Cryptocurrency market records a new week. I will update the macroeconomic events of this week and the unlocking of some altcoins.
First, let's take a look at the unlocking of altcoins this week. I have added the corresponding marks. Token unlocking means more supply flowing into the market, which may usually be a bad signal for token prices.
As for this week's macro events, the background of the Middle East conflict escalating at any time still exists. Recently, there have been reports that US President Biden and Israel have discussed whether to launch an attack on Iran's oil facilities. Biden is said to be trying to prevent Israel from launching an attack. After all, the final stage of the US election has entered the countdown, and the White House hopes to avoid a sharp rise in oil prices before the US election.
Analysts at JPMorgan Chase also pointed out that given the approaching US presidential election, Biden is unlikely to support Israel's attack on Iran's oil facilities, because this may push up global oil prices and affect the domestic economic situation in the United States. Rising oil prices will push up inflation, and the Federal Reserve may take a more cautious stance, and a single 50 basis point rate cut will not be necessary.
However, we also said yesterday that this is a very complicated issue. If the US economy eventually falls into recession, the Federal Reserve will inevitably cut interest rates significantly. But if the economy is not as bad as imagined, slow rate cuts look healthier.
We also know that Bitcoin prices are closely related to global liquidity, which are factors we need to consider.
Since the latest non-farm payrolls report far exceeded market expectations, whether the data is over-beautified or not, the market will only pay more attention to the results. The data further reflects the resilience of the US economy, and the probability of a 50 basis point rate cut in November naturally no longer exists.
