Relief in Labor Market Eases Pressure as Bitcoin Surges to 62000 158 Million Worth of Short Positions Liquidated

Relief in Labor Market Eases Pressure as Bitcoin Surges to 62000 158 Million Worth of Short Positions Liquidated

Relief in Labor Market Eases Pressure as Bitcoin Surges to 62000 158 Million Worth of Short Positions Liquidated

Yesterday, the United States reported that the initial jobless claims totaled 233,000, lower than the expected 241,000, and decreased by 17,000 compared to the previous figure, marking the largest decline in nearly a year. The release of this data alleviated investors’ concerns about a collapse in the labor market, leading to a broad rally in global risk assets, with Bitcoin briefly surpassing $62,000 and the total cryptocurrency market capitalization rising by over 6%.

According to data from Coinglass, approximately $220 million in liquidations occurred across the entire network in the past 24 hours, with short positions accounting for about $158 million.

Chris Burniske, former head of crypto at Ark Invest and current partner at Placeholder VC, posted on X, stating that market sentiment has been reset and leverage has been cleared out, with most high-quality crypto assets’ lows in this cycle being significantly higher than what we observed in 2023. Meanwhile, global central banks are likely to be forced to ease policies, and market volatility in the third quarter is expected to intensify. In any case, this is a favorable early stage of a bull market