Today, BTC has broken through $65,000, and many friends are shouting that the bull market is coming back.

It can be known that although the price has risen, the turnover of BTC on the chain is low. The biggest possibility of the rise is still the low liquidity. Many friends are looking forward to the speeches of Fed officials and Yellen. From the actual situation, the speeches of Fed officials are not very meaningful, but Yellen did provide some information.

First, Yellen believes that the liquidity of banks is sufficient and is considering how to increase liquidity. Then, she believes that the data on the labor market and inflation indicate that the United States is likely to achieve a soft landing. She also believes that the root cause of the recurrence of inflation may be housing, and hopes that the Federal Reserve can maintain the stability of the labor market. In the end, she even expressed that she would intervene in the US dollar if necessary.

Yellen's speech revealed at least two key points. One is that the current US economy is still good and there is a possibility of a soft landing. The second is that although the labor market is currently stable, it is still relatively fragile and the Federal Reserve needs to continue to cut interest rates to prevent the labor market from collapsing. Both of these messages sent a relatively friendly signal to the outside world.

Returning to the BTC data, the turnover rate in the last 24 hours has almost halved compared to yesterday. Users' emotions seem to be aroused, and they can clearly feel that their purchasing power is increasing, and there are even periodic purchases of ETFs. After a significant increase, a large number of investors began to sell cautiously, and even short-term profit makers began to expect higher prices.

Investors who held positions earlier are still indifferent. The chip concentration area between $62,500 and $64,000 is still increasing, and it has exceeded 1.324 million. The support between $64,000 and $69,000 remains in good condition. The current price change still depends on whether short-term holders are willing to release their chips.

The bull market is not far away! It’s just that there is almost no narrative except for memes. Fortunately, the wealth-creating effect of the cryptocurrency circle will be opened first, and then the outside world will enter the market to trigger a real bull market.

A-shares' epic surge, what impact will it have on the crypto market?

A series of stimulus policies, such as injecting $142 billion into major banks, are aimed at boosting economic growth and stabilizing market expectations. These policy signals have boosted investors' confidence in China's economic recovery and driven a strong rebound in the stock market.

Does it affect encryption?

When the supply of fiat money increases, the market usually looks for tools to hedge against inflation, and cryptocurrencies, especially Bitcoin, tend to perform well during this period because it is seen as an anti-inflation asset. Similar liquidity injections have triggered sharp rises in Bitcoin prices many times in history, so investors expect that with the introduction of China's massive economic stimulus measures, it may once again drive Bitcoin and other crypto assets into a new round of rising cycles.

According to Chainalysis, despite China's strict regulatory measures on cryptocurrencies, over-the-counter trading volumes are still surging, especially as investors shift funds from the sluggish stock market to crypto assets as a safe haven amid economic downturn. This year, China's over-the-counter cryptocurrency trading volume has reached US$75.4 billion, more than triple the same period in 2021.

The recent rise in Bitcoin prices coincides with the Fed’s interest rate cut news. Many investors believe that the cheap capital brought about by the interest rate cut will further push up the prices of crypto assets such as Bitcoin.

Get well, guys!

at last

First revealed by Fortune magazine, Binance founder Zhao Changpeng will be freed on Friday after months in prison

Zhao Changpeng, founder of Binance, the world's largest cryptocurrency exchange, has been serving a four-month sentence since April for failing to implement adequate anti-money laundering measures. Initially held in a minimum-security prison in California, he was later transferred to a transitional settlement center in Long Beach, where he was allowed some freedom, such as supervised outings and watching movies. His official release date was two days earlier than originally scheduled, as it is customary to release prisoners before the weekend.

Shurima, your king has returned!