Bitcoin Hits 57000 Ethereum Surges to 3000 GSR BTC Still Has Time to Reach New Highs by YearEnd

CoinWired Report:


Bitcoin briefly rebounded to $57,000 overnight, while ETH also surpassed $3,000 earlier. Despite the pressure from Mt. Gox’s creditor repayment news, GSR CEO remains optimistic that Bitcoin has ample time to reach new highs by year-end.
The latest employment data released last night by the US Bureau of Labor Statistics shows an increase of 206,000 nonfarm payroll jobs in June, slightly above market expectations of 190,000 but significantly lower than the previous 272,000. The June unemployment rate stood at 4.1%, lower than both the estimated and previous 4%.
Of note, revisions reduced nonfarm payroll numbers for April and May by a total of 111,000, indicating accelerating job market slowdown and increasing likelihood of a US rate cut.
BTC Rebounds to $56,000
Possibly influenced by this, Bitcoin continued its upward trend from yesterday evening, reaching a peak of $57,040 at 1 AM today, now stabilizing in a narrow range between $56,000 and $57,000.
At the time of deadline, it is quoted at $56,482.06, a 1.73% decline over the past 24 hours.


Ethereum Touches $3,000
Ethereum’s price trend mirrors Bitcoin’s, rising since late afternoon yesterday and peaking at $3,026.45 at 8:30 AM today, still stable above $2,900.
At the time of deadline, it is quoted at $2,974.51, a 2.39% decline over the past 24 hours.


Top Ten Tokens Show Recovery
CoinMarketCap data shows mixed movements among the top ten tokens in the past 24 hours, with notable recoveries compared to yesterday:
SOL rebounds to $134.615, up 6.32% in the past 24 hours;
TON rises 7.4%, now at $7.42;
DOGE surpasses $0.1, up 9.34% in the past 24 hours.


Over $436 Million Liquidated in 24 Hours
Amid Bitcoin’s volatile trading, Coinglass data reveals over $436 million liquidated across the cryptocurrency market in the past 24 hours, with long positions accounting for $278 million, affecting 125,763 individuals.


GSR Executive: BTC Has Ample Time to Reach New Highs by Year-End
Despite Bitcoin’s recent volatility, some market makers and investors remain optimistic about its medium-term prospects.
Rich Rosenblum, CEO and Co-Founder of crypto market maker GSR, mentioned that despite Mt. Gox’s upcoming repayment of 142,000 BTC (expected by October, nearly equivalent to the amount of Bitcoin produced in the first year post-halving), he believes:
Once these Bitcoins are absorbed by the market, we still have ample time to reach new highs by year-end.
Teddy Fusaro, President of Bitwise, commented on X that while current Bitcoin prices face downward pressure, “we cannot determine how much Bitcoin, or which portion of Bitcoin, will ultimately be sold as this distribution will occur in physical form.”
He also referenced recent analysis by Galaxy Research’s Alex Thorn, indicating that less Bitcoin is entering the market than expected. Thorn reiterated yesterday that creditors are more likely to hold rather than sell upon repayment, suggesting yesterday’s Bitcoin market downturn was more emotional than substantive.