{"id":633361,"date":"2024-08-06T12:00:26","date_gmt":"2024-08-06T12:00:26","guid":{"rendered":"https:\/\/uniquehot.com\/?p=633361"},"modified":"2024-08-06T08:00:02","modified_gmt":"2024-08-06T08:00:02","slug":"bitcoin-rebounds-past-56000-ethereum-over-2500-key-factors","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-rebounds-past-56000-ethereum-over-2500-key-factors\/","title":{"rendered":"Bitcoin Rebounds Past $56,000, Ethereum Over $2,500: Key Factors"},"content":{"rendered":"

Bitcoin and crypto markets experienced a robust recovery Tuesday, with Bitcoin surging past the $56,000 mark and Ethereum breaking above $2,500, bouncing back from the “Block Monday.” Yesterday, Bitcoin plummeted<\/a> over 15%, touching lows near $49,000, while Ethereum dropped by more than 20% to a low of $2,115. The recovery in Bitcoin and crypto paralleled a broader resurgence in global financial markets, driven by several key factors.<\/p>\n

#1 Nikkei Rebounds, Bitcoin Follows<\/h2>\n

Japan’s primary stock index, the Nikkei 225, experienced a record-breaking recovery following its most significant drop since the 1987 Black Monday crash. The index surged by 10.23%, closing at 34.675,46 points. This rebound came after a sharp 12.4% decline on Monday, spurred by global market instability and looming recession fears in the US, alongside complications arising from the unwinding of the Yen ‘carry trade.’<\/p>\n

Related Reading: Bitcoin Price Crashes To $49,000: Key Reasons Explained<\/a><\/div>\n

Popular crypto analyst JACKIS (@i_am_jackis) remarked<\/a> via X: \u201cI think that crypto right now is reacting to macro conditions but nothing specific IMO is happening to crypto itself. Here is BTC & Nikkei in comparison. When macro conditions settle Bitcoin \/ crypto should rebound stronger but until then be careful.\u201d<\/p>\n

\"Nikkei
Nikkei vs Bitcoin | Source: X @i_am_jackis<\/figcaption><\/figure>\n

#2 ISM Services Data Is Bullish<\/h2>\n

The US Institute for Supply Management reported on Monday that its non-manufacturing PMI rose to 51.4 in July from June’s 48.8, which was the lowest since May 2020. This index measures the health of the services sector, which constitutes over two-thirds of the US economy. A PMI above 50 suggests expansion, and the latest data indicates a rebound in service sector activity, easing some concerns over an impending recession.<\/p>\n

Eric Wallerstein of Yardeni Research expressed<\/a> relief and cautious optimism about the data: “Woah, maybe the US economy is not crashing? ISM services employment up 5 points to 51.1. Entire PMI in expansion,” he stated via X.<\/p>\n

Andreas Steno Larsen of Steno Research also commented<\/a>, highlighting the precariousness of market sentiment: “ISM Services away from the recession zone again. Not sure it is strong enough to convince Markets. We are not trading macro currently. We are trading leveraged stops.”<\/p>\n

Related Reading: Analyst Warns Bitcoin (BTC) Price Could Drop Another 20%<\/a><\/div>\n

Ram Ahluwalia, CEO of Lumida Wealth, added<\/a>: \u201cISM Services are *up* reversing the signal from the ISM Manufacturing data last Friday. No recession folks. This is a technical \/ positioning driven correction. Consider that Earnings are up 12% YOY vs Consensus of 9%. That doesn’t happen at a Recession turning point.\u201d<\/p>\n

#3 Market Anticipates Aggressive Fed Rate Cuts<\/h3>\n

The financial markets are currently pricing in significant monetary easing by the US Federal Reserve. According to the CME FedWatch Tool<\/a>, there is now a 73.5% probability of a 50 basis points rate cut by September, with a minimal rate cut of 25 basis points now seen as certain. This shift in expectations reflects a drastic change<\/a> in sentiment compared to just a week ago when the probability of such cuts was much lower.<\/p>\n

Matt Hougan, CIO at Bitwise, underscored the rapid shift in market dynamics: “One week ago, the market was pricing in an 11% chance of a 50 bps rate cut in September. Today, it’s 100%. Things come at you fast,” he remarked via X.<\/p>\n

#4 Overblown Reaction<\/h3>\n

The market crash was also exacerbated by what some analysts are calling an overreaction to fears of a US recession<\/a>. Macro analyst Alex Kr\u00fcger pointed out<\/a> the cyclicality of this fear-driven market behavior.<\/p>\n

\u201cThe world suffering from a case of mass hysteria on fears of a US recession. A display of letting price action create a narrative that feeds into price action as everything spirals down in a negative feedback loop. VIX hits 65, third largest spike in history. Then a strong bounce comes this morning on the open while ISM data shows better than expected demand and employment growth,\u201d Kr\u00fcger remarked.<\/p>\n

At press time, BTC traded at $56,010.<\/p>\n

\"Bitcoin
Bitcoin price, 1-day chart | Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and crypto markets experienced a robust recovery Tuesday, with Bitcoin surging past the $56,000 mark and Ethereum breaking above $2,500, bouncing back from the “Block Monday.” Yesterday, Bitcoin plummeted over 15%, touching lows near $49,000, while Ethereum dropped by more than 20% to a low of $2,115. The recovery in Bitcoin and crypto paralleled a broader resurgence in global financial markets, driven by several key factors. #1 Nikkei Rebounds, Bitcoin Follows Japan’s primary stock index, the Nikkei 225, experienced a record-breaking recovery following its most significant drop since the 1987 Black Monday crash. The index surged by 10.23%, closing at 34.675,46 points. This rebound came after a sharp 12.4% decline on Monday, spurred by global market instability and looming recession fears in the US, alongside complications arising from the unwinding of the Yen ‘carry trade.’ Related Reading: Bitcoin Price Crashes To $49,000: Key Reasons Explained Popular crypto analyst JACKIS (@i_am_jackis) remarked via X: \u201cI think that crypto right now is reacting to macro conditions but nothing specific IMO is happening to crypto itself. Here is BTC & Nikkei in comparison. When macro conditions settle Bitcoin \/ crypto should rebound stronger but until then be careful.\u201d #2 ISM Services Data Is Bullish The US Institute for Supply Management reported on Monday that its non-manufacturing PMI rose to 51.4 in July from June’s 48.8, which was the lowest since May 2020. This index measures the health of the services sector, which constitutes over two-thirds of the US economy. A PMI above 50 suggests expansion, and the latest data indicates a rebound in service sector activity, easing some concerns over an impending recession. Eric Wallerstein of Yardeni Research expressed relief and cautious optimism about the data: “Woah, maybe the US economy is not crashing? ISM services employment up 5 points to 51.1. Entire PMI in expansion,” he stated via X. Andreas Steno Larsen of Steno Research also commented, highlighting the precariousness of market sentiment: “ISM Services away from the recession zone again. Not sure it is strong enough to convince Markets. We are not trading macro currently. We are trading leveraged stops.” Related Reading: Analyst Warns Bitcoin (BTC) Price Could Drop Another 20% Ram Ahluwalia, CEO of Lumida Wealth, added: \u201cISM Services are *up* reversing the signal from the ISM Manufacturing data last Friday. No recession folks. This is a technical \/ positioning driven correction. Consider that Earnings are up 12% YOY vs Consensus of 9%. That doesn’t happen at a Recession turning point.\u201d #3 Market Anticipates Aggressive Fed Rate Cuts The financial markets are currently pricing in significant monetary easing by the US Federal Reserve. According to the CME FedWatch Tool, there is now a 73.5% probability of a 50 basis points rate cut by September, with a minimal rate cut of 25 basis points now seen as certain. This shift in expectations reflects a drastic change in sentiment compared to just a week ago when the probability of such cuts was much lower. Matt Hougan, CIO at Bitwise, underscored the rapid shift in market dynamics: “One week ago, the market was pricing in an 11% chance of a 50 bps rate cut in September. Today, it’s 100%. Things come at you fast,” he remarked via X. #4 Overblown Reaction The market crash was also exacerbated by what some analysts are calling an overreaction to fears of a US recession. Macro analyst Alex Kr\u00fcger pointed out the cyclicality of this fear-driven market behavior. \u201cThe world suffering from a case of mass hysteria on fears of a US recession. A display of letting price action create a narrative that feeds into price action as everything spirals down in a negative feedback loop. VIX hits 65, third largest spike in history. Then a strong bounce comes this morning on the open while ISM data shows better than expected demand and employment growth,\u201d Kr\u00fcger remarked. At press time, BTC traded at $56,010. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":633376,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,8323,16163,4854,1946,6931],"class_list":["post-633361","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-eth","tag-eth-price","tag-ether","tag-ethereum","tag-ethereum-price"],"acf":[],"yoast_head":"\nBitcoin Rebounds Past $56,000, ETH Over $2,500: Key Factors<\/title>\n<meta name=\"description\" content=\"Markets experienced a robust recovery Tuesday, with Bitcoin surging past the $56,000 mark and Ethereum breaking above $2,500. 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His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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