Bitcoin rebounds 13% on US market support and surge in Coinbase buying
The post Bitcoin rebounds 13% on US market support and surge in Coinbase buying appeared on BitcoinEthereumNews.com.
Key Takeaways Bitcoin recovers 13% with US market intervention and increased buying on Coinbase. Coinbase’s trade volume reaches $8.1 billion, the highest since early 2024. Bitcoin has rebounded 13%, thanks to critical support and liquidity provided by the US market, with strong spot buying observed on Coinbase order books, according to QCP Capital, a Singapore-based trading firm. Yesterday, Bitcoin briefly plunged below $50,000 for the first time in six months, resulting in a loss of over $250 billion in market capitalization in just one day. However, as of today, Bitcoin has shown signs of recovery, rebounding to approximately $56,800. Coinbase, the largest US-based crypto exchange, saw its trade volume soar to $8.1 billion, the highest since March 14, 2024, according to data from CoinGecko. Caption The crypto market saw Bitcoin open at around $58,110 on August 5, hit a low of $49,781, and close at $55,800, as reported by CoinGecko. This volatility has created a climate of risk aversion among investors, leading to widespread sell-offs across the crypto market. Experts remain cautiously optimistic about the recent price movements. Matt Hougan, Chief Investment Officer at Bitwise Asset Management, described the current situation as a buying opportunity, asserting that the fundamental factors supporting Bitcoin remain intact despite the recent sell-off. 1/ History suggests that this weekend’s sell-off is a buying opportunity. A thread on why. [Note: Not investment advice. Just my opinion.] — Matt Hougan (@Matt_Hougan) August 5, 2024 The macro markets have also shown signs of recovery. Japan’s stock market rebounded with a 9% increase today following a 12% drop yesterday. US futures indicate a potential rebound, bolstered by US ISM data showing expansion in the service sector in July. While the VIX has fallen from its peak of over 65, it remains above 30, indicating ongoing market volatility. Asset prices…
Filed under: News - @ August 6, 2024 9:20 pm