After the stock market experienced a bloodbath of panic last Monday, investors gradually calmed down. The three major U.S. stock indexes closed narrowly higher on Friday (8/9), almost recovering from the previous tragic decline. Bitcoin is back at the 60,000 mark again, and Ethereum is back near 2,600.
Investors' panic subsides
Data released by the U.S. Department of Labor 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 the previous employment data was affected by severe weather and people were worried about the collapse of the labor market. Concerns are exaggerated.
CME FedWatch data shows that the chances of a one-digit and two-digit rate cut are evenly divided in September. Compared with the 70% chance of a two-digit rate cut when the market was panicked, the expected rate cut by the end of the year has also increased from 5 percent to 5 percent. Down to four yards. Previously, people were worried that the Federal Reserve would have to cut interest rates quickly to save the economy due to economic downturn. The three major U.S. stock indexes closed narrowly higher on Friday (8/9), almost recovering from their previous tragic losses.
Investors await key consumer price index (CPI) data due next Wednesday. There is growing confidence that U.S. inflation is slowing, which would give the Federal Reserve enough confidence to cut interest rates starting in September.
BTC returned to the 60,000 mark, and ETF net outflows were 89.73 million
After briefly falling below the 50,000 mark last week, Bitcoin finally returned above the neckline and stood back to the 60,000 mark.
According to previous reports, JP Morgan analysts estimate that the average production cost of Bitcoin is about $49,000. Any price below this will put pressure on miners and further affect Bitcoin prices. Fortunately, Bitcoin has successfully escaped from this price, and analysts believe that Bitcoin futures are at a higher premium than spot, showing that futures investors are confident. In addition, FTX’s cash claims for creditors may further boost demand in the crypto market. However, the market outlook still needs to be viewed with caution.
(JPMorgan Chase: Be cautious about the market outlook, there are no rising catalysts in the encryption market)
According to SoSoValue, Bitcoin spot ETFs had a net outflow of $89.73 million yesterday, including $77 million from Grayscale GBTC, $19.85 million from Fidelity’s FBTC, and $18.14 million from Bitwise’s BITB.
ETH returned to 2,600, ETF had a net outflow of 15.71 million
Ethereum was affected by the liquidation of Jump Trading, and its trend was relatively weak. The cumulative weekly decline was still 12%, and it did not stand on the neckline of about 2,800.
According to SoSoValue, the Ethereum spot ETF had a net outflow of $15.71 million yesterday, and inflows from other funds were unable to offset Grayscale ETHE’s net outflow of $41.68 million.
This article After a week of panic and bloodbath, Bitcoin stands back at the 60,000 mark, and Ethereum returns to 2,600. First appeared on Chain News ABMedia.
