8.1 Bitcoin has fallen again! Is the market beginning to lose hope for Bitcoin?
Bitcoin suddenly plummeted in the early morning today, and the price started to fall directly from around 66,000. So far, the lowest price has fallen to 63,800, and the price has fallen below 64,000. The overall price has fallen by more than 2,000 points compared to yesterday.
There was news released in the early morning that the Federal Reserve decided to keep the benchmark interest rate unchanged, and the price just started to fall after that. In fact, from the news perspective, we have long known that the probability of the Federal Reserve keeping the benchmark interest rate unchanged this time is very high. Since the market has such an expectation and still caused a decline, it means that everyone still hopes that the Federal Reserve will start to cut interest rates.
Then recently, politicians in the United States have been publicly supporting Bitcoin. Candidate Trump even went to the Bitcoin Conference to promise various Bitcoin benefits after his election, but so far the market is still not optimistic about Bitcoin.
Perhaps politicians support Bitcoin just for votes. Of course, this also shows from the side that Bitcoin, including cryptocurrencies, is becoming more and more popular in the United States, and the base is not low. Otherwise, why would politicians fight for their votes?
So you don't have to be too disappointed with Bitcoin at the moment. Cryptocurrency is becoming popular. From this US election, we can see that this is a trend. Maybe everyone is looking forward to more substantial benefits, rather than the future policies that politicians say.
The substantial benefits, at present, are that the Fed's interest rate cut cycle has begun. I think the market's prediction accuracy for whether the Fed will cut or raise interest rates or maintain the benchmark interest rate at each interest rate meeting is very high. Just like this time, I got the news from the news website long ago that the market generally believed that the benchmark interest rate would remain unchanged, and it turned out to be the case.
In the coming September, it is currently expected that the Fed will start to cut interest rates. I also think that the accuracy of this news is very high. If you are waiting for a rate cut, you can pay attention to it.
