The latest employment data released by the U.S. Bureau of Labor Statistics last night (5th) showed that the number of non-farm employment in the United States increased by 206,000 in June, slightly higher than the market expectation of 190,000, but far lower than the previous value of 272,000; The unemployment rate was 4.1%, also lower than the forecast and the previous value of 4%.
It is worth noting that the United States also revised down its non-farm payrolls in April and May by a total of 111,000, showing that employment data is accelerating the slowdown and raising the possibility of a U.S. interest rate cut.
BTC rebounds to $56,000
Perhaps affected by this, Bitcoin's upward trend that started yesterday evening continued, reaching a maximum of US$57,040 at 1 am today, and is currently stable in a narrow range between US$56,000 and US$57,000.
It was temporarily trading at US$56,385.28 before the deadline, down 1.43% in the past 24 hours.
Ethereum once hit $3,000
The price trend of Ethereum is similar to that of Bitcoin. It also started to rebound since around 5 pm yesterday, and reached a maximum of US$3,026.45 at 8:30 this morning. It is still stable and fluctuating above US$2,900.
It was temporarily trading at US$2972.08 before the deadline, down 3.28% in the past 24 hours.
Most of the top ten tokens have rebounded
CoinMarkeCap data shows that the other top ten tokens have experienced mixed gains and losses in the past 24 hours, but they have recovered from yesterday’s decline:
- SOL rebounded to $134.61, up 5.56% in the past 24 hours;
- TON rose 4.2% and is now trading at $7.28;
- DOGE stood at $0.1, up 5.46% in the past 24 hours.
The entire network liquidated $436 million in the past 24 hours
Amid repeated market washouts in Bitcoin, according to data from Coinglass, in the past 24 hours, the amount of cryptocurrency liquidation across the entire network exceeded US$436 million, with bulls accounting for the majority of US$278 million, and 125,763 people were liquidated.
GSR executive: BTC still has enough time to reach new highs by the end of the year
Despite yesterday’s carnage, some market makers and investors remain optimistic about Bitcoin’s medium-term prospects.
Rich Rosenblum, CEO and co-founder of crypto market maker GSR, said that although Mt. Gox’s upcoming repayments (expected to repay 142,000 Bitcoins before October) are almost equal to the Bitcoin produced in the first year after the halving Quantity, but he believes:
Once this batch of Bitcoin is digested by the market, we still have enough time to reach new highs before the end of the year.
Teddy Fusaro, the president of Bitwise, posted on ”.
He also cited recent analysis by Alex Thorn, director of Galaxy Research, stating that less Bitcoin will flow into the market than expected. Thorn also reiterated yesterday that creditors are more likely to choose to hold rather than sell after receiving repayments. This suggests that yesterday’s carnage in the Bitcoin market was more emotional than practical.
Further reading: Don’t panic! Galaxy: Three reasons why Mt. Gox’s BTC selling pressure will be less than expected, and Bitcoin will regain $60,000
