● Financial market outlook: Focus on the Federal Reserve's interest rate decision on Thursday, and the release of the US unemployment rate and non-farm data for April on Friday
According to Jinshi, the financial market will usher in a series of important data and events this week. On Monday, the Eurozone Industrial Climate Index, the final value of the Consumer Confidence Index, the Economic Climate Index and other data for April will be released. On Tuesday, China's official manufacturing PMI and Caixin Manufacturing PMI for April will be released. On Wednesday, the U.S. API crude oil inventory for the week and the EIA crude oil inventory for the week will be released. On Thursday, the Federal Reserve's interest rate decision will be announced, and Federal Reserve Chairman Powell will hold a monetary policy press conference. On Friday, the U.S. unemployment rate and non-farm data for April will be released. On Saturday, the total number of oil drilling rigs in the United States for the week ending May 3 will be announced. On Sunday, Saudi Aramco announces the official crude oil selling price around the 5th of each month.
● The debate on the Fed's neutral interest rate continues, which may affect a wide range of asset prices in the future
According to Odaily Planet Daily, Nick Timiraos' latest article points out that in the debate about whether and when the Federal Reserve will cut interest rates, another important debate is unfolding: where will interest rates go in the long run? The key to the problem lies in the neutral interest rate, that is, the interest rate that can balance the supply and demand of savings while ensuring economic growth and inflation stability. Some people now believe that the neutral interest rate has reason to rise and may change a wide range of asset prices. However, the current debate about the neutral interest rate may not have any short-term impact on the Federal Reserve because the current interest rate is higher than almost all estimates of the neutral interest rate. If the US economy continues to remain strong and inflation is stubborn, it may trigger market speculation about the rise in the neutral interest rate, thus believing that the current interest rate is not so tight. Another scenario is that if inflation resumes its downward trend, the discussion about the neutral interest rate will focus on the extent of the Fed's subsequent interest rate cuts. Interest rate futures show that the Federal Reserve Funds Rate will stabilize at around 4% in the next few years.
● This week’s unlocking data summary: Memecoin will unlock over $140 million worth of MEME at one time
According to BlockBeats, according to Token Unlocks data, multiple tokens will be unlocked in large amounts at one time this week. Optimism will unlock 24.16 million OP on April 29, worth approximately $63.54 million, accounting for 2.31% of the circulating supply. Dydx will unlock 33.33 million DYDX on May 1, worth approximately $70.67 million, accounting for 10.72% of the circulating supply. Ethena will unlock 53.6 million ENA on May 2, worth approximately $45.37 million, accounting for 3.76% of the circulating supply. Finally, Meme coin will unlock 5.31 billion MEME on May 3, worth approximately $141 million, accounting for 31.94% of the circulating supply.
● ConsenSys: If the US SEC successfully designates ETH as a security, billions of dollars of economic value will be destroyed
According to Golden Finance, Ethereum infrastructure development company Consensys issued a statement saying that if the U.S. Securities and Exchange Commission (SEC) successfully designates ETH as a security, the company and developers' years of work will be wasted, billions of dollars of economic value will be destroyed, and this may lead to widespread unemployment of American workers.
● China Asset Management purchased insurance worth $1 billion for Bitcoin and Ethereum ETF assets, which may reduce management fees to 0.65%
According to Odaily Planet Daily, China Asset Management, Harvest International and Bosera Fund, three major Chinese fund companies, were approved by the Hong Kong Securities Regulatory Commission this week to launch a Bitcoin and Ethereum spot ETF respectively. China Asset Management's ETF has the highest annual expense ratio, reaching 1.99%; Harvest and Bosera's ETFs have annual expense ratios of 1% and 0.85% respectively, which are still generally higher than the Bitcoin spot ETFs issued in the United States. China Asset Management's high expense ratio partly reflects that the bank has purchased insurance worth a total of US$1 billion for related assets. The Bitcoin and Ethereum spot ETFs issued by China Asset Management charge a management fee cap of 0.99% of AUM, and there is an internal assessment that the actual fee can be reduced to 0.65%. Bloomberg ETF analyst James Seyffart believes that Harvest's 6-month management fee exemption and the lowest fees are likely to lead to a fee reduction war among Hong Kong fund companies.
● Binance has deposited over 18.56 million BNB and 3.55 billion FDUSD in this period of new coin mining
According to BlockBeats, according to official data, the 53rd Binance coin mining project Renzo (REZ) has deposited more than 18.56 million BNB and more than 3.55 billion FDUSD. This round of coin mining will end at 07:59 (Eastern Time Zone 8) on April 30, and trading is expected to be officially opened at 20:00 (Eastern Time Zone 8) on April 30. REZ/BTC, REZ/USDT, REZ/BNB, REZ/FDUSD and REZ/TRY trading markets will be opened.
● Ethereum network transaction costs hit a one-year low
According to Odaily Planet Daily, the crypto intelligence platform Santiment posted on social media that the current transaction cost of the Ethereum network is only US$1.12, setting the lowest average daily fee since October 18 last year.
