Coinbase: Bitcoin is fighting down or presupposing a market floor

On 14 July, Coinbase Industrial wrote on platform X that non-farm employment data were lower than expected, but that the escalation of the Middle East conflict had brought inflation back into the market's focus, that the market was pricing an “higher and longer” interest rate environment, that financial conditions for long-cycle risk assets were tightened and that the probability of higher interest rates at the end of the year increased. Bitcoin fell by only about 2 per cent under the leeway, which Coinbase believes may imply a bottom-up process. At the same time, the market value of the stable currency has roughly doubled since January 2024, but the volume of entity-adjusted transactions has increased four to fivefold, which means that the rate of swing of the stable currency is accelerating, moving away from idle stocks or “dry powder” and increasingly being used for actual payments。