To summarize, several points of interest from last night.
First, the non-farm payrolls:
In February, the U.S. adjusted non-farm employment population was 151,000, with an expectation of 160,000. The previous value was revised from 143,000 to 125,000, slightly below expectations. It's beneficial, but Wall Street does not interpret this data too optimistically, as the U.S. stock market needs a boost. As a result, the data did not meet expectations, and the U.S. stock market's gains fell back before last night's trading.
Secondly, Powell's speech:
In his speech, he mentioned that the U.S. economy does not currently require the Federal Reserve to take any action, indicating that the Fed does not believe there are signs of an economic recession.
Regarding tariffs, Powell indeed believes that tariffs may cause prices to rise, but this 'one-time' increase does not require monetary policy adjustments. To put it simply, Powell's statement is that if tariffs do not repeatedly increase, they may not have a significant long-term impact on inflation.
To clarify further, prices will rise just once, and after that, it will affect inflation data for 1 to 2 months, and then it may gradually decline (after all, tariffs do not continuously rise).
So Powell's main point is that because the economy is doing well, there is no need to rush to cut interest rates.
Finally, Trump's White House cryptocurrency summit:
The live broadcast was very short and had no other special features. In simple terms, it is primarily about the U.S. president confirming the status of Bitcoin as a strategic reserve, and secondly, confirming that the U.S. will establish a cryptocurrency reserve, mainly sourced from forfeited assets.
Secondly, it negated previous regulations on cryptocurrencies. Overall, since Trump took office, cryptocurrency regulations will inevitably be more lenient.
Then Trump also indicated that the Treasury and Commerce Departments are exploring new ways to increase the reserve of Bitcoin, and he repeatedly mentioned that the U.S. aims to become a major player in BTC and cryptocurrencies. Therefore, it is undeniable that the U.S. is friendly towards cryptocurrencies, officially ending the 'strangulation action' 2.0 of the Biden era. The Treasury Secretary has also expressed expectations regarding research on the stablecoin system.
He also stated that the U.S. will continue to maintain the dollar as the dominant reserve currency and will use stablecoins to achieve this goal. Stablecoins will undoubtedly be an important part of the U.S. cryptocurrency strategy. 'Never sell your Bitcoin' - Donald Trump, the 47th president of the United States.
Currently, the market is maintaining a continuation trend, meaning it's a middle consolidation point in the larger trend.
Around 91,500 is indeed very critical; if it doesn't hold, it's all in vain. The market also lacks major news to stimulate it, so we can only continue to endure the completely low liquidity of the weekend. There are no market makers, a small amount of funds can push the price up, and a small amount of chips can bring it down, so we still need to be cautious.
Taking a quick look at the 12-hour heat map, the inflow of funds into BTC does not seem very optimistic.
First, I hope we can get through the weekend steadily. To put it bluntly, don't let it drop below 85,000. Then we'll see if there are any events that can break through the 85,000-91,500 range or even 95,000.
The crypto summit has ended, returning to macro expectations about inflation, dot plots, and balance sheet reductions.
Just keep holding on.
