After Bitcoin fell to $57,600 at 6 o'clock last night, it started to rise in shock, reaching a maximum of $60,920 at around 9 o'clock earlier, breaking through the 60,000 mark again.
It was currently trading at US$60,815 at the time of writing, up 4.19% in the past 24 hours. At present, it seems that there is no false breakthrough of rapid decline.
All four major U.S. stock indexes rise
On the one hand, the rise of Bitcoin may be driven by the expectation that the Federal Reserve will cut interest rates. On the other hand, the four major U.S. stock indexes also rose together last night:
- The Dow Jones Industrial Average rose 236.77 points, or 0.58%, to close at 40,896.53 points.
- The Nasdaq rose 245.05 points, or 1.39%, to close at 17,876.77 points.
- The S&P 500 index rose 54 points, or 0.97%, to close at 5,608.25 points.
- The Philadelphia Semiconductor Index rose 96.32 points, or 1.86%, to close at 5,266.57 points.
74% of Bitcoins in circulation have not moved in the past six months
Additionally, Glassnode’s Hodl Wave chart shows that despite Bitcoin’s 21% price drop from its all-time high, approximately 74% of Bitcoin remained unchanged for most of 2024.
The trend in the proportion of these "unmoved Bitcoins" shows that long-term investors are increasingly inclined to use Bitcoin as a store of value, possibly in anticipation of future price increases; on the other hand, this holding trend also leads to There is less supply of Bitcoin being traded, and as demand increases and supply decreases, this could also push the price higher.
Ethereum breaks through $2,650
The trend of Ethereum is the same as that of Bitcoin. It hit a low of $2,563 last night and then turned upward. At the time of writing, the highest price is $2,677.
The entire network liquidated US$100 million in the past 24 hours
Bitcoin's fluctuation above $60,000 seems to be within the range of investors' predictions at present. According to data from Coinglass, in the past 24 hours, the total amount of cryptocurrency liquidation across the entire network was approximately US$100 million, which is not particularly large. About 40,000 people were liquidated.
What other volatility risks should we pay attention to this week?
FOMC meeting minutes
Power’s speech on Friday night, Taiwan time
It is worth noting that Federal Reserve Chairman Jerome Powell is scheduled to attend the Jackson Hole Annual Meeting of Global Central Banks at 10 a.m. Eastern Time on the 23rd (10 p.m. Taipei time on the 23rd) and deliver a keynote speech on the economic outlook. Because it comes at a critical moment before the U.S. Federal Reserve (Fed) cuts interest rates, the outside world is paying close attention to his monetary policy message.
Every year, Jackson Hole invites heavyweight economists and professors outside the central bank system to discuss the situation of the world economy and financial markets with global central bank governors. As an annual event for global central banks, its importance is to serve as a policy vane, so Jack Senhall's discussion is likely to bring about a decisive trend in global monetary policy regarding the current chaotic and unclear overall economy.
