QCP Capital, a Singapore-based cryptocurrency investment firm, expressed concern about the weakness of the labor market after the downward revision of US non-farm payrolls overnight, triggering a sell-off and raising worries that the Fed may delay its interest rate cut.However, the minutes of the July Federal Open Market Committee (FOMC) meeting showed that some policymakers were willing to cut interest rates, releasing a more dovish stance aimed at balancing inflation and employment targets, which eased these concerns. This dovish sentiment boosted risk assets and pushed the price of Bitcoin above $61,800, with strong buying on Coinbase continuing until 4am Singapore time. The aggressive buying on Coinbase (indicating US domestic demand) is a good signal for short-term trends.Now, the market's attention is turning to Fed Chairman Powell's speech in Jackson Hole tomorrow, hoping to get more signals about interest rate cuts. Unexpected economic data could have a significant impact on the market given the widespread expectation of interest rate cuts.

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