Where's the bear market we promised? It turns out the policy side couldn't hold on any longer. Recently, the expectation for the Federal Reserve to cut interest rates has heated up, with the probability of a 25 basis point cut in September skyrocketing to 89.1%. The CFTC and SEC, who were originally 'in name only' partners, surprisingly joined forces to launch a 'crypto sprint' joint action. Citibank also joined the fray, stating that the outlook for the US economy is weakening and gold prices may rise moderately. The most dramatic part is that Trump has hinted that someone will be appointed to fill the vacant Federal Reserve Board seat within a few days.
This series of actions is like giving the market a shot of adrenaline, with sentiment clearly warming up, and funds beginning to stir, as if the air conditioning of summer has finally been turned on.