Market Enters Green Zone: Daily Overview (9.08)
As strong US labour market data calms recession fears, the crypto market recovers from a bearish Monday turnover.
TL;DR
- Bitcoin (BTC) has recovered to $61,000 amid positive U.S. economic factors.
- Ethereum (ETH) and Solana (SOL) are showing signs of continuous recovery.
- Altcoins and memecoins indicate moderate price increases.
- Pepe (PEPE) and Brett Based (BRETT) are the top day’s performers with over 10% upticks.
Bitcoin Is Back to $61K: Reasons
Data from TradingView shows that Bitcoin (BTC) skyrocketed 15% on August 9, reaching its pre-panic level of $61,000.
BTC/USDT 1D chart. Source: WhiteBIT TradingView
One of the reasons for the surge may be a better-than-expected U.S. employment report. Data released by the Department of Labor reveals that 233,000 initial jobless claims were filed during the July 28 to August 3 – lower than 240,000 claims economists had originally expected.
Apart from the employment stats, the overall US economic landscape looks positive. Particularly, data from the CME FedWatch tool show a 100% probability of a 25 to 50 basis point (bps) rate cut in September.
Source: CME FedWatch
Whale activity has also played a vital part in Bitcoin’s positive sentiment. According to Santiment, large investors rapidly accumulated BTC on the coin’s $50,000 price dip.
Source: X/Santiment
What is more, on August 8, top representatives of the crypto industries met with the White House officials to debate the future of cryptocurrency regulation in the United States.
The meeting was attended by U.S. Deputy Secretary of the Treasury Wally Adeyemo, Vice President Kamala Harris, Ripple’s CEO Brad Garlinghouse, and others.
What particularly may have evoked a positive outlook for the market is addressing the potential dismissal of SEC Chairman Gary Gensler, known for his aggressive enforcement approach towards digital assets.
Altcoins Charting Green
Bitcoin’s upward movement set the market for a bullish trend. A vast majority of the altcoins have shown moderate price increases.
Namely, Ethereum (ETH) has been indicating 15% recovery, returning to $2,600-$2,700 price range. Buying strength also gained momentum, as recorded by relative strength index (RSI) slight uptick.
ETH/USDT 1D chart. Source: WhiteBIT TradingView
Solana (SOL) has continued its upward movement, adding 2.40% to its price in the latest 24 hours. At the writing time, it’s trading for $157.99 with a market cap of $73.7 billion.
SOL/USDT 1D chart. Source: WhiteBIT TradingView
Mantra (OM) – one of the latest WhiteBIT listings – has also shown signs of recovery, nearing the $1 price range. Remarkably, its daily volume surged 44% today, counting up to $52.6 million.
OM/USDT 1h chart. Source: WhiteBIT TradingView
The memecoin market has also recorded upward trends, as seen from CoinMarketCap data. Specifically, Pepe (PEPE) and Base’s Brett (BRETT) exchanged hands by 12% and 15.75% respectively, making them the market’s greatest performers on the day.
Source: CoinMarketCap
Paul Osadchuk
Author
