Artificial intelligence (AI) giant Huida's financial report is about to make its big debut after the U.S. stock market opens on 8/28. The major U.S. stock indexes rose narrowly yesterday (8/27). But cryptocurrencies have fallen almost across the board. According to Coinglass data, a total of $314 million in positions in the cryptocurrency market have been liquidated in the past 24 hours, of which $282 million was accounted for by longs, with ETH as the bulk.
Expectations of interest rate cuts boost currency prices in the short term
Last Friday, Federal Reserve Chairman Powell mentioned in his speech at the annual meeting of global central banks that "the time has come for policy adjustments," implying that the United States is about to cut interest rates, leading U.S. stocks to rise across the board. Bitcoin stood at 64K, Ethereum stood at 2,700, and Ten All large-cap cryptocurrencies are on a rising trend.
But then it was reported that Telegram founder and CEO Pavel Durov was arrested at the airport in northern Paris, France, and is expected to be prosecuted on multiple charges related to the operation of the platform. TON token fell nearly 20% from $6.8.
(Detailed reason for arrest: Why was Telegram founder and TON spiritual leader Pavel Durov arrested? It has nothing to do with freedom, but crime and cryptocurrency)
BTC suddenly dropped to 58K
Although Bitcoin broke through the upper edge of the triangle convergence range before the weekend, rising from 60K to 65K, it then slowly fell, and suddenly fell this morning, reaching a minimum of $58,034. A total of $95.27 million in positions were liquidated in 24 hours.
ETH drops to 2,450
The recent performance of the Ethereum spot ETF has been unsatisfactory and has been net outflows for eight consecutive days. According to Farside’s current information, it should not be able to reverse the disadvantage on 8/27. The main reason is that Grayscale’s ETHE continues to outflow funds.
ETH suddenly fell this morning, reaching a low of $2,392. More than $100 million in positions were liquidated in 24 hours.
The market awaits Huida’s financial report and PCE data
Artificial intelligence (AI) giant Huida's financial report is about to make its big debut on 8/28 after the U.S. stock market closes (8/29 morning in Taiwan). The market will carefully evaluate whether the future of AI can bring substantial benefits to the company and related industries.
U.S. personal consumption expenditures (PCE) inflation data, the Fed's favorite inflation gauge, will be released on Friday. According to the CME Group FedWatch Index, investors expect the Fed to cut interest rates by one point at the September 18 meeting (67% chance).
This article: The market is waiting for Huida’s financial report, will cryptocurrencies dive first? The post BTC drops to 58K, ETH drops to 2,450 appeared first on Chain News ABMedia.
