Bitcoin prices have stagnated since their March highs, mainly due to tight U.S. monetary policy that has reduced stablecoin supply. Since March 2022, overall stablecoin supply has begun to decline as the Federal Reserve has raised interest rates. (Jiao Liu Zhuye)

For Bitcoin to truly rebound, we need to see an increase in stablecoin liquidity and circulating supply. This view emphasizes the role of stablecoins in driving the Bitcoin market. Market expectations of lower interest rates and fiscal policy to bring liquidity are the reasons for Bitcoin's recent rise.

The United States' loose monetary policy and the increase in stablecoin liquidity and circulating supply are necessary for Bitcoin to enter a bull market. Before that, Bitcoin may continue to move sideways or pull back.

The Federal Reserve is expected to lower interest rates in September, provided that economic data remains positive. At the same time, the total market value of stablecoins has grown steadily over the past few months and currently accounts for about 7% of the entire crypto market, with Tether continuing to lead with a market share of nearly 70%.

#美国6月非农数据高于预期 #德国政府转移比特币 #币安合约锦标赛