TechFlow reported on August 20 that CoinDesk reported that although the leading indicators of the U.S. economy continued to decline, they no longer indicate a recession. According to data from the Conference Board, a non-profit research organization, the Leading Economic Index (LEI) fell 0.6% to 100.4 in July, an increase from the 0.2% drop in June. This change is a positive signal for risky assets including cryptocurrencies.

Despite the economic headwinds, the annualized six-month rate of change in the LEI narrowed from -3.1% in June to -2.1% in July, suggesting that recession risks are waning. Earlier market panic caused by weak non-farm payrolls data led to sharp declines in stocks and Bitcoin, but as market sentiment improved, Bitcoin has rebounded from $50,000 to over $60,000.