Coinbase: Under multiple negative catalysts, Bitcoin is holding up relatively well against the downturn, which may indicate the market is starting to form a bottom

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Golden Finance reported that on July 14, Coinbase Institutional posted on the X platform, saying that although the non-farm payroll employment data came in below expectations, the escalation of the Middle East conflict has brought inflation back into focus for the market. Markets are pricing in a “higher-for-longer” interest-rate environment; financial conditions for long-cycle risk assets are tightening, and the probability of further rate hikes by year-end is rising. Under the bearish backdrop, Bitcoin is down only about 2%, and Coinbase believes this may indicate that a bottoming process is underway. Meanwhile, since January 2024, the market cap of stablecoins has roughly doubled, but trading volume—after adjustments by the real economy—has increased by 4 to 5 times, suggesting that stablecoin turnover speed is accelerating. Stablecoins are no longer just idle reserves or “dry powder,” but increasingly being used for actual payments.
BTC-0.20%
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