Affected by the decline of Nvidia in the U.S. stock market, the crypto market also fell following the U.S. stock market.
Bitcoin’s lowest point reached $57,800 and is currently fluctuating around $59,000. Ethereum is currently fluctuating around $2,500.
Among the Altcoin, the TON ecosystem performed the strongest, with TON, NOT, and DOGS all rising to varying degrees.
The reason for the TON ecosystem's rebound may be that the founder of Telegram was released on bail, but on the condition that he paid a 5 million euro bail and was prohibited from leaving France.
The news worth noting is:
1. Nvidia released their financial report yesterday, showing that the company had a very strong performance in the second quarter
Nvidia's second-quarter revenue was $30 billion, while the market expected it to be $28.86 billion.
Profits were $16.59 billion, while market expectations were $14.64 billion.
Although the figures beat market expectations, Nvidia's stock price fell in after-hours trading.
Why did the stock price fall even though it exceeded expectations?
Because the market has very high expectations for Nvidia, they not only hope that their financial report will meet expectations, but also hope that it will significantly exceed expectations. Although the second quarter financial report exceeded expectations, the extent of the excess was not as good as in the past. It is also worth noting that Buffett sold another $981 million worth of Bank of America shares, bringing his cash holdings to $278 billion.
Buffett is selling U.S. stocks at an unprecedented rate, which shows that Buffett is cautious about the outlook for the U.S. stock market.
At present, the crypto has no independent narrative and is now greatly influenced by the U.S. stock market. If the U.S. stock market performs well, the crypto market will at least not be too bad; if the U.S. stock market performs poorly, the crypto market will also have a hard time performing well.
2. Fed's Bostic said: The interest rate cut should be brought forward to the third quarter
Bostic believes that although inflation still has some way to go, employment remains strong and the Fed cannot wait until inflation reaches 2% before cutting interest rates.
Bostic also mentioned that he is waiting for more data to determine the specific timing of the rate cut. As inflation slowed faster than expected and the unemployment rate rose more than expected, he believed that the rate cut should be brought forward to the third quarter.
According to CME Fed Watch, the probability of the Fed cutting interest rates by 25 basis points in September is 63%, and the probability of cutting interest rates by 50 basis points is 37%.
At present, the Fed's interest rate cut is almost certain, and the US economy has not encountered any major problems, so the macroeconomic situation is still good. The remaining may be short-term market fluctuations.
3. OpenSea said: It is expected to be sued by the US SEC because NFT is a security
OpenSea CEO Devin Finzer said OpenSea received a Wells Notice from the SEC threatening to sue us because they believe that the NFTs on our platform are securities.
We are shocked that the SEC has taken such sweeping action against creators and artists. But we are ready to stand up and fight.
In addition to standing its ground, OpenSea has pledged $5 million to help cover the legal costs of NFT creators and developers who received notice from Wells.
If NFTs are deemed securities, OpenSea’s creators and artists may need to face additional legal complexities and costs, which could limit their creative freedom.
It will also further increase the uncertainty in the NFT market and affect the confidence of investors and users.
4. Binance will support the exchange of MATIC tokens for POL
Binance will stop trading and delist all existing MATIC spot trading pairs at 11:00 on September 10, 2024. Spot trading such as POL/USDT will be opened on September 13.
In the crypto market, brand and token upgrades can lead to significant growth and new opportunities.
Remember when ETHLend changed its name to AAVE? After the brand upgrade and token change, AAVE grew a hundredfold in the bull market.
In each cycle, the project will undergo brand reshaping, LOGO upgrades, website updates, token economic optimization, and token replacement.
These changes may bring a new starting point and explosive growth to the project. It is worth looking forward to whether this cycle will continue to follow this logic.
The projects that have changed their tokens are: GAL upgraded to G, FET+Ocean+AGIX upgraded to ASI, RNDR upgraded to RENDER, MATIC upgraded to POL, MKR upgraded to SKY, and NEXT upgraded to CLEAR.
We can focus on the subsequent performance of these projects.
Overall, this decline was mainly affected by the U.S. stock market and market sentiment. Although the short-term market fluctuations are relatively large, the macro environment is still good.
The focus of the market now is on the Federal Reserve's interest rate meeting on September 18. During this period, it is recommended to watch more and do less, and mainly lie flat. For more practical content, please join the QQ group: 580869654
