Bitcoin and various altcoins began to recover after a significant drop the previous day. BTC once again broke through the $56,000 mark, followed by altcoins experiencing a rise of 4% to 15%.

QCP Capital analysts pointed out that the market’s panic level has begun to subside, attributed to the selling pressure from Mt. Gox and the German government. They explained that after the transactions were completed, speculators quickly sold off under government intervention, leading to market liquidations around $58,000 and a continued decline until Bitcoin fell below $54,000.

However, according to QCP analysts, the spot prices of Bitcoin and other cryptocurrencies have stabilized. They noted that BTC has strong support near $54,000, and market panic has subsided.

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Analysts also mentioned that the latest US employment data was weaker than the figures for April and May, as they indicated this supported the market’s expectation of a possible early rate cut.

Finally, QCP analysts pointed out that after the employment data was released, the likelihood of rate cuts in September and December increased.

Bitcoin and various altcoins began to recover after a significant decline the previous day. After BTC surpassed $56,000 once again, altcoins saw an increase of 4% to 15%.

QCP Capital analysts pointed out that market panic has started to subside, attributed to the selling pressure from Mt. Gox and the German government. They explained that after the transactions from Mt. Gox and the German government’s intervention, speculators quickly sold off, causing the market to be liquidated around $58,000 and continue to decline until Bitcoin fell below $54,000.

However, according to QCP analysts, the spot prices of Bitcoin and other cryptocurrencies have stabilized. They noted that BTC has strong support around $54,000 and that market panic has dissipated.

Analysts also mentioned that the latest U.S. employment data was weaker compared to April and May, which they believe supports expectations for an earlier rate cut.

Finally, QCP analysts pointed out that the likelihood of rate cuts in September and December has increased following the release of the employment data