Bitcoin Rebounds Past $56,000, Ethereum Over $2,500: Key Factors
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Bitcoin and Ethereum experienced significant recovery, rebounding to $56,000 and $2,500 respectively, after a sharp decline. Several factors contributed to this recovery.
The Nikkei 225 index in Japan rallied significantly after its biggest drop since 1987. This recovery positively influenced Bitcoin markets.
US ISM services data showed positive economic activity, easing recession fears. The services PMI rose to 51.4 in July, indicating growth.
Markets are now anticipating aggressive rate cuts from the US Federal Reserve, driving positive sentiment. The probability of a 50 basis points cut by September has increased to 73.5%.
Analysts highlighted that the market crash was partly due to overblown reactions to US recession fears, demonstrating cyclical, fear-driven behavior.
Source: www.newsbtc.com ↗
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