The Federal Reserve announced a big news this week! Bitcoin fell 3%, and altcoins fell 30%? What happened?

This week, the world's attention is on the Federal Reserve's interest rate meeting, but this time it is likely that the benchmark interest rate will remain unchanged. "When will the Federal Reserve cut interest rates" has always been the point of game between the crypto market and the stock market. In the first half of the year, due to the optimistic prediction of the Federal Reserve's interest rate cut, both the US stock market and Bitcoin have set new highs one after another.

And the non-agricultural data released last Friday showed that the US job market is still very strong, inflationary pressure is still very high, and the expectation of the Federal Reserve's interest rate cut will weaken. Bitcoin has fallen from 71,000 US dollars to around 67,000 US dollars, and today it has fallen by more than 3.3% in 24 hours to 66,000 US dollars.

Bitcoin fell 3% today, but most altcoins fell nearly 30%. Why did this happen? The main reason is that Bitcoin now has a spot ETF, and there will be a steady stream of off-site funds coming in through the ETF to stabilize the price of Bitcoin. As for altcoins, apart from VC, there is a consensus among retail investors, which is quite unstable, so it is easy to understand why they fall a lot.

If you want a general rise in the market, you must cut interest rates. The Fed will probably cut interest rates once before the November 5 election, but this may be interpreted as the Fed helping Biden to be re-elected. Before everything is settled, our positions should not be too heavy. We must keep cash positions. It is our best "weapon" when the market is extremely pessimistic!

Holding spot value coins, I believe you can sleep well at this time. Well, originality is not easy, remember to like and follow, I will share the hot spots of the market as soon as possible, I hope it will be helpful to you!

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