Economic data eases concerns about economic recession, but crypto market remains in turmoil

U.S. stocks rose across the board after U.S. economic data eased concerns about the risk of a recession and dampened expectations for a sharp interest rate cut. Cryptocurrencies failed to rise with market optimism, falling on news of a U.S. government coin sale and the liquidation of Jump Trading in the absence of catalysts for further gains.

Strong U.S. economic data, U.S. stocks rise

According to CNBC , July retail sales announced yesterday in the United States increased more than expected, showing that demand has not collapsed. U.S. retail sales grew 1.0% last month, after falling 0.2% in June.

The Labor Department's report showed that in the week ended August 10, the number of new jobless claims in the United States was 227,000, compared with the estimate of 235,000.

Meanwhile, two Federal Reserve officials on Thursday unanimously supported the possibility of cutting interest rates at the central bank's policy meeting next month, reversing their earlier doubts about cutting borrowing costs too soon.

U.S. stocks rose across the board after U.S. economic data eased concerns about the risk of a recession and dampened expectations for a sharp interest rate cut.

Is the U.S. government going to sell Bitcoin again?

According to a tweet from on-chain data company Arkham , a wallet identified as belonging to the US government and Dark Web market Silk Road transferred 10,000 Bitcoins (approximately $592.5 million) to Coinbase Prime.

Bitcoin failed to rise with market optimism and fell to $56,078 last night.

Jump Trading continues to liquidate Ethereum?

According to the analysis of on-chain data company Lookonchain , well-known crypto market maker Jump Trading continued to sell Ethereum. Jump Trading transferred another 17,000 ETH (approximately US$46.44 million) from Lido for sale on the afternoon of 8/14.

However, compared to previous reports , Jump Trading's wstETH storage address still has 21,394 wstETH, which has not changed. The ETH transferred out this time is the ETH that was previously applied for redemption. Moreover, with Ethereum’s current market value of US$310 billion and a daily trading volume of US$16.2 billion, the liquidation amount of Jump Trading is simply insignificant. It can only be said that the recent crypto market lacks catalysts for further growth, and any slight disturbance will affect investor confidence. .

ETH reached its lowest yesterday near 2,500, with a drop of more than 3.5% in 24 hours.