Bitcoin's recovery hit 57,000, and Ethereum climbed $3,000! GSR: There is still time to reach new highs by the end of the year

This site (120btC.coM): The latest employment data released by the U.S. Bureau of Labor Statistics yesterday (5th) night showed that the number of non-farm employment in the United States increased by 206,000 in June, slightly higher than the market expectation of 190,000. But it was far lower than the previous value of 272,000; the unemployment rate in June was 4.1%, which was also lower than the forecast and the previous value of 4%.

It is worth noting that the United States also revised down its non-farm payrolls in April and May by a total of 111,000, showing that employment data is accelerating and slowing down, raising the possibility of a U.S. interest rate cut.

BTC rebounded to US$56,000

Perhaps affected by this, the rebound trend that Bitcoin started yesterday evening continued, reaching a maximum of US$57,040 at 1:00 this morning, and is currently stable in a narrow range between US$56,000 and US$57,000 .

It was temporarily trading at US$56,385.28 before the deadline, down 1.43% in the past 24 hours.

Ethereum once touched US$3,000

The price trend of Ethereum is similar to that of Bitcoin. It also started to rebound from around 5pm yesterday and reached a maximum of US$3,026.45 at 8:30 this morning. It is still stable and fluctuating above US$2,900. .

It was temporarily trading at US$2972.08 before the deadline, down 3.28% in the past 24 hours.

Most of the top ten tokens have rebounded

CoinMarkeCap ​​data shows that the other top ten tokens have experienced mixed gains and losses in the past 24 hours, but they have recovered from yesterday’s decline:

• SOL rebounded to $134.61, It rose 5.56% in the past 24 hours

• TON rose 4.2% and is now trading at $7.28

• DOGE stood at $0.1, up 5.46% in the past 24 hours.

USD 436 million has been liquidated across the entire network in the past 24 hours

Amidst repeated market shake-ups in Bitcoin, according to Coinglass data, in the past 24 hours, the amount of cryptocurrency liquidation across the entire network has exceeded US$436 million, with bulls accounting for US$278 million. Most of them were liquidated, with 125,763 people liquidated.

GSR Executive: BTC still has enough time to reach new highs by the end of the year

Despite Bitcoin’s massacre yesterday, some market makers and investors are still optimistic about Bitcoin’s medium-term prospects.

Rich Rosenblum, CEO and co-founder of crypto market maker GSR, said that although Mt. Gox’s upcoming repayments (expected to repay 142,000 Bitcoins before October) are almost equal to what was produced in the first year after the halving Bitcoin volume, but he believes: Once this batch of Bitcoins is digested by the market, we still have enough time to hit a new high before the end of the year.

Teddy Fusaro, President of Bitwise, posted on Carry out in kind."

He also cited recent analysis by Galaxy Research Director Alex Thorn, pointing out that less Bitcoin will flow into the market than expected. Thorn also emphasized again yesterday that creditors are more likely to choose to hold rather than sell after receiving repayment. This suggests that yesterday’s carnage in the Bitcoin market was more emotional than practical.

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