Market Trends
In the past week, the market entered a rebound and repair market. BTC hit a weekly high of $62,745 on August 9 and stabilized at $60,000 during the week. Since the evening of August 11, BTC has entered a downward channel again, bottoming out at $57,642 in the short term, with a maximum weekly decline of 8%. As of the time of this article, BTC has fluctuated and tried to return to the key point of $60,000. ETH showed a fluctuating upward trend but was slightly tired, reaching a high of $2,750, a 30% increase from the lowest point on August 5. (The above data comes from Binance spot, August 13, 15:00)
The market lacks hot spot support, and the mainstream coins are weak. BTC volatility is still at a high level, coupled with the reduced activity on the ETH chain, in the short term, the crypto market is still dominated by fluctuations.
Recommended attention
The US dollar is slightly weak, and the Fed's interest rate cut may be lower than expected
Recently, various US data have not been as expected, and the market's risk sentiment for a US recession has continued to increase. Based on the stabilization of the US dollar price, the Fed may not be as aggressive as other central banks in easing monetary policy. BBH analyst Elias Haddad said that this week's US economic data will prompt traders to reassess their bets on the Fed's easing policy. The CPI data released this week is the penultimate CPI report released by the Fed before its September interest rate decision.
Polls show Harris's approval rating exceeds Trump's, and the realization of the election's positives is in an uncertain situation
The latest data from Polymarket shows that the market expectation of Khamis winning the US election exceeds Trump by 6 percentage points. 52% of users bet on Kamala Harris to win the 2024 US presidential election, and 46% bet on Trump to win the election, with a total bet of more than 580 million US dollars. At the same time, a survey by CNBC and Generation Lab showed that Harris' popularity among young Americans has risen. In the survey of candidates who are most capable of improving the economy, 41% of people chose Harris, and 40% of respondents chose Trump.
Previously, the market generally believed that Trump's coming to power would be beneficial to the development of cryptocurrencies. Trump also proposed at a recent Bitcoin conference to include BTC in the US strategic reserves.
Japan will hold a special meeting on August 23, or discuss raising interest rates again
According to Odaily, the Japanese parliament will hold a special meeting in the lower house committee on August 23 to discuss the Bank of Japan's interest rate hike, and the Bank of Japan Governor Kazuo Ueda may be asked to attend. The global liquidity disorder caused by the yen interest rate hike has caused multiple markets to plummet last week, and the Nikkei has now returned to its pre-crash level. If Japan continues to raise interest rates, it is not ruled out that large Japanese companies will face more economic challenges and the stock market will become more volatile.
Justin Sun participation in the WBTC project has sparked community discussions on its decentralization and security
The recent news that Justin Sun has joined the WBTC project has brought enough market discussion to WBTC, and also triggered a discussion in the community about the decentralization and security of WBTC. Justin Sun tweeted that participating in the WBTC project is a strategic move, and he does not control the private key of WBTC reserves, nor can he move any BTC reserves. It is reported that Justin Sun will participate in X Space to discuss WBTC and other topics on the 13th.
Investment layout
Crypto assets are increasingly affected by the macro economy, but their risky asset attributes remain. With the easing of the selling pressure of systematic funds in the U.S. stock market and the stock repurchase wave, it is not ruled out that the U.S. stock market will usher in a short-term position-building period in August. Although it is currently unknown whether crypto assets will follow the pace of U.S. stocks, as SEC supervision becomes more stringent, investors are advised to invest rationally in the short term and appropriately reduce their positions when the market is low.
In a volatile market dominated by mainstream currencies, the ETH-BTC dual-currency product is a good choice for users with certain operating experience and clear data support for market trends. It can not only avoid the risk of liquidation of the targeted assets due to market fluctuations before the expiration date, but also have the opportunity to obtain profit. At the same time, it also avoids the situation of early exit due to asset conversion. The ETH-BTC dual-currency product will ensure that you at least hold one asset, ETH or BTC, stably.
If you think the market will fluctuate violently, but the fluctuation range is controllable. Experienced investors can try snowball products. When the snowball products you buy fluctuate between these two prices, your income will be like a snowball rolling in the snow, rolling more and more. Matrixport provides USDT bullish snowballs, BTC bullish snowballs, and BTC bearish snowballs. Users can exercise their rights on any date after the purchase is successful.
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Disclaimer: The above content does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy to residents of the Hong Kong Special Administrative Region, the United States, Singapore, and other countries or regions where such offers or solicitations may be prohibited by law. Digital asset trading may be extremely risky and volatile. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.
