At 4 a.m. today, Bitcoin plunged again, falling to $58,300.4, and Ethereum fell to $2,540. This may be related to the recent erratic interest rate cuts by the Federal Reserve, especially the Federal Reserve's expectations for a September rate cut, with a probability of 51.5% for a 25 basis point cut and a probability of 48.5% for a 50 basis point cut.

Whether the Federal Reserve cuts interest rates is related to the election. In terms of the election, Harris's popularity has soared, but the exchange's Bitcoin reserves hit a five-year low, with $5.96 billion withdrawn in 30 days

In the past month, starting from July 11, 2024, 99,308 BTC were withdrawn from exchanges, worth $5.96 billion. At present, this is enough to show that whale institutions are eager to hoard coins and are optimistic about the future market.

This week, the United States will release a series of economic data. On Monday (August 12), the 1-year inflation forecast of the Federal Reserve Bank of New York will be released on the same day. On Tuesday (August 13), the monthly rate of US PPI and the annual rate of US PPI will be released on the same day. On Wednesday (August 14), the monthly rate of US seasonally adjusted CPI, the annual rate of US seasonally adjusted CPI, and the monthly rate of US seasonally adjusted core CPI will be released on the same day. On Thursday (August 15), the monthly rate of US retail sales, the manufacturing index of the Federal Reserve Bank of New York, the manufacturing index of the Federal Reserve Bank of Philadelphia, the number of initial jobless claims in the United States that week, the monthly rate of US industrial output, and the monthly rate of US commercial inventory will be released on the same day. It can be seen that the volatility of the market is normal. When will the Federal Reserve cut interest rates?#Howdoes the US election affect the crypto industry?#BTCtrend analysis $ETH $BTC