Market Overview:

After a period of rebound, the crypto market has experienced a small correction. Recently, the negative impact of the Mt.Gox incident is still evident in the market. However, in the medium and long term, the expectation of interest rate cuts and the potential approval of ETFs have brought hope for a boost to the market.

The price of BTC fluctuates between $63,000 and $65,000, and market participants are closely watching the progress of the Mentougou compensation.

BTC short-term important resistance: 65,000, 66,900 Important support: 61,800, 60,500

Main dynamics of the recent market:

1. Progress of Mentougou compensation: Today, Mt.Gox began to repay BTC and BCH to some creditors. This incident had a negative impact on market sentiment in the short term.

2. Expectations of Fed rate cuts: According to the analysis of the CME Fed Observation Tool, the Fed is very likely to cut interest rates in September, and this expectation has brought positive effects to the crypto market.

3. Sun Ge's address dynamics: The address suspected to be Sun Ge continued to transfer out 402 ETH, and increased its holdings by as much as 80,716 ETH in the past three months. This behavior has attracted widespread attention from the market.

4. Trump assassination concept MEME rises: Trump concept MEME token [FIGHT] on Ethereum successfully broke through $0.035 and rose by an astonishing 169% in 24 hours.

5. ETH ETF approval progress: According to Reuters sources, the US SEC has preliminarily approved at least three Ethereum ETF institutions including BlackRock. This news has brought good news to the crypto market.

6. Tether additional issuance: Stablecoin Tether has issued more again after a month, which may have a certain impact on the stability of the market.