayscale Ethereum funds are starting to crash, putting pressure on Ethereum
The US employment report released on Friday was dismal, with market concerns about recession and a sharp drop in Bitcoin.
7. The Bank of Japan announced a 15 basis point interest rate hike due to many arbitrage trades, borrowing Japanese yen from Japan and exchanging it for US dollars to arbitrage in the United States, and adding a lot of leverage. As a result, Japanese stocks collapsed instantly, Bitcoin plummeted, falling below $50000
8. The Bank of Japan admitted its mistake and stopped raising interest rates, and Bitcoin began to rebound.
Last night, the United States released the latest week's unemployment claims data: the number of initial jobless claims was 233000, a decrease of 17000 from the previous week and lower than the market estimate of 240000. Strong employment and a more than expected decline have eased investors' concerns about the US economic recession. Bitcoin has surpassed $62000.
During this process, Bitcoin exhibited strong stubbornness.
