Haider Jamal

Jul 07, 2024

Bitcoin Tries To Recover After Crashing To $55K

The cryptocurrency markets are undergoing a recovery after a tumultuous period where prices dropped to levels not seen since February. Currently, it seems that there is an attempt by bullish investors to stage a comeback, or at least a modest recovery.


Time For A Correction

Bitcoin (BTC) saw its price rise above $57K as of now, marking a 4% increase over the past 24 hours. Earlier, Bitcoin had plummeted to a low of $53,550, but bulls managed to reclaim approximately $3K following those lows. The market correction occurred amidst concerns of heightened selling pressure, partly due to Mt. Gox which recently began repayments to creditors, and ongoing liquidations by the German Government of BTC seized years ago in a high-profile case.

Altcoins are also seeing a resurgence. Infact, the entire market is showing gains, with AVAX, TON, DOGE, and PEPE all rising by 12%. Shiba Inu (SHIB) has notably surged by 15%. Major cryptocurrencies like Ethereum, Binance Coin, Solana, Bitcoin Cash, MATIC, and others are reporting gains ranging between 4.5% to 10%.

Overall, the market appears to be taking a breather, though it remains to be seen whether this stability will continue into the week or if another wave of selling will ensue. Experts view the recent correction as typical, noting that declines of up to 30% have occurred frequently in previous bullish markets.


Other Markets

In the dynamic world of finance and economics, a blurred snapshot captures the essence of a high-stakes business meeting, where discussions unfold against the backdrop of market turbulence. Concerns mount over private credit funds operating without financial stake, while Federal Reserve Chair Powell gears up to address easing inflation and a slowdown in hiring. Despite political pressures, the resilient S&P 500 powers ahead unabated.

Meanwhile, US bond yields retreat on the heels of robust jobs data, sparking speculation of two Federal Reserve rate cuts by 2024. Recent developments include the Chinese Central Bank maintaining a pause on gold purchases and Greenko securing a substantial credit line for bond refinancing. In Canada, major miners face new restrictions amidst a surge in merger and acquisition activities, while foremen at a key port issue a strike notice, underscoring broader economic uncertainties affecting global markets.

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