Since mid-July, the strengthening of the Japanese yen has negatively impacted Bitcoin and cyclical stocks. The yen appreciated by 12% against the dollar, which created turbulence in the markets. However, stabilization came with Japanese GDP growth of 3.1% annualized in the second quarter, which partially calmed concerns.

Bitcoin also faces challenges due to global economic expectations. If fears of recession and layoffs persist, investors could reduce their exposure to cryptocurrencies. In contrast, if the economy shows resilience, stocks could benefit from the positive impact on corporate earnings.

Goldman Sachs has reduced the probability of a US recession from 25% to 20%, based on stronger data on employment and retail sales. In addition, it is expected that the Federal Reserve may consider rate cuts in September, which, together with a financial stability agreement between the US and China, has increased investor confidence.

As for Bitcoin, ETF outflows have dampened institutional interest, with $372 million in outflows in two weeks. Miner profitability has also fallen, with the hashprice index stabilizing at $43 per petahash per day. These factors suggest that the price of Bitcoin may not break above $63,000 in the near term if there are no significant changes.#Bitcoin #Binance $BTC