● Bitcoin market share increased by 6% this year
According to Odaily Planet Daily, Intotheblock data shows that Bitcoin's market share has risen by 6% so far this year. Ethereum has risen by 0.2% so far this year, while Bitcoin has risen by about 43% over the same period.
● Fed officials' intensive speeches next week may affect the trend of the US dollar and gold
According to PANews, as the Fed’s “quiet period” ends, investors will pay close attention to the remarks of Fed officials next week. If officials refuse to commit to another significant rate cut this year, the dollar may rebound and gold may fall. If it is revealed that a 50 basis point rate cut is being considered at the November meeting, the dollar may find it difficult to find support.
At 20:00 on Monday, Atlanta Fed President Bostic will give a speech on the economic outlook. At 22:15, Chicago Fed President Goolsbee will participate in a fireside chat.
At 01:00 on Tuesday, Minneapolis Fed President Kashkari will deliver a speech. At 22:00, the U.S. Conference Board Consumer Confidence Index for September will be released.
At 21:10 on Thursday, Boston Fed President Collins hosted an online meeting on central bank regulation and financial inclusion, with Federal Reserve Board Governor Kugler in attendance. At 21:20, Federal Reserve Chairman Powell delivered an opening speech via a pre-recorded video. 21:25, New York Fed President Williams delivered a speech. At 22:30, Federal Reserve Board Governor Barr delivered a speech.
Kashkari and Barr will hold a fireside chat at 01:00 on Friday, and Collins and Kugler will speak at 21:30.
According to PANews, the US Federal Reserve announced that it would lower the target range of the federal funds rate to 4.75% to 5%, a 50 basis point cut, the first rate cut since 2020 and a larger cut than market expectations. Some analysts believe that the Fed's substantial rate cut indicates that it is taking more aggressive monetary easing measures to cope with potential downside risks to the US economy and strive to achieve a "soft landing" for the economy.
Analysts pointed out that virtual assets have become an important choice for investors seeking high returns due to their high volatility and strong risk appetite, especially in the context of the Fed's continued loose policy. Generally speaking, the impact of interest rate cuts on short-term asset price fluctuations mainly depends on the market's interpretation of the rate cuts, that is, whether it is a warning signal of potential economic problems or a positive expectation for liquidity injection. The Fed's interest rate cuts usually reduce borrowing costs and release more liquidity into the market, which is often seen as a positive, driving up the prices of risky assets. However, if the market believes that the rate cut is too large or the timing is abrupt, it may suggest that the economy faces deeper structural problems.
● Economist Bill Conerly: US inflation concerns stem from huge federal deficit
According to Jinshi Data on September 21, economist Bill Conerly said that the great concern about inflation in the United States must come from the growing huge federal deficit. Regardless of the outcome of the presidential election, there will be more deficit spending. Economists debate the impact of deficits on inflation, but even if the role of deficits is small, it means that the Fed needs to keep interest rates restrictive for quite some time. The employment aspect of the Fed's "dual mission" has become less hot, and not only is the unemployment rate slightly higher than two years ago, but the number of voluntary resignations and vacancies has also declined. The Fed believes that the economy is strong, but it is still in the middle. They may continue to cut interest rates this year and until the end of 2025, but what happens after that is an open question.
● Elon Musk warns US government spending will bankrupt the country
According to PANews, Elon Musk said on the social media platform "X" that the US federal government's spending will bankrupt the country unless action is taken to reduce government waste. This is what causes inflation. Earlier, it was reported that US Republican presidential candidate Trump said that if he is elected, he will appoint Elon Musk to lead a government efficiency committee to review government spending.
According to PANews, Yu Jin, an on-chain data analyst, posted on the X platform that since the linear unlocking of WLD investors' token shares began at the end of July, two bankrupt and liquidated institutions have been continuously selling the unlocked WLD. Three Arrows Capital obtained 75 million WLD through investment and has been selling them since the end of July. So far, a total of 2.538 million WLD (about 4.06 million US dollars) has been sold. Alameda obtained 25 million WLD through investment and has been selling them once a week since the beginning of August. So far, a total of 1.129 million WLD (about 1.8 million US dollars) has been sold. According to the current sales frequency and quantity of these two institutions, it will take about three years for their WLD to be fully unlocked and sold.
