CoinDesk report:
The latest employment data released by the U.S. Bureau of Labor Statistics last night showed that the non-farm payroll employment in the U.S. increased by 206,000 in June, slightly higher than the market’s expectation of 190,000 but significantly lower than the previous value of 272,000. The unemployment rate in June was 4.1%, also lower than the estimated and previous value of 4%.
Of note, the U.S. revised down the total non-farm payroll employment for April and May by 111,000, indicating a accelerating slowdown in employment data and raising the possibility of a rate cut in the U.S.
BTC rebounds to $56,000
Reflecting this impact, Bitcoin began its upward trend yesterday evening and reached a high of $57,040 at 1 a.m. today, currently stabilizing between $56,000 and $57,000 with narrow fluctuations.
As of the deadline, it was trading at $56,385.28, down 1.43% in the past 24 hours.
Ethereum briefly touches $3,000
The price trend of Ethereum is similar to Bitcoin, also starting its ascent yesterday afternoon and reaching a high of $3,026.45 at 8:30 a.m. today, currently hovering above $2,900.
As of the deadline, it was trading at $2,972.08, a decrease of 3.28% in the past 24 hours.
Top ten tokens see recovery
According to CoinMarketCap data, the other top ten tokens have had mixed movements in the past 24 hours, but compared to the downtrend yesterday, they have shown signs of recovery:
– SOL rebounds to $134.61, up 5.56% in the past 24 hours
– TON rises by 4.2% and is currently trading at $7.28
– DOGE crosses $0.1, up 5.46% in the past 24 hours
Over $436 million liquidated in the past 24 hours
Amid Bitcoin’s volatile trading, Coinglass data shows that in the past 24 hours, over $436 million in cryptocurrencies has been liquidated across the market, with long positions accounting for the majority at $278 million, resulting in 125,763 liquidations.
GSR executive: BTC still has enough time to hit new highs by year-end
Despite Bitcoin’s recent price plunge, some market makers and investors remain optimistic about its medium-term prospects.
Rich Rosenblum, the CEO and co-founder of crypto market maker GSR, stated that even though the upcoming payout from Mt. Gox (expected to repay 142,000 bitcoins by October), nearly equals the amount of bitcoins produced in the first year after the halving, he believes:
Once these bitcoins are absorbed by the market, we still have enough time to hit new highs by the end of the year.
Teddy Fusaro, President of Bitwise, mentioned in a post on X that while Bitcoin’s price is facing downward pressure, “we cannot determine how much Bitcoin will ultimately be sold or which portion of Bitcoin, as the distribution will happen in-kind.”
He also referenced recent analysis by Galaxy Research’s Director Alex Thorn, suggesting that the incoming bitcoins into the market may be less than expected. Thorn further emphasized yesterday that creditors are more likely to hold rather than sell after receiving repayments. This indicates that yesterday’s Bitcoin market downturn was more emotional rather than factual.
