Bitcoin surged nearly 10% in a single day at the beginning of the week, reaching a high of $64,955. Trump officially nominated the Republican presidential candidate and chose crypto-friendly JD Vance as his running mate. Bloomberg analysts revealed that the Ethereum spot ETF will be launched on July 23. Federal Reserve Chairman Powell sent out an ultra-dovish signal, emphasizing that he would not wait for the 2% inflation target to cut interest rates.

Ethereum's trend is also close to that of Bitcoin, reaching a high of $3,498 before writing, up 5.81% in the past 24 hours.

Over the past 24 hours, the entire network has been liquidated for more than 190 million US dollars

As Bitcoin continues to rise, according to Coinglass data, the total amount of cryptocurrency liquidations has exceeded US$190 million in the past 24 hours, with more than 57,000 people liquidated (the short position accounts for US$157 million).

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Powell's dovish signal: Will not wait for 2% inflation target to cut interest rates

Powell said on Monday that the Fed will not wait until inflation reaches 2% before cutting interest rates. Speaking at the Economic Club of Washington, D.C., he cited the idea that central bank policy has "long and variable lags" to explain why the Fed will not wait for its target to be reached.

“What that means is that if you wait until inflation gets all the way down to 2%, you may have waited too long because the tightening that you’re doing, or the level of tightening that you have, is still likely to push inflation below 2%,” he said.

Instead, he said the Fed is seeking "greater confidence" that inflation will return to the 2% level.

“What would add to that confidence is more good inflation data, and we’ve gotten some of that here recently,” he said.

Monday was Powell’s first public speech since the June Consumer Price Index (CPI) report showed a cooling of inflation, with prices actually falling month-over-month.

Powell began his appearance by saying he did not plan to send any signal about when the Fed would begin cutting interest rates, with the central bank's next policy meeting due in late July.