According to Foresight News, CryptoQuant analyst Woominkyu's latest analysis report pointed out that there is a close correlation between Bitcoin hash price and Bitcoin price, and the current low hash price may suggest that Bitcoin price is approaching the bottom. Woominkyu explained that hash price reflects the profitability of miners. He showed through a chart that historically when hash price dropped to a lower level (the area marked by the blue box in the figure), it often corresponded to a period when Bitcoin price was at or near its lowest point. This historical pattern shows that the trough of hash price often coincides with the moment when Bitcoin price hits bottom.
● QCP Capital: Bitcoin volatility may ease as markets anticipate Fed rate cuts
According to Odaily Planet Daily, QCP Capital analysts predict that considering the impact of this Friday's US GDP report and next week's non-farm payrolls data on the Bitcoin market, Bitcoin price volatility will decline as the market prepares for a possible interest rate cut by the Federal Reserve.
● Analysis: Bitcoin has recently shown a trend of "buying in Asia and selling in the United States"
According to BlockBeats, crypto analyst Miles Deutscher said that Bitcoin has recently shown a "buy in Asia, sell in the United States" trend. In the past two weeks, the cumulative return of Bitcoin in the Asian trading session exceeded 5%, while the US trading session showed negative returns.
The key data point next week will be the August non-farm payrolls report, which will be released on September 6. A weak July jobs report could prompt the Fed to promise a rate cut in September. The market is currently pricing in a 25 basis point rate cut in mid-September. If the second consecutive month of weak jobs data is released, investors may expect the central bank to take action by 50 basis points, which would provide a strong positive stimulus to risk markets, including Bitcoin.
If the September jobs report is strong, market expectations for loose monetary policy may weaken. Volatility may occur in the future, and the probability of upward volatility is about 50%.
● The annual rate of the US core PCE price index in July was 2.6%
According to Odaily Planet Daily, the annual rate of the core PCE price index in the United States in July was 2.6%, the same as last month, and the market expected 2.70%. The monthly rate of the PCE price index in the United States in July was 0.2%, the expected rate was 0.20%, and the previous value was 0.10%. The monthly rate of actual personal consumption expenditure in the United States in July was 0.4%, the expected rate was 0.30%, and the previous value was revised from 0.20% to 0.3%.
● Biden says PCE report shows progress but prices still too high
According to BlockBeats, on August 30, US President Biden said that the PCE report showed progress, but prices were still too high.
According to Foresight News, Mastercard is planning to eliminate traditional credit card numbers and adopt tokenization technology to combat online fraud. The technology replaces credit card numbers with randomly generated digital sequences to reduce the risk of data breaches. Mastercard CEO Miebach said the company will expand the use of the technology and replace traditional passwords with biometric identification (such as fingerprints or facial scans). This measure is in response to the growing problem of online payment fraud, which is expected to exceed $91 billion by 2028.
● Starbucks El Salvador accepts Bitcoin payments
According to Odaily Planet Daily, Bitcoin Magazine released video content on the X platform showing that Starbucks stores in El Salvador accept Bitcoin as a payment method.
According to Odaily Planet Daily, as of the end of July, the market value of Hong Kong's virtual asset ETP market has exceeded 3.6 billion yuan, reflecting investors' demand for products and the growth potential of this field. In addition, Hong Kong's thematic ETF market continues to expand. With the launch of new ETFs investing in different themes such as artificial intelligence and automation, digital payments, and Web3, the average daily trading volume of thematic ETFs in the first seven months of this year has increased to more than 2 billion yuan, and the asset management scale has reached 63.3 billion yuan as of the end of July.
