😀Bitcoin (BTC) has edged slightly above $61,000, sparking talks of a rally. There’s been some movement in altcoins as well, but BTC and ETH remain within their respective channels, not yet committing to any significant breakout.

The pump in AUCTION has ended, and I was stopped out with the price reversal. It was a smooth reversal without a final shakeout, likely orchestrated by sophisticated market makers in the token.

Tron (TRX) and the SUN token continue to stir the market. The SunPump project has already outperformed PumpFun in terms of revenue. As I mentioned earlier, this hype is still effective.

😀 TradFi

The Federal Reserve minutes were largely ignored by the market. After the revision of job numbers, the minutes became irrelevant. In essence, nothing has changed with the job revision (the U.S. Bureau of Labor Statistics reported that 818,000 fewer jobs were created from March 2023 to March 2024 than previously indicated). This suggests that the labor market has been weaker than it seemed. Some believe this discrepancy could be due to gray employment, especially given the significant influx of migrants into the U.S. after COVID, many of whom may be working unofficially. Let’s wait for Powell’s comments tomorrow—his speech at 5:00 PM on Friday is the main event of the week.

😀News

Brian Nelson, a senior political advisor to Kamala Harris, stated that Harris is committed to supporting the growth of new technologies and the cryptocurrency industry while ensuring continuous development. This seems like a typical populist statement ahead of the elections.

There’s growing interest in BTC staking, including liquid staking options. However, the total value locked (TVL) in these projects is still just a few million dollars—insignificant for BTC. I’ll cover this more as the phenomenon gains momentum and the leaders in this space become clearer.

😀 Baseline Scenario

Powell’s speech tomorrow will undoubtedly impact the market. The market has taken a surprisingly reasonable stance regarding the Fed—pricing in a 0.25% rate cut already, while a 0.5% cut could trigger a significant rally. I don’t expect Powell to encourage markets tomorrow, but if they truly plan to cut rates by 0.5% in September, he might hint at it. Unlike Russia’s Central Bank, the Fed is expected to be consistent and predictable, so Powell might indeed forewarn about a 0.5% cut tomorrow.

Given the uncertainty, I’m taking a wait-and-see approach. I expect good entry points on both sides tomorrow.

😀What to Go Long On Today

JST, the token of a DeFi project on Tron, has the potential for further growth.

MKR could be a good medium-term buy.

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