Bitcoin Rebound to 112K, alts season index soars to 57

The S&P 500 index closed above 6,500 points for the first time, and the DOW also reached a new historical high again. The cryptocurrency market showed mixed results, with Bitcoin (BTC) rebounding to 112K, while ETH weakened and retraced. The altcoin season index surged 24% within 24 hours to 57. The U.S. Department of Commerce is moving official macroeconomic data onto the blockchain and collaborating with Pyth Network and Chainlink, with Link and PYTH seeing significant gains.

US GDP slightly above expectations, number of unemployment claims decreased slightly.

Driven by a rebound in business investment and a significant boost from trade, the U.S. economic growth in the second quarter slightly exceeded the initial estimate. Data released by the U.S. Department of Commerce's Bureau of Economic Analysis (BEA) on Thursday showed that the revised annualized quarter-over-quarter Gross Domestic Product (GDP) growth for the second quarter was 3.3%, higher than the initial estimate of 3% and the contraction of 0.5% in the first quarter, also surpassing the market expectation of a 3.1% growth.

At the same time, the number of unemployment benefit applicants in the United States slightly decreased last week, indicating that employers are still retaining existing employees amid economic uncertainty.

The number of existing homes for sale in the U.S. fell for the second consecutive month in July, as potential buyers are deterred by still high prices and borrowing costs, which is consistent with the sluggishness of the real estate market.

Traders' attention turns to the core Personal Consumption Expenditures Price Index to be announced tonight (PCE), which is the Federal Reserve's favored measure of U.S. core inflation, with an expected rise of 2.9% in July compared to the same period last year, well below the central bank's 2% target.

Bitcoin rebounds to 112K, altcoin season index soars

The cryptocurrency market is experiencing mixed fluctuations, with the total market capitalization rising by 0.83% to $3.89 trillion.

Bitcoin rebounded yesterday, and after six consecutive days of net outflow from the spot Bitcoin ETF last week, a reversal is observed this week. The BTC volatility index (DVOL) remains low at 37, and analysts believe the stability of Bitcoin's price will attract more institutional investors.

The altcoin season index surged 24% to 57 in the last 24 hours, with SOL rising 4.87% and BNB increasing by 2.02%. However, ETH showed weakness and experienced a rebound.

The U.S. Department of Commerce is moving official macroeconomic data onto the Blockchain and collaborating with Pyth Network and Chainlink. The first wave is expected to put data such as GDP, real GDP, and PCE from the past five years on-chain, with plans to expand to more economic data. Link and PYTH saw a big pump on the news.

(The U.S. Department of Commerce has put official economic data on-chain through two major oracle providers, with PYTH up over 62% and LINK up over 6.73%)

This article Bitcoin rebounded to 112K, the altcoin season index soared to 57 first appeared in Chain News ABMedia.