On a macro level, the Thai Cabinet has passed an important policy, deciding to implement a five-year personal income tax exemption on cryptocurrency sales profits. This move aims to stimulate the further development of Thailand's crypto market, attract more players to participate, and promote the popularity and application of digital assets locally.
Meanwhile, Liu Qiangdong, Chairman of the Board of JD Group, a domestic e-commerce giant, recently revealed at a sharing session that JD is actively laying out the global stablecoin market and plans to apply for stablecoin licenses in major currency countries. Through this strategy, JD hopes to significantly optimize the cross-border payment experience for global enterprises, reduce payment costs by 90%, and compress transaction time to within 10 seconds. Liu Qiangdong stated: "Currently, corporate cross-border remittances usually take 2 to 4 days and are costly. In the future, JD will gradually expand from B-end payments to C-end, allowing global consumers to conveniently use JD stablecoins for consumption." This vision may reshape the cross-border payment landscape and open new paths for the practical application of digital currencies.
In the United States, "Federal Reserve mouthpiece" Nick Timiraos pointed out that if it weren't for the price pressures caused by Trump's tariff policy, the Federal Reserve might have started cutting interest rates in June. Recent US inflation data has eased, providing support for interest rate cut expectations. However, Federal Reserve Chairman Powell may continue the strategy of "dovish statements, hawkish actions" in this week's interest rate meeting, with the possibility of a rate cut in the short term still constrained by macro data performance and geopolitical uncertainties.
Additionally, traditional financial giants are also accelerating their embrace of blockchain technology. JPMorgan recently launched a "Certificate of Deposit" product on the BASE chain aimed at institutional clients, which is seen as an important breakthrough for traditional banks in the field of real-world assets (RWA) and can be viewed as a form of institutional-level stablecoin. This move not only boosts market confidence in cryptocurrencies but also provides indirect support for the price performance of digital assets like Bitcoin.
On-chain data shows that the current price fluctuations have not triggered panic among players. The market turnover rate is showing a downward trend, indicating that most holders have an optimistic view on short-term price movements, with only short-term players who entered the market in the last two days showing some tendency to exit. Players may be betting on the results of the Federal Reserve's interest rate meeting this Thursday or holding a relatively optimistic expectation regarding the impact of geopolitical conflicts.
Overall, Bitcoin is currently in a phase of high price range. If the Federal Reserve's dot plot does not release significant positive signals on Thursday, the price may face further correction risks in the short term. The range of $93,000 to $98,000 remains the market's strongest support area, with turnover rate continuously decreasing; meanwhile, the Bitcoin supply in the range of $100,500 to $105,000 is gradually increasing, with about 1.07 million Bitcoins accumulating near $105,000, but mainly held by short-term players, indicating weak support.