Bitcoin is currently trading at $56,300, down 5% from last month and more than 23% from its all-time high of $73,500 set six months ago. According to Farside Investors, Bitcoin spot ETFs have seen net outflows of $1.015 billion in seven days, and so far have not sparked any enthusiasm to push prices higher. In the past few weeks, each rate cut signal has only temporarily broken Bitcoin's downward trend. The market is generally quiet.
Manufacturing PMI, the Fed Beige Book and the ADP August employment report all showed a weaker economy, which strengthened the possibility that the Fed may adopt a bolder easing policy. According to CME FedWatch data, the probability of a 50 basis point rate cut is 44%, compared with 34% a week ago. With the expectation of a larger rate cut, it is expected to boost the Bitcoin market.
Wealth-making sector
1) Sectors that need to be focused on in the future: AI sector
main reason:
OpenAI's next-generation model, codenamed "GPT-Next," is expected to be 100 times more powerful than the existing GPT-4 model and is scheduled to be released later this year.
SSI, a new AI company founded by the former chief scientist of OpenAI, has completed a $1 billion financing, with a16z and others participating in the investment. The enthusiasm for financing in the AI market remains high.
Factors affecting the market outlook:
Nvidia's subsequent trend: Nvidia is a bellwether of the AI track, affecting the market's overall valuation of the AI track. If Nvidia continues to rebound in the U.S. stock market tomorrow, the AI sector of the crypto market is expected to continue to rebound;
Impact of news: Pay attention to the product updates and partnerships recently promoted by the project party. If an AMA is held, consider deploying related assets in advance, because there is a high probability that good news will be released in the near future using the improved liquidity environment.
2) The sectors that need to be focused on in the future: SOL Meme Coin (WIF, BONK, POPCAT)
main reason:
The Solana Foundation announced the launch of the “Radar” hackathon competition, and registration is now open on the Colosseum platform;
Binance plans to launch a Solana (SOL) staking product by the end of September, while Bitget is also about to launch a liquid staking token.
Specific currency list:
WIF: Solana ecosystem’s Meme coin, previously listed on Robinhood. The SOL token rises, and generally Solana’s top MEME coins rise faster;
BONK and POPCAT: The core meme coins on Solana. The trading volume has increased recently. The trading demand is relatively high, and there is room for token layout.
