Cryptocurrency evening summary:

a. Due to the low layoff rate and the decline in weekly unemployment claims in the United States, the number of initial unemployment claims fell by 5,000 to 227,000 last week. Despite the decline in job vacancies, the labor market continued to strengthen. Fewer layoffs eased concerns about the sluggish labor market. Due to the slowdown in recruitment, #美联储 may consider a small interest rate cut at the upcoming meeting (Figure 1)

b. The U.S. federal debt hit a record high, and the public debt reached 35.3 trillion U.S. dollars for the first time, an increase of 64 billion U.S. dollars in just one day, which is equivalent to 123% of the U.S. $#GDP . At this rate, it will reach 36.3T U.S. dollars by the end of 2024

c. Before the post, Bitcoin $BTC is being challenged by META, and the price of Ethereum $ETH is constantly being crushed. At least this is the case for now. Bitcoin is still in a range-bound state, and there is no obvious catalyst to drive the rise for the time being (Figure 2)

d. Let's talk about altcoins #山寨币 After the first wave of rise in Q1, the current consolidation and re-accumulation are normal, and the second wave of rise will follow #Bitcoin, which is often the biggest stretch in the cycle

e. Bitcoin strengthened again in the US trading session this week. It has experienced panic selling in almost every market opening trading session. The focus now is on the non-farm data on Friday night

f. The current Bitcoin#MVRVZ-score is 1.47. Usually MVRV Z-score>5 indicates an overbought state, indicating that the price of Bitcoin may be approaching a high point, and <span Bitcoin's current price is lower than the purchase price, which indicates that the market is undervalued

g. Bitcoin #SOPR Indicator is based on 6-week SMA7 days. According to the chart #LTH, long-term holders are in a continuous buying trend while short-term holders#STHare in a selling trend (Figure 3)

h. From the global money supply #M2 and the M2 chart issued by the Federal Reserve's economic data, Bitcoin#BTCBull markets always coincide with the expansion of global liquidity, so as liquidity gradually expands, we are still in a bull market (Figure 4)

i. Goldman Sachs strategists say the tax policies promoted in the US#presidentialelection may have a significant impact on #S&P500 index earnings $BTC $ETH