Bitcoin Price Soars Above $62,000 Again: Top 3 Reasons

Crypto Breaking · 2024-08-09T11:17:03.000Z

The Bitcoin price records a major rally in recent days. After plummeting to a low of $49,000 on Monday, the BTC price soared as high as $62,700 during the Asian trading session today. Thus, BTC has surged 24% from its Monday low. Over the last 24 hours alone, BTC has risen by 7%. These are the key reasons: #1 Fading US Recession Fears Fuel Bitcoin Rally Macro economics are the clear driver of the price move as equities have rallied along with Bitcoin. Notably, the July unemployment rate in the United States increased to 4.3%, the highest in the last four months. This triggered concerns about a potential recession, as per the Sahm Rule. This economic indicator suggests that a recession might be starting if the three-month moving average of the national unemployment rate rises by 0.50 percentage points or more relative to its lowest point in the previous 12 months. The initial panic was exacerbated by a jobs report that fell short of expectations, with only 114,000 new jobs compared to the anticipated 175,000. However, the narrative shifted dramatically yesterday with the latest release of jobless claims data. A significant drop to 233,000, down by 17,000, marked the largest decline in almost a year, soothing jittery markets. Mohamed A. El-Erian, President of Queens College Cambridge and chief economic adviser at Allianz, explained via X that the global financial markets reacted to the data release and interpreted it as “a relief after last week’s unemployment and growth scare.” However, he also warned that “that this high-frequency data series is inherently noisy.” US weekly jobless claims came in at 233,000, down from a revised 250,000 — a relief after last week’s unemployment and growth scare. The details of this data release will be subject to a higher level of scrutiny with a view to assessing breadth and other distributional aspects.… https://t.co/fBqaJVs3sM — Mohamed A. El-Erian (@elerianm) August 8, 2024 Macro analyst Alex Krüger further elaborated that “the market crash triggered by last week’s unemployment & payrolls data has now fully reversed, after today’s weekly jobless claims data. Price action and new jobs data confirm what I suspected: that the whole equities market had a crypto style levered flush-out, driven mostly by positioning, narrative and mass hysteria, and not as much by fundamentals.” Krüger also cautioned against overemphasis on single data points: “There’s a reason the Fed makes emphasis on making no decisions on single data points. Payrolls data can be very noisy. Yet last Friday much of the market went on a crazy rampage calling for a policy mistake and emergency rate cuts.” #2 Short Liquidations Amplify BTC Surge The volatility in Bitcoin’s price also catalyzed a significant number of short liquidations. In the past 24 hours alone, 52,413 traders were liquidated, with total crypto liquidations reaching $222.02 million, according to Coinglass data. For Bitcoin specifically, over $90 million in short positions were liquidated, marking it as the third-highest short-liquidation event in the past five months. Julio Moreno, Head of Research at CryptoQuant, clarified the impact of these liquidations on the market: “This Bitcoin bounce has been mostly shorts covering positions in the futures market. Open interest down, prices up.” #3 MicroStrategy Buying? As the Bitcoin price climbed higher, there was a notable surge in demand from the spot market. Crypto analyst Kiarash Hossainpour speculated, “You heard it here first: I could imagine this crazy late night market buy coming from none other than Saylor. The guy just announced another $2 billion buy the other day. Who else buys in the illiquid hours after the US close on a Thursday night? Exactly, nobody.” MicroStrategy, under the leadership of Michael Saylor, announced last week plans to increase its Bitcoin holdings significantly, preparing to raise $2 billion through a new at-the-market equity offering as reported in its Q2 2024 earnings report. The company stated: “We continue to closely manage our equity capital, and are filing a registration statement for a new $2 billion at-the-market equity offering program.” At press time, BTC traded at $61,186. Source: NewsBTC.com The post Bitcoin Price Soars Above $62,000 Again: Top 3 Reasons appeared first on Crypto Breaking News.

比特幣價格最近幾天大幅上漲。在週一跌至 49,000 美元的低點後，BTC 價格在今天的亞洲交易時段飆升至 62,700 美元。因此，BTC 已從週一的低點飆升 24%。僅在過去 24 小時內，BTC 就上漲了 7%。以下是主要原因：
#1 美國經濟衰退擔憂消退推動比特幣上漲
宏觀經濟是價格走勢的明顯驅動因素，因爲股市與比特幣一起上漲。值得注意的是，美國 7 月份的失業率升至 4.3%，爲過去四個月以來的最高水平。根據薩姆規則，這引發了人們對潛在經濟衰退的擔憂。這一經濟指標表明，如果全國失業率的三個月移動平均值相對於前 12 個月的最低點上升 0.50 個百分點或更多，則可能開始出現經濟衰退。
最初的恐慌因就業報告不及預期而加劇，就業報告新增就業崗位只有 11.4 萬個，而預期爲 17.5 萬個。然而，隨着昨天最新公佈的失業救濟申請數據，形勢發生了巨大變化。失業救濟申請數量大幅下降至 23.3 萬，減少了 1.7 萬個，創近一年來最大降幅，安撫了緊張的市場。
劍橋大學皇后學院院長、安聯首席經濟顧問穆罕默德·A·埃爾-埃利安 (Mohamed A. El-Erian) 通過 X 解釋說，全球金融市場對數據發佈做出了反應，並將其解讀爲“上週失業和增長恐慌之後的解脫”。然而，他也警告說，“這個高頻數據系列本質上是有噪聲的。”
美國當週初請失業金人數爲 233,000 人，低於修正後的 250,000 人——在上週的失業和增長恐慌之後，這讓人鬆了一口氣。
此次數據發佈的細節將受到更高級別的審查，以評估廣度和其他分佈方面……https://t.co/fBqaJVs3sM
— Mohamed A. El-Erian (@elerianm) 2024 年 8 月 8 日
宏觀分析師 Alex Krüger 進一步闡述道：“在今天的每週失業救濟申請數據公佈後，上週失業和就業數據引發的市場崩盤現在已經完全逆轉。價格走勢和新就業數據證實了我的猜測：整個股市都出現了加密貨幣風格的槓桿沖刷，主要由定位、敘事和羣體歇斯底里推動，而不是基本面。”
克魯格還警告不要過分強調單個數據點：“美聯儲強調不根據單個數據點做出決定是有原因的。就業數據可能非常嘈雜。然而上週五，大部分市場瘋狂地呼籲政策失誤和緊急降息。”
#2 空頭清算加劇 BTC 飆升
比特幣價格的波動也催化了大量空頭清算。根據 Coinglass 的數據，僅在過去 24 小時內，就有 52,413 名交易者被清算，加密貨幣清算總額達到 2.2202 億美元。具體來說，對於比特幣，超過 9000 萬美元的空頭頭寸被清算，這是過去五個月中第三高的空頭清算事件。
CryptoQuant 研究主管 Julio Moreno 澄清了這些清算對市場的影響：“此次比特幣反彈主要是期貨市場的空頭回補倉位。未平倉合約減少，價格上漲。”

#3 MicroStrategy 購買？
隨着比特幣價格的攀升，現貨市場的需求也出現了顯著增長。加密貨幣分析師 Kiarash Hossainpour 推測，“你首先聽說的是：我可以想象，這種瘋狂的深夜市場買盤來自 Saylor。他前幾天剛剛宣佈了另一筆 20 億美元的買盤。還有誰會在週四晚上美國收盤後流動性不足的時段買入？沒錯，沒人。”
在邁克爾·塞勒 (Michael Saylor) 的領導下，MicroStrategy 上週宣佈計劃大幅增加其比特幣持有量，並準備通過新的市場股票發行籌集 20 億美元，正如其 2024 年第二季度收益報告中所述。該公司表示：“我們將繼續密切管理我們的股本，並正在爲新的 20 億美元市場股票發行計劃提交註冊聲明。”
截至發稿時，BTC交易價格爲61,186美元。
來源：NewsBTC.com
比特幣價格再次飆升至 62,000 美元以上：三大原因首先出現在 Crypto Breaking News 上。

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