【Cryptocurrency market falls across the board, here are some things to know】🔥
1. Mt. Gox compensation
Since the beginning of July, Mt. Gox has completed repayments to more than 17,000 creditors, paying back part of its $8.6 billion digital currency debt. The specific amount has not been disclosed. It should be noted that in addition to Bitcoin, compensation also includes BCH, ETH and other cryptocurrencies. This big negative is still continuing, and it will take some time for the market to digest it.
2. Ethereum ETF
On July 31, the Ethereum ETF was still in a net outflow state, and Grayscale still ranked first in outflow, with $19.8 million yesterday. It has been outflowing for nearly a week, similar to when the Bitcoin ETF was passed, but the market recognition is not as good as Bitcoin. The outflow also indicates that the market environment is in a downward state, so be cautious about going long.
3. Expectations of the Fed's rate cut
Yesterday, the Fed decided to maintain the interest rate at 5.25% to 5.5%. Bao did not explicitly mention the rate cut in September. The market generally believes that the probability of a rate cut is very high. The topic of rate cut has been hyped for a long time and is considered by most people to be super positive. Personally, I think that good news is usually hyped in advance. When it lands, the market is likely to fall instead of rising. Rate cuts are good in the long run and bad in the short run.
4. US government Bitcoin policy
Recently, Trump and many other US political party members have publicly supported Bitcoin and stated that they will introduce the Bitcoin Reserve Act. The market has also started a big rise because of these positive news. However, on the 30th, the US government transferred nearly 30,000 Bitcoins, worth nearly $2 billion, which led to the decline in the past two days. This news has a great impact on the market. Multiple long and short double explosions, once again reminding cautious orders.
In addition, Israel and Iran have started fighting again, which has a great impact on the market. In recent times, the market has been difficult to calm down. Wait patiently for improvement.
