Yesterday, the price of Bitcoin broke through 61,000 US dollars and then fell back, and the overall market sentiment remained neutral. The Federal Reserve will announce the interest rate decision at the FOMC meeting on Thursday morning. The market generally believes that this interest rate decision will be the beginning of a rate cut. At that time, the overall market will experience large fluctuations, and investors should be prepared in advance.
In terms of ETFs, Bitcoin ETF has seen net inflows for four consecutive trading days, with a cumulative amount of US$480 million; Ethereum ETF still performed poorly, with a net outflow of US$15.1 million yesterday. The ETF market has clearly paid more attention to Bitcoin, causing the ETH/BTC exchange rate to fall to a nearly three-year low.
In terms of crypto ecology, the overall MEME market has become more active due to the recent launch of MEME coins on Binance. Various MEME coins with the same name, led by Neiro, are emerging in an endless stream. Investors need to carefully distinguish them when trading. The best solution is to trade directly on centralized exchanges to ensure the safety of funds.
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Wealth creation sector
1) Sector changes: MEME ecosystem (Neiro, TURBO)
main reason :
Binance recently launched three MEME coins at once, which is rare. In its official explanation, Binance said that it was selecting tokens with lower market value and healthier communities for listing. This launch also triggered other tokens in the MEME coin community. At present, the overall wealth creation effect of the MEME token market is good. With the advancement of the interest rate cut process and the improvement of market liquidity, MEME coins, as one of the most popular cryptocurrency types among retail players in the market, have a large prospect. Investors can pay close attention to BG Wealth Creation Daily to find wealth opportunities.
Rising situation :
Neiro and TURBO rose 49.2% and 11.7% respectively in 24 hours;
Factors affecting the market outlook :
Maintaining popularity: The main value of MEME coins is the emotional value provided by the community, because its simple and easy-to-understand dissemination intention is deeply loved by retail traders. However, users need to be clearly aware that the issuance cost of MEME coins is low and the business model is simple and can be quickly replicated. Therefore, when the community enthusiasm dissipates, investors' investments may face greater risks. Therefore, investors should always pay attention to the activity and popularity of the MEME community and grasp its value source.
Increase or decrease in open interest: The open interest of some MEME coins with existing contracts increased yesterday, indicating an influx of hot money. To understand the movement of major funds, we can first observe the increase in net long positions on the contract and then see whether there is a net increase in long positions, an increase in OI, and an increase in trading volume. If so, it means that the major players continue to buy and can continue to hold.
2) Sector changes: Modular sector (TIA, SAGA, DYM)
main reason :
As an ecosystem, the DA layer led by Celestia is still receiving continuous attention and active attempts from many developers, and DA projects in niche areas are still emerging in the market to airdrop to TIA stakers. On the other hand, after a long period of washing, the TIA token has almost returned to the initial TGE price of the token, and is undervalued by multiples. Therefore, some funds in the current market have begun to increase their bets and repair the valuations of various tokens in the DA track.
Rising situation :
TIA, SAG, and DYM rose 6.9%, 19.7%, and 21.5% respectively in 24 hours;
Factors affecting the market outlook :
Project dynamics: The DA ecosystem needs to continuously expand its application coverage and depth to maintain its continued competitiveness, and the market needs to fully accept DA applications to reasonably value DA ecosystem projects. At present, the construction of Ethereum and related ecosystems has initially taken shape, and more killer applications need to appear in order for infrastructure projects to have good revenue and thus raise their valuations.
Impact of news: Pay attention to the product updates and partnerships recently promoted by the project party. If an AMA is held, you can consider deploying related assets in advance, because there is a high probability that good news will be released in the near future using the improved liquidity environment.
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