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Bitcoin hit a high of over $62,500 this morning, Ethereum also reached over $2,700, and the four major U.S. stock indexes also closed higher. What good news has happened in the market?

After Bitcoin successfully broke through $58,000 at 10:00 pm last night (8), it accelerated its rise again this morning, reaching a high of $62,750 at around 7:00 am this morning (9). At the time of writing, it has slightly adjusted back to $61,433, and has risen by more than 13% in the past 24 hours.

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Ethereum breaks through $2,700

Ethereum's growth is larger than Bitcoin's. It is currently challenging to stay above $2,700. At the time of writing, it is trading at $2,680, a sharp increase of more than 16%.

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What’s the reason for the sharp jump?

As for the reason for the sharp rise in the overall cryptocurrency market, one major reason may be that the United States released the unemployment benefit application data for the most recent week last night: the number of initial unemployment claims was reported at 233,000, a decrease of 17,000 from the previous week, and also lower than the market estimate of 240,000. Strong employment and a larger-than-expected decline have eased investors' concerns about a US recession.

U.S. stocks rebounded strongly on the 8th, with the four major indexes rising collectively:

  • The Dow Jones Industrial Average rose 683 points, or 1.76%, to 39,446.

  • S&P 500 rises 2.3%, best day since 2022

  • Nasdaq rose 2.87%

  • The Philadelphia Semiconductor Index rose the most, reaching 6.86%. Chip stocks led the gains, with Nvidia and TSMC ADRs rising more than 6%.

On the other hand, the capital inflow of the US Bitcoin spot ETF has continued to reverse since the 7th, which may also be the reason for the continued rise of the market.

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Over the past 24 hours, the entire network has been liquidated for more than 200 million US dollars

Finally, short positions may also stimulate the rise of coin prices. According to Coinglass data, in the past 24 hours, the total amount of cryptocurrency liquidation was about 239 million US dollars, and more than 56,000 people were liquidated.

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