On Wednesday, the U.S. released inflation data showing that the annual rate of CPI in August was 2.5%, lower than the expected value of 2.6% and lower than the previous value of 2.90%; the annual rate of core CPI in August was 3.2%, in line with the expected value of 3.20%, and the same as the previous value of 3.20%. The monthly rate of core CPI in August was 0.3%, higher than the expected value of 0.20% and higher than the previous value of 0.20%. After the release of inflation data, the probability of the Federal Reserve cutting interest rates by 25 basis points next week increased from 71% to 85%, and the probability of cutting interest rates by 50 basis points decreased from 29% to 15%. The focus is that the core inflation CPI of 0.3% is higher than the expected value of 0.2%. Citi economists abandoned their forecast of a 50 basis point rate cut by the Federal Reserve at next week's meeting, and expected a 25 basis point rate cut, with a 50 basis point cut in November and December respectively.

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On September 10, the U.S. Congress held its first hearing on decentralized finance (DeFi). The two-and-a-half-hour hearing highlighted the serious differences among U.S. lawmakers on DeFi technology issues and also reflected the challenges faced by regulators. The theme was "Decoding DeFi: Analyzing the Future of Decentralized Finance", which aimed to explore emerging topics such as tokenization and the application of blockchain in the financial field. Democratic lawmakers were highly critical, saying that DeFi was mainly used for crime, evasion of sanctions and tax evasion, and questioned whether regulators such as the SEC and CFTC were capable of dealing with DeFi platforms. Attorney General Amanda Tuminelli emphasized the openness and inclusiveness of DeFi. The debate between Trump and Harris at the National Constitution Center in Philadelphia, Pennsylvania has ended without mentioning crypto-related content. Harris' campaign spokesman said another debate should be held in October. Musk expressed his views on the first debate of the U.S. presidential election, pointing out that although Harris's debate performance exceeded expectations, he still believed that Trump would perform better in actual work. Tether, TRON and TRM Labs have teamed up to form the T3 Financial Crimes Unit (T3 FCU) to promote public-private collaboration to combat illegal activities associated with the use of USDT on the TRON blockchain. ETH co-founder Vitalik Buterin said that by default, buzzwords like "smart" should be viewed with suspicion, and that one should be wary of the "smart" label of smart wallets and whether the wallet design actually enhances security. On September 10, State Street Global Advisors, the asset management business of State Street Bank Group, announced the launch of three actively managed digital asset and disruptive technology-focused ETFs designed to take advantage of market inefficiencies and developments in the rapidly changing digital environment by actively managing exposure to digital assets. Caroline Ellison, former co-CEO of Alameda, will be sentenced in a New York court on September 24.

Caroline is also the ex-girlfriend of Sam Bankman-Fried, former CEO of FTX. Bitwise Chief Investment Officer Matt Hougan expects cryptocurrencies to rise after the current macro uncertainty begins to dissipate in October and November. The probability of a 50 basis point rate cut in September has decreased, and the probability of a rate cut of more than 125 basis points by December has increased as Wednesday's CPI data and the key Fed meeting next week approach. On September 11, BTC mining difficulty increased by 3.58% to 92.67T, a record high. The glassnode report said that miners are usually pro-cyclical, acting as sellers when the market falls and as holders when the market rises. Markus Thielen, founder of 10x Research, said that Trump's possible election and the upcoming FTX creditor compensation will support prices at the end of the year. On September 10, the US BTC spot ETF had a net inflow of US$116.97 million; the US ETH spot ETF had a net inflow of US$11.4 million. Fidelity FBTC had a net inflow of $63.2 million, and ARKB had a net inflow of $12.7 million (Trader T data). On Wednesday, the U.S. released inflation data showing that the annual rate of CPI in August was 2.5%, lower than the expected value of 2.6% and lower than the previous value of 2.90%; the annual rate of core CPI in August was 3.2%, in line with the expected value of 3.20%, the same as the previous value of 3.20%; the monthly rate of core CPI in August was 0.3%, higher than the expected value of 0.20%, and higher than the previous value of 0.20%. The monthly rate of core inflation CPI was 0.3% higher than the previous value (0.2% and 0.1% in the first two months respectively); the overall inflation CPI fell to 2.5%, and the core inflation CPI was the same as the previous value of 3.2%. Brainard of the White House Economic Council said: In August, housing contributed 16 basis points to inflation, accounting for almost all 19 basis points of the increase in inflation indicators. Other components of core inflation have been steadily declining. CPI data show that "a new chapter in inflation is opening."

Nick Timiraos, the "Fed mouthpiece," said that the stronger-than-expected rise in core inflation reduced the likelihood of a 50 basis point rate cut at the Fed's meeting next week, and the CPI data will not change that. Strategist Josh Jamner said that today's CPI report will disappoint the short-term bond market because the market is ready for the Fed to cut interest rates by more than 250 basis points by the end of 2025. Strategist Bob Haberkorn said: If they only cut interest rates by half (25 basis points), it means they have admitted defeat, and a 25 basis point rate cut is almost what they have to do at this time. Citi economists have abandoned their forecast of a 50 basis point rate cut by the Fed at next week's meeting, and are expected to cut interest rates by 25 basis points, maintaining their expectations for a total rate cut of 125 basis points this year, with 50 basis points cuts in November and December respectively. David Kelly, a strategist at Morgan Asset Management, said that today's data is more of a "noise than news", inflation has fallen to "room temperature", and there is no "significant" inflation problem. The interest rate market expects the Fed to cut interest rates by 25 basis points next week, and predicts a total of 100 basis points of interest rate cuts this year. The Nasdaq opened lower with a drop of 1.3%, and rebounded to an increase of 0.1%. The bitcoin price rebounded to $57,000 after a spike. After the CPI was released, the forecast for a rate cut next week was 25 basis points, and a total rate cut of 100-125 basis points before the end of this year (three interest rate meetings in September, November and December). The next two times may see a radical rate cut of 50 basis points. At present, the bond market is betting that the Fed will cut interest rates by a total of 250 basis points by the end of 2025. The rate cut range has changed from slow to fast, and it has not been able to break away from the previous cycle of first suppression and then rise (many old leeks believe that after the Fed started to cut interest rates, the currency market trend was suppressed first and then rose). Entering the rate cut cycle, entering the bull market prospect. #特朗普与哈里斯辩论，特朗普概念币普跌 #美国8月CPI数据高于预期 #美国大选如何影响加密产业？