Bitcoin and various altcoins began to recover after a significant decline the previous day. BTC once again surged above $56,000, while altcoins saw increases ranging from 4% to 15%.
Analysts from QCP Capital noted that market panic has started to dissipate, attributed to selling pressure from Mt. Gox and the German government. They explained that speculation triggered rapid selling after transactions from Mt. Gox and the German government intervention led to a market liquidation around $58,000, pushing Bitcoin below $54,000.
However, according to QCP analysts, spot prices for Bitcoin and other cryptocurrencies have stabilized. They pointed out strong support near $54,000 for BTC, with diminished market panic.
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Analysts also referenced weaker US employment data compared to April and May figures, suggesting this supports market expectations for potential early interest rate cuts.
Finally, QCP analysts indicated that the likelihood of rate cuts in September and December has increased following the employment data release.
