On August 8th, the cryptocurrency market skyrocketed, led by Bitcoin, Ethereum, and Solana. Bitcoin rose 8%, Ethereum rose 9% and Solana rose 9%, reflecting a new surge in investor confidence supported by strong US economic data.
Strong US economic data causes Bitcoin, Ethereum, Solana to soar amid investor optimism
According to Decrypt, news that the US economy may be stronger than previously believed has triggered a rally in the crypto market and other risk-on assets such as US stocks.
On August 8th, Bitcoin, Ethereum, and Solana posted significant gains, as did smaller digital coins and tokens.
Bitcoin price is $59,401, showing an 8% increase in the past 24 hours. According to data from CoinGecko, Ethereum has appreciated another 9% per day, and its current price is $2,576, up another 9% in the same period.
Solana is trading at $157.03, up 9% since August 8th.
It's the start of a bloody week for digital assets, with August 2's jobs report fueling fears that the U.S. economy could slip into recession and causing a sell-off on Wall Street.
On August 5th, the situation was not eased by the appreciation of the Japanese yen against the US dollar, a favorite among global traders. Investors rushed to sell assets deemed risky, including crypto exposure.
Nevertheless, investors' concerns may be alleviated by data released on Aug. 8 that showed the number of applications for unemployment benefits fell from the previous week.
Positive economic news and FTX payments boost investor confidence, sending stocks and cryptocurrencies soaring
The S&P 500 and Nasdaq rose nearly 2% and 3%, respectively, on the news. Therefore, stock prices rose.
David Lawant, research director at FalconX, told Decrypt that crypto investors are also happy to learn that former customers of the collapsed exchange FTX will get back their lost investments.
On August 9, a magistrate judge approved a settlement between the Commodity Futures Trading Commission (CFTC) and failed cryptocurrency company FTX. The bankrupt cryptocurrency brand currently needs to pay $12.7 billion to settle the lawsuit.
“On the macro front, initial softness in new jobless claims temporarily alleviated concerns about a hard landing, leading to a broader rally in risk assets,” he said.
“On the crypto front, the recognition that FTX creditors are one step closer to receiving $12.7 billion is positive, and some may re-enter the market,” he added.
Other cryptocurrencies that have seen significant growth include Dogecoin, which is up nearly 7% in the past 24 hours and is currently trading at $0.1028, and Toncoin, which is up 15% in one day and is priced at $6.19. there is.
However, the biggest price increase over the past day was in XRP. On August 8, a judge ruled that Ripple, the developer and owner of XRP, must pay a $125 million penalty to the Securities and Exchange Commission (SEC) in a long-running lawsuit. did.
The SEC is seeking a $2 billion settlement in the case, and the ruling is being interpreted as a victory. As a result, XRP is currently trading at $0.63, experiencing an increase of 26%.
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