Looking back at the market this week, Grayscale won the lawsuit against the SEC, but the rise of BTC did not last long.

After the non-agricultural data was released, it rose and then fell back.

Federal Reserve officials continue to make harsh remarks, saying that U.S. inflation is still too high and the labor market is still strong, and they will continue to wait and see whether to stop raising interest rates.

The Fed is expected to pause raising interest rates in September, but strong economic data means the possibility of further rate hikes has not been completely ruled out.

Even if interest rate hikes are suspended, it is not the start of a bull market. Why?

Because the terminal interest rate is still too high, exceeding 5%. Financing costs are high and funds cannot enter the risky asset market.

Without money, how can the currency rise?

Only when interest rates are about to be cut and there are sufficient expectations, the bull market will come.

Currently, U.S. stocks have risen too much this year. If the global economy weakens, it will happen in the second half of the year.