Important information you can't miss every day
1. Global assets encountered a "Black Monday", with Japan, South Korea, and Turkey triggering circuit breakers; the market value of the seven largest U.S. stocks evaporated by $1.3 trillion at opening.
Last night, the US stock market fell before the market opened, but it did not continue to deteriorate after the market closed, which boosted the market's confidence to some extent. Today, Japan's Topix index futures triggered the circuit breaker mechanism upward. This is the case with traditional stock markets, and the volatility of the crypto market is nothing. Whoever says that the volatility risk of the crypto market is high will be angry.
2. Middle East situation: Iran may attack Israel within 24 to 48 hours. Israeli media: If there is solid evidence that Iran is preparing to attack, Israel will consider a "preemptive" strike. So far, there is no information on continued deterioration.
3. Global stock markets fell, let's see how Fed officials reassured the market: Chicago Fed President Goolsbee said that it is not the Fed's job to respond to one month's employment data, and the Fed's policy mission has nothing to do with the stock market. When asked about the emergency rate cut, Goolsbee said that options including rate hikes and rate cuts have always been on the table;
San Francisco Fed President Mary Daly pointed out that she is open to a rate cut in September. She has not seen any deterioration in employment at present. The July employment report reflects temporary layoffs and the impact of hurricanes. It would be easy to make mistakes if we only focus on one point of data.
According to the latest data from CME's "Fed Watch", the probability of the Fed cutting interest rates by 50 basis points in September 2024 is 83%.
4. When the market fell, BlackRock, MicroStrategy, Grayscale and Fidelity did not sell Bitcoin during the market decline; on the contrary, many institutions continued to increase their positions. This is the difference between professional institutions and retail investors, because the market has not reached the top and the market trend has not decreased. I said yesterday that short-term sudden negative factors will not change the market trend.
5. The zkRollup network Zircuit announced $ZRC token economics, $ZRC with a total supply of 10 billion, specifically distributed as follows: 21.00% airdrops and community rewards (7.00% for the first quarter airdrops, 14.00% for future airdrops and community rewards); 12.61% community supply; 17.93% ecosystem development; 18.70% foundation; 18.74% team; 11.02% investors.
6. Founder of gm.ai: The launch time of GM token may be postponed again.
7. According to the official Twitter of MATR1X, 200M pieces$MAX have been burned, accounting for 20% of the total supply. The details of the destruction are as follows: 50M pieces$MAX from the team and investors; 80M pieces$MAX from the community; 70m pieces$MAX from the platform;
8. OKX will add the following USDC trading pairs from 2:00 pm to 4:30 pm (UTC+8) on August 8, 2024: BAT/USDC, BAL/USDC, MOVR/USDC, PERP/USDC, ALPHA/USDC, WBTC/USDC, FORTH/USDC, ACA/USDC, KP3R/USDC, GHST/USDC, OXT/USDC, BNT/USDC, CELR/USDC and ALCX/USDC.
9. $ENA It was revealed that it had suffered huge losses, with the annual loss as high as -3100%;
10. The market fell due to a large number of decentralized liquidations, and the Aave Treasury received $6 million in revenue. The Aave protocol withstood the market pressure of L1 and L2 in 14 active markets, ensuring $21 billion in value. This is why the rebound is relatively strong.
Market Analysis
After the panic in the market was alleviated, it began to rebound strongly. Currently, Bitcoin has pulled back above $55,000. The original high-level fluctuations that wanted to try to break through $70,000 were destroyed by the negative impact of multiple BUFFs. So it will take more time to adjust and repair. I estimate that this time will be about 1 month, which means that by the end of August, the market will basically be repaired, thus preparing for the outbreak in Q4.
After the market rebounded, the altcoins also rebounded strongly. Currently, the relatively strong ones include $TAO in the AI track, $SATS in the Bitcoin ecosystem, and the old DEFI $AAVE and other coins with profit models.
If you missed the buy the dips yesterday, then the next week or so will be a good opportunity.
Finally, I would like to emphasize that no matter it is a bull market or a bear market, you must stay away from leverage. Without leverage, you will make money slower at best, but the advantage is that you will not return to zero and you can live forever. In addition to staying away from leverage, you must also maintain a certain cash flow. No matter it is a bull market or a bear market, cash is very important, because no matter what cycle, there will be opportunities. When opportunities appear, if you don’t have cash, you can only watch helplessly.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
If you want to know more about the secret of wealth or have any questions, please follow the official account: Crypto Conan
