Bitcoin demand surges after Powell speech - Crypto Briefing Analysis
According to Bitfinex analysts, here is a summary of the Bitcoin price surge:
1. Fed Chairman Powell's dovish stance at the Jackson Hole conference has strengthened market expectations for a September rate cut and boosted investors' risk appetite. This pushed Bitcoin prices up 6.06% on August 23, the second-highest single-day gain since May 20.
2. Despite the recent surge in Bitcoin prices, the gains in Bitcoin prices since the lows of August 5 are still weaker than those in the stock market. SPX recovered its August 1 high and monthly opening price on August 15, while Bitcoin did not reach the $65,000 mark until last Friday.
3. On August 23, Bitcoin perpetual futures saw a massive short liquidation of more than $40 million, with a total liquidation amount of more than $140 million for all trading pairs. This shows that there are relatively few leveraged longs in the market and that the financing rate has continued to be negative, in stark contrast to the highest financing rate ever set in March.
4. In the altcoin market, as of August 25, the average financing rate of large altcoins is currently 8.1%, which is much lower than the annualized level of 60-70% from March to April, and also reflects the decline in the overall market leverage level.
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