#Bitcoin Broke Above $64,000 As Fed Chair Jerome Powell Signals Rate Cut Is Imminent#
On August 23, Federal Reserve Chairman Powell delivered a speech at the 2024 Global Central Bank Governors Annual Meeting, clearly sending a signal that interest rate cuts are imminent. He said it was time to adjust policies. As a result, U.S. stocks soared, with the S&P 500 up 1.15% and the Nasdaq up 1.47%. Bitcoin once broke above $64,000 in the crypto market, the first time since August 1, and rose 6% during the day. According to CMC data, the total market value of cryptocurrencies returned to $2.2 trillion, and the 24-hour trading volume increased by 45%.
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10x Research
Crypto Trends Chart Book: Understand What is Moving in the Market and Why. In last week's report, we pointed out that Bitcoin was breaking the $83,965 support level and the drivers behind the weakness. Let's look at the latest drivers. Bitcoin (BTC-USD is below the 7-day moving average -> bearish, and is below the 30 day moving average -> bearish, with 1 week change of -11.6%) plunged toward $60,000 after heavy ETF outflows and macro uncertainty triggered risk-off selling and liquidity stress across crypto markets. The selloff intensified as leveraged positions were liquidated and derivatives-related activity accelerated the decline, amplifying volatility and forcing rapid price moves. The nomination of Kevin Warsh as Federal Reserve chair added pressure by raising expectations of tighter monetary policy and reducing investor appetite for risk assets. Bitcoin rebounded sharply above $70,000 after global equities stabilized and oversold conditions attracted renewed buying. Read our full report with 50+ crypto coins (see link below) signal.10xresearch.com/p/crypt...…
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2.33%
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Mr. Z
Many people's poverty is actually caused by procrastination. Essentially, it's a lack of action. What others do immediately, you procrastinate on, resulting in others profiting while you remain stagnant. For example, before 2017, Bitcoin could be easily bought on some domestic trading websites, and even earlier, on Taobao. People with action immediately understood and acted on their purchases, and many became very wealthy. Now, most risk-free channels for buying Bitcoin in China have been shut down. Another example is before 2023, opening an account with brokers like Futu and Tiger Brokers in Hong Kong to buy US stocks was easy, taking only ten minutes. Many people procrastinated even for that short time, and now, due to policy changes, opening an account is no longer allowed. Those who opened accounts immediately and bought Tesla, Google, and Nvidia stocks back then made a fortune. The same applies to opening accounts with certain overseas banks; they may be closed to new accounts at any time. Delaying many things will only lead to disaster.
BTC
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