New U.S. labor market data showed that unemployment benefits dropped more than expected last week, easing concerns about the coming economic recession. U.S. stocks rebounded across the board, with Bitcoin and Ethereum soaring by more than 10%, and market optimism returned. Are you back?
Number of Americans claiming unemployment benefits drops
Data released by the U.S. Department of Labor on Thursday showed that the number of people claiming initial unemployment benefits fell to 233,000 on a seasonally adjusted basis in the week ended August 3, indicating that last week's employment data was affected by bad weather and people are optimistic about the labor market. Fears of collapse are exaggerated.
U.S. stocks rose sharply in response to this, with the three major indexes all rising. Huida and TSMC ADRs rose by more than 6%, and Huida once again regained the $100 level.
Institutional investors remain bullish on Bitcoin
According to The Block, JPMorgan Chase’s latest report stated that the recent rebound in Bitcoin is supported by institutional investors. According to JPMorgan Chase’s indicators, Bitcoin futures prices are higher than spot prices, indicating that futures investors have confidence in Bitcoin.
JP Morgan estimates that the cost of Bitcoin production falls to US$45K. If the price of Bitcoin remains at or falls below this level for a long time, it will put pressure on Bitcoin miners, thereby exerting pressure on the price of Bitcoin. further downward pressure. However, Bitcoin has rebounded from 49K this week to above 62K, and was trading at $62,054 at the time of writing.
Jump Trading Is the selling pressure over?
Ethereum also experienced a strong rebound yesterday, rebounding from $2,300 to above $2,600, an increase of more than 14%.
According to previous reports, Jump Trading’s wstETH storage address still has 21,394 wstETH. The sell-off appears to be coming to an end.
This article Is market optimism back? BTC 61K, ETH 2,600 first appeared on Chain News ABMedia.
