The number of initial jobless claims announced by the United States yesterday was 233,000, lower than the expected 241,000. It decreased by 17,000 compared to the previous value, marking the largest decline in nearly a year. The release of the data eased investors’ concerns about the collapse of the labor market and led to a general rise in global risk assets. Bitcoin even briefly surpassed $62,000, causing the global cryptocurrency market value to rise by over 6%.
According to data from Coinglass, approximately $220 million in total positions were liquidated in the past 24 hours, with short positions accounting for about $158 million.
Chris Burniske, former head of Ark Invest’s cryptocurrency business and current partner at Placeholder VC, posted on X that market sentiment has been reset and leverage has been cleared. The lows of most high-quality cryptocurrencies in this round are much higher than what we saw in 2023. At the same time, central banks around the world will soon be forced to ease policies, and market volatility in the third quarter is expected to intensify. Regardless, the current situation is a good early form of a bull market.
