Wu said that the latest report from QCP Capital pointed out that the downward revision of US non-farm payrolls highlighted the weakness of the labor market, and the market was worried that the Federal Reserve might delay rate cuts, leading to a market sell-off. However, these concerns eased after the July FOMC meeting minutes showed that some policymakers were open to rate cuts, indicating that the Federal Reserve took a more dovish stance on the balance between inflation and employment goals. This dovish tone boosted risky assets, pushing BTC above $61,800, especially strong buying on Coinbase that lasted until 4 a.m. Singapore time, showing strong domestic demand in the United States, which is a good sign for the short-term trend.