Recently, a striking piece of news has caused a huge response in the financial world. That is an important decision from Russia - President Putin's decision! He made it clear that digital currency has huge development potential and Russia must seize this opportunity.
According to a report by TASS last night, Russian President Vladimir Putin signed a law to officially legalize cryptocurrency mining. This move is the first of its kind among major countries and has raised the status of digital currency to an unprecedented level. However, only registered Russian legal entities and individual entrepreneurs are eligible to participate in this activity. This seems to indicate that in the face of pressure from international sanctions, Russia is actively looking for a way out and choosing to embrace digital currency.
The law covers numerous new concepts such as digital currency mining, mining pools, mining infrastructure operators, address identifiers, and individuals organizing mining pool activities. Initially, the news did not elicit a strong reaction from the market. However, after a night of brewing, the digital currency market has undergone significant changes.
The recent sharp market fluctuations were mainly affected by the expectation of economic recession. However, the release of data last night greatly eased the market's anxiety, and the digital currency market achieved a breakthrough, breaking through the 60,000 mark. Prior to this, the fear of economic recession had been shrouding the market sentiment due to Japan's interest rate hike.
A team of economists at JPMorgan Chase has made predictions about the future of the U.S. economy. They believe that there is a 35% chance that the U.S. economy will fall into recession by the end of this year, an increase from last month's forecast. They pointed out that weakening demand in the labor market and signs of layoffs are the reasons for this forecast adjustment. In addition, they also predict that the probability of the U.S. economy falling into recession will reach 45% by the second half of 2025.
As inflationary pressure eases, JPMorgan Chase's team of economists believes that the Fed may cut interest rates by 50 basis points in September and November respectively. For investors, there is no need to be too anxious about short-term market fluctuations. Before the interest rate cut, the market may experience a period of adjustment, but it may not fall to the low of 49,000 again. Therefore, taking over in batches may be a more rational choice.
As for other digital currencies, such as 2Block, it is difficult to make a breakthrough in exchange rates unless a new round of DEFI narrative can be brought about. At present, the ETF has been approved, there is no greater good news in the market, and the pledge of various projects may make the market less and less patient. Therefore, it may not be wise to continue to stick to the faith at this time.
Bullish, Bitcoin pullback is a good time! Next I will prepare some coins suitable for bargain hunting, come and find the way if you get lost! From now on, the expected return is more than 5-10 times by the end of the month! Comments you want to follow 888
