At the Jackson Hole conference on Friday, Powell said: The time has come for the Fed to adjust its monetary policy, and it does not seek further cooling of the labor market. The cooling of the U.S. labor market is "obvious", it is no longer overheated, and confidence in the return of inflation to 2% has increased. The market interpreted it as "Powell's strongest signal of interest rate cuts so far", saying that he intends to take action to avoid further weakness in the U.S. labor market. The U.S. dollar plummeted and fell below 101, falling to 100.6 points, and the U.S. dollar index is expected to fall for the fourth consecutive week, the longest consecutive decline since April 2023.

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Bloomberg reported that the Hong Kong Securities and Exchange Commission conducted on-site inspections of some virtual asset trading platforms and found unsatisfactory behavior. Some cryptocurrency companies relied too much on a few senior executives to oversee the custody of customer assets, while other companies did not properly prevent cybercrime risks. It is not clear which companies did not meet the requirements of the SEC. A spokesperson for the Hong Kong Securities and Exchange Commission said that it would not comment on specific cases, but the inspection was to determine whether the applicant complied with its requirements, with particular attention paid to the applicant's protection of customer assets and the process of knowing your customer. For platforms that cannot correct the serious defects found in the on-site inspection, the Hong Kong Securities and Exchange Commission may choose to cancel their status as licensed or reject their license applications. X Company (formerly known as Twitter) has made public its shareholder list, revealing that when Elon Musk acquired the platform for $44 billion in 2022, several companies related to cryptocurrency and artificial intelligence participated in the investment. These shareholders include a16z, Bn, and ARKInvest, which holds shares in Robinhood and Al developer Anthropic. In addition, the list also includes nearly 30 entities related to Fidelity. The list was made public in response to a court order, and the identities of most shareholders have not been disclosed before. The Salvadoran government address has been increasing its holdings of 1 BTC per day since March 16, and has continued for more than 5 months so far, increasing its holdings by 160 BTC. The number of BTC held by its address is currently 5,850 BTC◇, with a floating profit of US$93.45 million. Coindesk reported that Sony BlockSolutions Labs, a joint project between Japanese giant Sony Group and Singapore's Startale Labs, said on Friday that it will launch a new Layer 2 network called Soneium on the ETH blockchain. Matrixport Research reported that as gold, oil, US bonds and the US dollar are all close to support levels, a turning point may appear, and the US macro-economy will undergo significant changes, but its impact will take several months to fully manifest. When US bond yields rise and gold prices rebound at the same time, it usually means that the economy is in a unique and somewhat contradictory environment, and BTC is likely to become the main beneficiary asset.

As the macroeconomy changes, BTC and the entire market may enter a period of high volatility. Tom Lee, co-founder of Fundstrat, said in an interview with CNBC that the possibility of Trump's election in November may boost asset prices, including BTC, and cyclical stocks, small-cap stocks and BTC will perform better. These are obvious policy differences. Anthony Scaramucci, managing partner of SkyBridge Capital, said that he is optimistic about the future of BTC. "Oversupply" seems to be coming to an end. He interpreted it as a positive sign for price trends. He believes that BTC is still in its early stages and is a technology rather than a means of storing value. On Friday, at the Jackson Hole Central Bank Annual Meeting, Fed members made a clear statement on the interest rate cut. Powell said: The time for monetary policy adjustment has come, and he does not seek or welcome further labor market cooling. He will do everything he can to support a strong labor market. The upside risk of inflation has weakened, while the downside risk of employment has increased. The cooling of the labor market is "obvious" and is no longer overheated. Confidence in the return of inflation to 2% has increased. The Wall Street Journal interpreted it as "Powell sent the strongest signal of interest rate cuts so far", saying that he intends to take action to avoid further weakness in the US labor market. Powell's attitude this time was far less ambiguous than in the press conference after the last meeting, and his remarks almost put an end to the Fed's historic anti-inflation action. (Two years ago, Powell expressed his willingness to accept a recession as the price of reducing inflation on the same stage) The interest rate market increased its bets on the Fed's interest rate cuts after Powell's speech, and the probability of a 50 basis point rate cut in September increased. It is expected that the Fed will have a rate cut of nearly 100 basis points before the end of the year. The Nasdaq index rose 1.2% during the session, the S&P 500 rose 0.9, the Dow Jones rose 0.9%, and the gold price rose 1%. The US dollar index fell from 101 to 100.6, hitting a new low since August last year. BTC rose more than 4.5%, hitting $63,000. (The US overall inflation CPI has dropped from a high of 9.1% to 2.9% last week; the US unemployment rate has risen from 3.4% to 4.3%)"

Nick Timiraos, the mouthpiece of the Federal Reserve, said that the speech showed that Powell's shift to monetary policy had been completed and that Powell had shown a comprehensive dovish stance. Strategist Kathy Jones said the signal was very clear, that is, the Federal Reserve was ready to cut interest rates, and concerns about the state of the labor market now outweighed the risk of inflation. Strategist Elias Haddad said that with the Federal Reserve about to ease monetary policy and U.S. economic growth still quite strong, this is undoubtedly a shot in the arm for the stock market to rise, and the positive outlook for the stock market is expected to continue until next week, or at least until the next employment data is seen. Powell's speech at the Jackson Hole Economic Symposium went far beyond previous statements, saying that interest rates would be cut and that the Federal Reserve did not want the labor market to cool further. The dollar plummeted below 101 in response, falling to 100.6 points, and the dollar index is expected to fall for the fourth consecutive week, the longest consecutive decline since April 2023. This summer has experienced the liquidation/payment/selling of many bankrupt institutions, and during the sell-off Bitcoin is sluggish under pressure, and its performance has long lagged behind the Nasdaq and gold prices. In late summer, many institutional address liquidations are coming to an end, and Bitcoin's pressure is relieved. At the same time, the turning point of the Federal Reserve's monetary policy (tightening/releasing) is approaching, which can help Bitcoin get rid of the haze and keep up with the bull market of the US stock market and gold. In previous cycles, Bitcoin performed well in autumn/winter/spring, and sluggish in summer. The traditional bull market corresponds to the Federal Reserve's loosening cycle. The recent update time is too late, which is very unhealthy. The market is picking up, so I will stop or reduce the update next week and the week after next. Just come and see it occasionally, and everyone should reduce staying up late, and health is the first priority. #美联储何时降息？ #杰克逊霍尔年会 #新币挖矿TON