Yesterday evening, it was rare to have no market activity, and it seems that the expected movements already performed well last week. Currently, BTC has stabilized at $118,000, and ETH has temporarily established support at $4,200, confirming the upward trend in the market. This trend was facilitated by Trump's signing of an executive order allowing US pension funds to invest in cryptocurrencies, so based on the market expectations before this policy is implemented, it can serve as a catalyst for the market's rise, similar to the expectations surrounding the initial ETF proposals.
An interesting situation is that although the market seems overly optimistic, the Fear and Greed Index, which reflects the sentiment in the cryptocurrency market, remains at a neutral level. Does this indicate that there is still room for the market to rise? It’s worth noting that this index is based on Bitcoin data, and although ETH has been performing strongly in recent days, Bitcoin and other cryptocurrencies have not seen significant gains, and the current state has not reached the level of a 'Altcoin Season', so the market still appears relatively calm.
Whether this week can continue last week's upward momentum primarily depends on the CPI released by the US on Tuesday. Currently, the market expects core and annual CPI to increase, but if the data released meets expectations or even comes in lower, a 25 basis point rate cut in September will be highly probable, which will also benefit the performance of US stocks and the cryptocurrency market this week. After all, before the rate cut expectations are realized, the market will definitely speculate on related news, including the news about the next Chairman of the Federal Reserve that Trump has been sharing. So as long as Tuesday's CPI and the PPI and unemployment data released on Thursday do not deviate from expectations, a rate cut in September will be a foregone conclusion, making the market outlook for August relatively optimistic.
