On Thursday (July 25), the US dollar index rebounded to 104.37, gold fell below $2,400, and Bitcoin was close to falling below $65,000. Former Republican President Trump's "weak dollar" trade began to retreat, and Vice President Kamala Harris's poll approval rating was close to tying Trump's status after President Biden announced his withdrawal from the election. The S&P PMI was mixed, and the Fed's dovish rate cut pricing in September returned.
U.S. stocks plunged, with the S&P 500 and Nasdaq tumbling for their biggest declines since late 2022, while large-cap technology, consumer discretionary and communications services stocks also weakened sharply, as post-earnings losses for Alphabet and Tesla weighed on risk appetite ahead of earnings from the rest of the “Magnificent Seven” in the coming weeks.
Mixed data such as the unexpected contraction in the US manufacturing PMI did not help boost sentiment, although risk-off trading supported defensive stocks and a mild pullback in oil prices supported the energy sector. To learn more about cryptocurrency investment logic, please visit my homepage! 🌟
Altcoin market continues to be flooded with red
Leading the gains were Mog Coin (MOG) and Lido DAO (LDO), both of which fell more than 10% on the day. On a weekly basis, MOG lost 16%, while LDO plunged more than 20%.
Other major projects such as Fantom (FTM), Brett (BRETT), Ethereum Name Service (ENS), Celestia (TIA), Akash Network (AKT), Optimism (OP), Beam (BEAM), StarkNet (STRK), Ronin (RON), Arbitrum (ARB), Mantle (MNT), Helium (HNT), Core (CORE)…all fell by 7-9%.
Now the overall environment is gradually maturing, and the cryptocurrency industry has made all the necessary preparations.
The market has been washing for so long, and the market has been fluctuating for so long. The market has fallen to the freezing point, and the negative news has been released. At this time, good news has appeared, but the market has stopped moving forward. This is worth our deep thought.
Don’t focus on the current market situation, as this will only focus on price changes and ignore possible future trends.
A decent upward trend requires many factors, just like the rise in January-March at the beginning of the year, which was not a sudden trend, but the result of many factors.
The market has now recovered from the extreme fear stage from April to June to the cool-down period in July. The subsequent greed stage will take some time.
Therefore, in my opinion, yesterday's market was just a test. As long as it doesn't go down, it will be the best.
Now we just need to wait patiently. Just like the recent high temperature weather, there must be something wrong when things are abnormal. According to historical laws, as long as we can get through this period, after summer, the autumn harvest will surely come.
