August starts, July ends
However, the current trend of the crypto market has not brought optimism to people. In the early morning, the Fed's interest rate announcement remained unchanged, but the speech of the Fed Chairman was meaningful. He said: "The rate cut is getting closer, but it has not yet reached that node. The Fed will get a lot of data before the FOMC monetary policy meeting in September." However, according to CME's "Fed Watch", the probability of a 25 basis point rate cut in September is 90.5%, and the probability of a 50 basis point rate cut is 9.5%. By November, the probability of a cumulative 25 basis point rate cut is 21.7%, the probability of a cumulative 50 basis point rate cut is 71.1%, and the probability of a cumulative 75 basis point rate cut is 7.2%.
Affected by this news and expectations, the three major U.S. stock indexes opened high and closed high, but the trend of the crypto market was disappointing. Bitcoin lost the support of 65,000 points, and Ethereum fell below 3,300 points. However, if you pay attention to the changes in the news, you will find that whenever Bitcoin tries to break upward, the news of Mt.Gox Bitcoin compensation will appear. In particular, the news that Biden will sell all the Bitcoin owned by the US government during his term has exacerbated market volatility. The US government's transfer of $2 billion in BTC on Monday added to market speculation.
In addition, the US election situation has changed, and Harris's polls and approval ratings are higher than Trump's. These factors have jointly led to a pullback in the crypto market. However, institutional analysts believe that such news crashes are commonplace, and the upward pattern of the crypto market in August remains unchanged.
