Bitcoin Rebounds Past $56,000, Ethereum Over $2,500: Key Factors
2024年8月6日 - 9:00PM
NEWSBTC
Bitcoin and crypto markets experienced a robust recovery Tuesday,
with Bitcoin surging past the $56,000 mark and Ethereum breaking
above $2,500, bouncing back from the “Block Monday.” Yesterday,
Bitcoin plummeted over 15%, touching lows near $49,000, while
Ethereum dropped by more than 20% to a low of $2,115. The recovery
in Bitcoin and crypto paralleled a broader resurgence in global
financial markets, driven by several key factors. #1 Nikkei
Rebounds, Bitcoin Follows Japan’s primary stock index, the Nikkei
225, experienced a record-breaking recovery following its most
significant drop since the 1987 Black Monday crash. The index
surged by 10.23%, closing at 34.675,46 points. This rebound came
after a sharp 12.4% decline on Monday, spurred by global market
instability and looming recession fears in the US, alongside
complications arising from the unwinding of the Yen ‘carry trade.’
Related Reading: Bitcoin Price Crashes To $49,000: Key Reasons
Explained Popular crypto analyst JACKIS (@i_am_jackis) remarked via
X: “I think that crypto right now is reacting to macro conditions
but nothing specific IMO is happening to crypto itself. Here is BTC
& Nikkei in comparison. When macro conditions settle Bitcoin /
crypto should rebound stronger but until then be careful.” #2 ISM
Services Data Is Bullish The US Institute for Supply Management
reported on Monday that its non-manufacturing PMI rose to 51.4 in
July from June’s 48.8, which was the lowest since May 2020. This
index measures the health of the services sector, which constitutes
over two-thirds of the US economy. A PMI above 50 suggests
expansion, and the latest data indicates a rebound in service
sector activity, easing some concerns over an impending recession.
Eric Wallerstein of Yardeni Research expressed relief and cautious
optimism about the data: “Woah, maybe the US economy is not
crashing? ISM services employment up 5 points to 51.1. Entire PMI
in expansion,” he stated via X. Andreas Steno Larsen of Steno
Research also commented, highlighting the precariousness of market
sentiment: “ISM Services away from the recession zone again. Not
sure it is strong enough to convince Markets. We are not trading
macro currently. We are trading leveraged stops.” Related Reading:
Analyst Warns Bitcoin (BTC) Price Could Drop Another 20% Ram
Ahluwalia, CEO of Lumida Wealth, added: “ISM Services are *up*
reversing the signal from the ISM Manufacturing data last Friday.
No recession folks. This is a technical / positioning driven
correction. Consider that Earnings are up 12% YOY vs Consensus of
9%. That doesn’t happen at a Recession turning point.” #3 Market
Anticipates Aggressive Fed Rate Cuts The financial markets are
currently pricing in significant monetary easing by the US Federal
Reserve. According to the CME FedWatch Tool, there is now a 73.5%
probability of a 50 basis points rate cut by September, with a
minimal rate cut of 25 basis points now seen as certain. This shift
in expectations reflects a drastic change in sentiment compared to
just a week ago when the probability of such cuts was much lower.
Matt Hougan, CIO at Bitwise, underscored the rapid shift in market
dynamics: “One week ago, the market was pricing in an 11% chance of
a 50 bps rate cut in September. Today, it’s 100%. Things come at
you fast,” he remarked via X. #4 Overblown Reaction The market
crash was also exacerbated by what some analysts are calling an
overreaction to fears of a US recession. Macro analyst Alex Krüger
pointed out the cyclicality of this fear-driven market behavior.
“The world suffering from a case of mass hysteria on fears of a US
recession. A display of letting price action create a narrative
that feeds into price action as everything spirals down in a
negative feedback loop. VIX hits 65, third largest spike in
history. Then a strong bounce comes this morning on the open while
ISM data shows better than expected demand and employment growth,”
Krüger remarked. At press time, BTC traded at $56,010. Featured
image created with DALL.E, chart from TradingView.com
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 8 2024 まで 9 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 9 2023 まで 9 2024