🚨🚨 The Federal Reserve Indicates Tax Cuts
• Total capitalization of the global crypto market at $3.77 trillion, up 1.32% in 24 hours
• Bitcoin testing critical resistance at $122k-$123k with support at $110k-$112k
• Ethereum rose 21% weekly to $4,300, driven by ETF inflows and events in New York
• Mixed market sentiment reflects the tension between optimism in monetary policy and economic concerns
Impact of Fed policy
• Markets price in an 86% probability of at least a 25 bp rate cut following the data from August 11
• JPMorgan expects three cuts starting in September, generally weakening the USD and increasing the appeal of cryptocurrencies
• Improving regulatory environment: the SEC is forming a Crypto Working Group and the Fed is withdrawing restrictive banking guidance