1. The median gas fee of the Ethereum network hit a new low in the past five years
In the past two days, the median Ethereum network gas fee hit a new low in the past five years. On August 10, the median Ethereum gas fee was lower than 2gwei for the first time in the past five years. Recently, the real-time Ethereum gas fee was once lower than 1gwei.
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2. QCP Capital: BTC price rebounds, the market remains cautious in the short term
QCP Capital pointed out that after the recent sharp market decline, the price has recovered and BTC is still struggling to stay above 60k. Although the skewness of BTC put options has recovered from -25% during the panic to -5%, the market remains cautious in the short term, and the skewness of BTC put options has continued until September. Historical data shows that after two sharp pullbacks in April and June this year, BTC recovered to above 70k in less than a month. Macro factors remain key to the crypto market.
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3. Trump and Musk will have a live discussion on X at 8 pm EST today
Republican presidential candidate Donald Trump and Elon Musk will have a live discussion on X at 8pm EST today. Musk said there is no script and no restrictions on topics. Trump recently attended a Bitcoin conference and expressed full support for cryptocurrencies. But Musk recently said he does not plan to promote any cryptocurrency.
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4. Former Bank of Japan board member: The Bank of Japan will not raise interest rates again for the rest of this year, but it is not certain before March next year
But whether there will be a rate hike before March next year remains an uncertain question. The Bank of Japan suddenly raised its benchmark interest rate to 0.25% in early August, disrupting the yen carry trade, sending the yen soaring in the foreign exchange market and causing a sharp sell-off in the stock and crypto markets. Makoto Sakurai said that although the rate hike may have disrupted global markets, it was a much-needed change for Japan, moving from an almost zero interest rate to a normal 0.25% which was good; it was a wise choice for the central bank to wait and see the effects of further rate hikes.
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5. Venezuelan government blocks access to Binance, Twitter and other online services amid turmoil over presidential election
On August 9, the local anti-censorship organization VE sin Filtro said it had detected a DNS blockade of Binance, affecting the operation of its website and mobile applications; on August 10, the official account of Binance Latin America said that like the websites of many companies in different industries in Venezuela, the Binance page also faced access restrictions, and guaranteed that users' assets were safe and that the situation was being monitored to seek the best solution. Binance's P2P service is very popular in Venezuela, where local residents try to exchange cash for cryptocurrency to cope with the highly inflated Bolivar currency through the service.
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6. Wu said this week's macroeconomic indicators and analysis: US CPI, PPI
summary
Last week's dovish stance by the Bank of Japan and a drop in the number of initial jobless claims in the United States eased market panic over yen carry trades and recession expectations; this week's focus is on the US July CPI, although the market currently expects the Federal Reserve to cut interest rates in September, and nearly half of the bets are on a possible 50 basis point cut.
Last week review
●The Reserve Bank of Australia kept the interest rate unchanged at 4.35%. RBA Chairman Bullock said that there are still risks in the return of inflation to the target, which may take a long time. Interest rates may need to remain high for a longer time. Prepare to raise interest rates if necessary. Cutting interest rates in the short term is inconsistent with the committee's thinking.
●Bank of Japan: July's rate hike does not count as policy tightening.
●The number of initial jobless claims in the United States fell by 17,000 to 233,000 in the week ending August 3, lower than the expected 240,000 and marking the biggest drop in nearly a year.
●China’s CPI annual rate in July was 0.5%, expected to be 0.30%, and the previous value was 0.20%.
●China’s Caixin Services PMI rose to 52.1 in July, and employment returned to expansion.
This week's key events & indicators
August 13
●US PPI annual rate in July (20:30)
August 14
● Reserve Bank of New Zealand announces interest rate decision and monetary policy statement (10:00)
● Revised GDP annual rate of the Eurozone in the second quarter (17:00)
●U.S. July unadjusted CPI annual rate (20:30)
August 15
●Initial jobless claims in the U.S. for the week ending August 10 (10,000 people) (20:30)
August 16
●Preliminary forecast of the one-year inflation rate in the United States in August (22:00)
●Preliminary value of the University of Michigan Consumer Confidence Index in August (22:00)
