​After the release of the US core PCE price index data for July, the market further focused on key inflation reports and employment data to obtain clues about the Fed's interest rate hike this year. The data showed that the PCE price index in July increased by 3.3% year-on-year and 0.2% month-on-month, which was the same as expected and the previous value. The year-on-year growth rate of the core PCE price index excluding food and energy rose slightly from 4.1% in June to 4.2%, in line with market expectations.

This upward trend may trigger concerns about inflation. At the Jackson Hole Global Central Bank Conference last week, Federal Reserve Chairman Powell mentioned that although inflation has fallen from its high level, it is still too high and is ready to raise interest rates at an appropriate time, but also emphasized that the Federal Reserve will make decisions more cautiously based on economic data. #美联储是否加息？

Currently, the US PCE price index in July increased both year-on-year and month-on-month, and service industry inflation remained at a high level, indicating that the Federal Reserve is struggling to carry out its struggle to reduce inflation.

Next, the market will pay close attention to the upcoming August non-farm payrolls data and the CPI data on September 13. Economists expect that non-farm payrolls will increase by 168,000 in August and the unemployment rate will remain at 3.5%. #BTC

In addition, the SEC postponed the approval of spot ETFs by companies such as BlackRock, and the price of Bitcoin also fluctuated greatly. It is expected that Bitcoin will still experience adjustments. In the short term, pay attention to the support range of 25,000-25,300 US dollars. Although there may be a certain rebound, don't have too high expectations for the rebound. Personally, I think that in the range of 26,800-27,200 US dollars, there will still be resistance and callback. Therefore, short-term operations are mainly high-altitude and low-multiple, and medium-term operations continue to be bearish. $BTC

Projects worth investing in

At the same time, as cryptocurrencies mature and institutional interest in cryptocurrencies increases, projects that are worth investing in are also gaining attention. In this regard, protocols with high revenue, large market demand, and good profitability may outperform the overall market for a longer period of time.

MakerDAO is a project worth watching, with $166.2 million in annual revenue and a fully diluted valuation of $1.05 billion for MKR. Maker makes money by collecting fees from the collateral backing DAI, with 55% of its revenue coming from RWA collateral and the rest from fees on-chain collateral such as stETH, ETH, and wBTC. Maker currently puts most of its revenue into the DAI Savings Rate (DSR) treasury to increase the DAI supply.

GMX is another project worth watching, with annual revenue of $39.4 million and GMX valuation of $507 million. GMX generates revenue by paying fees to investors. Recently, GMX's market share has been challenged by many competitors such as Synthetix, Level, and Vertex, which have better features than GMX V1. However, GMX recently launched V2 with several upgrades, including lower fees and more assets.

Arbitrum is the largest revenue-generating blockchain after Ethereum, and has a significant position in terms of liquidity and dapps being built. From a technical perspective, Arbitrum excels in decentralization, and the recently announced Arbitrum Bold further supports permissionless state verification.

As the cryptocurrency market develops, investors should pay attention to projects that have stable income, large market demand and can continue to make profits. Although the overall market may be risky, investors may get good returns after choosing the right project and conducting sufficient research.