The crypto market is rebounding, with Bitcoin briefly surpassing $62,000

Data shows that Bitcoin has risen more than 12%,Top ten foreign exchange dealers briefly surpassing the $62,000 mark, well above the $55,000 support level maintained for most of the year. Ethereum performed even stronger, with an increase of more than 14%, approaching $2,700. On Wednesday, Bitcoin and Ethereum led the entire cryptocurrency market and related stocks down.

As of Thursday's close, the stock prices of Coinbase (COIN.US) and MicroStrategy (MSTR.US) had risen by 7.50% and 9.07% respectively, continuing to climb in after-hours trading.

With the de-leveraging process triggered by the unwinding of yen carry trades and the rise in U.S. Treasury yields due to recession concerns, the market appears to be trying to find new support after Monday's plunge. Bitcoin had briefly fallen below $50,000, whereas just a week ago it was trading near $70,000. However, as July employment data fell short of expectations last weekend, market anxiety gradually emerged.

Ryan Rasmussen, an analyst at Bitwise Asset Management, pointed out: "In the next month or two, macroeconomic factors will dominate the market. From the tense situation in the Middle East, the collapse of yen carry trades, to concerns over a U.S. economic recession, everyone in the market is anxious about when the next wave of impact will arrive."

August has always been considered a month of high volatility in cryptocurrency trading. Rasmussen noted that until these current uncertainties dissipate, most institutional investors are likely to prioritize their stock portfolios over the 1% to 5% of assets allocated to cryptocurrencies.

Chris Kline, co-founder and COO of Bitcoin IRA, stated: "Various forces and market reactions are causing sideways movement in the cryptocurrency market. Cryptocurrencies remain weak, mainly because investors are waiting to see whether the Federal Reserve will cut interest rates and whether this market adjustment is a temporary phenomenon or will lead to greater concerns."

To date, Bitcoin's cumulative gain for this year has neared 44%.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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