Trump announced that he would attend all future activities including the Bitcoin encryption conference in July. This fighting spirit of becoming more courageous with each setback is estimated to have caused many Biden supporters to defect. I believe everyone knows what benefits Trump's presidency will bring to encryption. He has praised encryption more than once, saying that he will ensure that the future of encryption happens in the United States, that all remaining Bitcoins will be born in the United States, that the crackdown on cryptocurrencies will be stopped, that WikiLeaks' Assange and Silk Road founder Ross will be pardoned, etc. After the assassination attempt on Trump failed yesterday, the Bitcoin price broke 60,000, and today it broke 62,000, which is the best proof. It is highly likely that the market will return to a bull market next.
In addition to the positive news of Trump's election, the German government's liquidation of bitcoin and the US Bitcoin ETF's net inflow of $300 million in a single day last Friday were also the keys to the market's continued strength over the weekend. The continued rise of the crypto market during the day today is actually a preview of crypto stocks and ETFs in the evening. It is estimated that various concepts surrounding encryption will take off tonight, and funds from all walks of life will rush into the currency market frantically, just like when the Bitcoin ETF was first passed at the beginning of the year.
Another Ethereum ETF will also be approved this week. Originally, due to the low market sentiment, Grayscale ETHE's sudden successful conversion to an ETF would result in a large amount of short-term selling pressure. However, as market sentiment has returned and everyone is calling for a bull market, this has reduced Grayscale's original expected selling pressure. This will result in less short-term negative news after the ETF is approved and stronger long-term positive sentiment. In this way, ETH's trend will probably be the same as that of Bitcoin ETF after its approval, with a 20-30% increase within 2 months, so there is no need to panic if you hold Ethereum spot now.
From a macro perspective, after the US CPI fell below expectations last week, expectations for a rate cut became basically clear, and the probability of a rate cut in September has now reached 92%. The Fed was originally relatively conservative about cutting rates, and there was a certain amount of political pressure, because cutting rates in advance might be seen by the Trump camp as trying to please Biden. Now that Trump is firmly in power, the Fed has fewer concerns. What is likely to happen is a 25 basis point rate cut in September, November, and December. Even bond traders have begun betting on a 50 basis point rate cut in September today. Therefore, the subsequent macro environment will definitely be super positive for the currency market, and the previously mentioned Q4 bull market is basically stable.
In the altcoin market, the Trump concept coins are definitely the ones that benefited directly from the Trump incident over the weekend. Trump Maga, Tremp, Strump, DJT and the like are naturally the first to rise. The two new memes Fight and Ear have increased by a hundred times, especially Fight. The current prices on several chains are still a hundred times higher than the opening price, and the correction is limited. From the perspective of the meme pictures, Fight should have run out, and Ear has generally corrected by more than 50% today, which is much weaker in comparison. Other memes have also increased to a certain extent, especially People, as the leader of Pilitifi and the only project on Binance, which also had a wave of pull-ups yesterday. Compared with the glory of Trump concept coins, Boden's trend is too miserable. Not only has it been going down all the way, but the trading volume is also terrible. In terms of other altcoins, STX is about to upgrade to Satoshi Nakamoto, and the SEC has also announced the end of its investigation into it, so this wave of increase from the bottom has exceeded 50%. Another one with a better trend is ICP. This wave of ICP has been identified as an AI track by Coindesk, so now ICP is already AI Depin. As the leading project of the three top tracks of btcfi, this wave of icp has risen by more than 50% from the bottom. Other copycats have basically also seen general increases, mainly divided into strong and weak ones. The strong ones have basically rebounded by about 50% from the bottom, while the weak ones generally only have about 20%.