US stock markets experienced a broad decline on Wednesday as the latest economic data fueled concerns of a potential recession. Investors are now eagerly awaiting more economic indicators, with the initial jobless claims for the services sector set to be released tonight and the crucial non-farm payroll report for August scheduled for Friday. These data points will provide valuable insights into the health of the US economy and could influence the Federal Reserve's decision on interest rate cuts this month.

US stocks saw reduced volatility on Thursday, with a mixed performance at the closing bell.

Bitcoin Rallies to $58,522

After dipping below $55,000 yesterday, Bitcoin began to climb around 10 PM last night and reached a high of $58,522 at around 12:30 AM. At the time of writing, Bitcoin is trading at $57,800, representing a 1.86% increase in the past 24 hours.

According to data from Coinglass, a significant number of investors have taken long positions in Bitcoin during this recent rally. If Bitcoin were to fall below $56,800 again, it could trigger a liquidation of long positions worth up to $1.1 billion across all exchanges. Conversely, a sustained rally above $58,700 could result in the liquidation of short positions worth $320 million. Bitop's market analysis team cautions investors to be wary of potential price volatility.

$80 Million in Liquidations Across Crypto Markets

Over the past 24 hours, approximately $80 million worth of cryptocurrency contracts have been liquidated, with over 32,000 traders incurring losses. While this is less than half the number of liquidations seen the previous day, it still suggests that the market remains susceptible to significant price swings.

Disclaimer: None of the information contained here constitutes an offer (or solicitation of an offer) to buy or sell any currency, product or financial instrument, to make any investment, or to participate in any particular trading strategy.