☄️The Federal Reserve's balance sheet shrank by $27 billion in one week.
🔵 Goolsbee, Fed Chair: — We are seeing the desired reduction in inflation — If US unemployment exceeds 4.1% (currently 4.3%), the Fed will respond by lowering the interest rate
🔵Citi: — We expect the Fed to cut rates by 1.25% this year (0.5% in September, 0.5% in November, 0.25% in December).
🔵 Bank of America: — We forecast a 0.25% rate cut by the Fed in September and 0.25% in December
🔵Goldman Sachs: — The Fed is likely to cut rates by 0.25% in September, 0.25% in November and 0.25% in December
Market Expectations (Fed rate):
— September 18: 50 bps cut to 4.75-5.00%. — November 7: 50 bps cut to 4.25-4.50%. — December 18: 25 bps cut to 4.00-4.25%. — January 29, 2025: 25 bps cut to 3.75-4.00%.
🔥In an interview with CNBC, Fed Chairman Austan Goolsbee decided to put everyone at ease:
🔵The Fed is taking a conservative stance. 🔵Data does not indicate the economy is overheating. 🔵Jobs data was worse than expected, but does not indicate a recession. 🔵The Fed needs to make decisions going forward. 🔵 Other data such as business defaults have some alarming indicators. 🔵Economic growth continues at a steady level. 🔵Everything is always up for discussion, including rate hikes and cuts.
🟢Senator Cynthia Lummis has officially introduced a bill in the U.S. Senate proposing Bitcoin as a reserve asset for the Federal Reserve.
Key Points:
🔵The U.S. government should purchase 5% of Bitcoin's total issuance. 🔵A "Bitcoin Purchase Program" is introduced, allowing up to 200,000 BTC acquisitions per year for five years. 🔵A reserve fund must be established with strict cybersecurity parameters. 🔵U.S. states can voluntarily become custodians of Bitcoin reserves.
Michael Saylor predicts that by 2045, Bitcoin's price could reach $49 million in a bullish scenario, while in a bearish scenario, it could fall to $3 million 💬
🔥The first day of the nine spot ETH ETFs saw a total inflow of $107m and a total trading volume exceeding $1.1bn. The inflows and outflows for specific ETFs are as follows: $ETH #ETH_ETFs_Trading_Today
🔵BlackRock ETHA: Inflow of $266.5m 🔵Bitwise ETHW: Inflow of $204m 🔵Fidelity FETH: Inflow of $71.3m 🔵Grayscale ETHE: Outflow of $484m
Stay away from any interactions with the exchange!
Before, there were reports that there are issues with dydx.exchange, while Bloomberg reported that the exchange is in talks with Wintermute and Selini to sell the platform.
😏According to Arkham, Mt. Gox transferred 42.587k BTC to the address starting with 15yp at 13:06 UTC+8 today, worth about $2.85 billion. $BTC #MtGoxJulyRepayments
Gary Gensler will likely retire by January/February 2025.
After a change in the White House administration, the head of the SEC usually resigns (the administration will change after the presidential election).
👆CoinShares report on crypto financial flows for the past week.
Investment in digital assets continued last week, with inflows totaling $1.35bn.
🔵Bitcoin (BTC): Inflows amounted to $1.27bn, with outflows in short positions of $1.9m. 🔵Ethereum (ETH): Inflows totaled $45m. 🔵Solana (SOL) and Litecoin (LTC) received inflows of $9.6m and $2.2m, respectively.
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