Lab Daily Report on August 1:

1. On the Fed side, the Fed kept interest rates unchanged and revised the statement to fit the recent calls for rate cuts, but still retained the wording of "no rate cuts until there is greater confidence in inflation";

Powell said that this meeting had an in-depth discussion on rate cuts, and if the data meets the requirements, the rate cut will be made as early as September;

According to CME Fed Observation: The probability of the Fed cutting interest rates in September is 100%;

2. U.S. Senator Cynthia Lummis of Wyoming formally proposed the "Bitcoin Strategic Reserve Act", which will instruct the U.S. government to establish a reserve fund for this scarce decentralized asset;

3. Futu Securities International (Hong Kong) will launch cryptocurrency trading services on August 1;

4. The market value of stablecoins has reached a nearly 2-year high, and liquidity is pouring into the crypto economy, but the market does not seem to show an increase in liquidity. Where is it flowing?

5. @GMX_IO starts on-chain voting to "change the income distribution model to repurchase and distribute GMX"; (UNI will not be defined as a security by the SEC!)

6. Jupiter Lianchuang: JUP distribution will be publicly reviewed every 6 months, and token sales will be fully disclosed;

Market:

Yesterday's Federal Reserve interest rate meeting showed that there is a high probability of a rate cut in September, which should actually be considered a positive.

Gold and US stocks both rose, but only BTC fell.

Sometimes it seems difficult to judge whether BTC follows the US stock market.

Now there is no need for negative news for the decline, just smash it directly.

Focus on the support position of Bitcoin around 6.3~6.35, which is likely to withstand.

The reasons for continued bullishness are probably halving, interest rate cuts, ETF approval, etc.