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Bitcoin, Ethereum, Dogecoin Surge After Jobless Claims Data Boosts Risk-On Sentiment: Analyst Wonders If Apex Crypto Is Undergoing 'Deepest Pullback' In This Cycle

Aniket Verma
May 09, 2024

Leading cryptocurrencies surged late on Thursday as the latest jobless claims data fueled hopes of rate cuts among risk-on investors.

CryptocurrencyGains +/-Price (Recorded 8:45 p.m. EDT)
Bitcoin (CRYPTO: BTC)+2.43%$62,817
Ethereum (CRYPTO: ETH)+1.39%$3,025.76
Dogecoin (CRYPTO: DOGE)+4.60%$0.151

What Happened: Bitcoin, the market bellwether, rebounded above $62,000, reversing a three-day corrective phase that had seen it dip to $60,000.

The rally sparked speculative interest in the coin, with open interest on Bitcoin's largest derivatives exchange, the Chicago Mercantile Exchange, rising by 1.83% in the last 24 hours.

However, derivatives traders opted to bet against the market, with the number of traders taking bearish short positions on the apex cryptocurrency significantly outnumbering those betting on its price increase in the last 24 hours.

The largest memecoin by market cap, Dogecoin gained 4.6% in the last 24 hours.

Top Gainers (24 Hours)

CryptocurrencyGains +/-Price (Recorded 8:45 p.m. EDT)
Akash Network (AKT)+29.32%$5.89
The Graph (GRT)+12.87%$0.297
THORChain (RUNE)+10.70%$6.33

The global cryptocurrency market cap stood at $2.32 trillion at the last check, rising 2% in 24 hours.

Stock markets saw an uptick during the day following higher-than-expected U.S. jobless claims data. The Dow Jones Industrial Average rose for the seventh consecutive day, up 0.85% to close at 39,387.76 points. The S&P 500 gained 0.51% to end at 5,214.08, while the tech-heavy Nasdaq Composite added 0.27% to finish at 16,346.26.

New data revealed initial claims for unemployment benefits at 231,000 for the week ending May 4, higher than the market's estimate and the highest since late August 2023.

See More: Best Cryptocurrency Scanners

Analyst Notes: Rekt Capital, a prominent cryptocurrency analyst and trader, described Bitcoin’s current decline as the deepest, at 23.6%, surpassing the 22.9% retrace from early 2023.

The analyst also noted that this was one of the longest pullbacks in the cycle, with the corrective phase lasting nearly 50 days.

On-chain analytics firm Santiment observed that sentiment toward leading coins in the market was still negative.

The mood dramatically shifted since Bitcoin's latest halving, the firm added, before which an overtly "Greed" vibe dominated the market.

However, just as super bullishness prepared the way for a correction then, the current Fear, Uncertainty, and Doubt (FUD) might ultimately lead to a rebound.

Read Next: Donald Trump Says ‘You Better Vote’ For Him If You’re Pro-Crypto: But Has He Always Been ‘Fine With It’?

Image via Shutterstock

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