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Crypto markets surged on August 8, with Bitcoin, Ethereum, and Solana leading the charge. Bolstered by positive U.S. economic data, Bitcoin rose 8%, Ethereum gained 9%, and Solana increased by 9%, reflecting renewed investor confidence.
Stronger U.S. Economic Data Sparks Surge in Bitcoin, Ethereum, and Solana Amid Investor Optimism
According to Decrypt, the news that the American economy may be more robust than previously believed has caused a surge in crypto markets and other risk-on assets such as U.S. stocks.
On August 8, Bitcoin, Ethereum, and Solana experienced substantial gains, while smaller-cap digital coins and tokens also experienced significant increases.
Bitcoin is priced at $59,401, representing an 8% increase in the past 24 hours. According to CoinGecko data, Ethereum has experienced an additional 9% day rise and is currently priced at $2,576, an extra 9% increase over the same period.
Solana is trading at $157.03, a 9% increase from August 8.
A jobs report on August 2 prompted fears that the U.S. economy could be sliding into a recession, causing a Wall Street sell-off, which began the week off bloody for digital assets.
On August 5, the Japanese yen's appreciation against the U.S. dollar, a favorite among global traders, did not alleviate the situation. Investors rushed to sell any asset perceived as hazardous, including crypto exposure.
Nevertheless, investor concerns may be alleviated by data released on August 8, which revealed that unemployment benefit filings decreased from the previous week.
Stocks and Cryptos Surge as Positive Economic News and FTX Settlement Boost Investor Confidence
In response to the news, the S&P500 and Nasdaq experienced 2% and nearly 3% gains, respectively. Therefore, stocks rose.
David Lawant, FalconX's research director, informed Decrypt that crypto investors were also delighted to learn that former customers of the collapsed exchange FTX would receive their lost investments back.
On August 9, a magistrate approved the settlement between the Commodity Futures Trading Commission (CFTC) and the collapsed crypto company FTX. To resolve the litigation, the failed crypto brand is now required to pay $12.7 billion.
"On the macro side, the soft initial jobless claims number temporarily reduced hard-landing concerns, lifting risk assets more broadly," he said.
He added: "On the crypto side, the perception that we are one step closer to FTX creditors receiving their $12.7 billion is positive, as part of it could re-enter the market."
Other cryptocurrencies that have experienced substantial growth include Dogecoin, which has increased by nearly 7% in the past 24 hours and is currently trading at $0.1028, and Toncoin, which has increased by 15% in a day and is priced at $6.19.
However, XRP has been the most significant gainer in the past day. On August 8, a judge determined that Ripple, the company whose owners developed XRP, would be required to pay a $125 million sanction to the Securities and Exchange Commission (SEC) in a long-standing lawsuit.
The SEC had requested a $2 billion settlement in the case, and the ruling has been interpreted as a victory. Consequently, XRP is currently trading at $0.63 and has experienced a 26% increase.
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