Last night, BTC surged to celebrate the Mid-Autumn Festival. It really felt like “to da moon”.
The long-awaited "carnival" in the crypto market is staged again, with Bitcoin soaring more than 6% overnight, reaching a high of $61,337, the largest increase since August 8. The market generally believes that this wave of market is strongly driven by the expectation of the Federal Reserve's interest rate cut.
Tonight is destined to be sleepless! Bitcoin may usher in drastic fluctuations, and the Federal Reserve drama is about to begin!
At 2 a.m. Beijing time on September 19, the Federal Reserve will release its much-anticipated interest rate decision, and the market generally bets that this meeting will lead to a rate cut. Fasten your seat belts, everyone, the storm is coming!
Important economic data is released, and a storm is coming on the eve of the Federal Reserve’s interest rate meeting!
Before the Federal Reserve’s interest rate meeting, the last key data - the US retail sales data in August, is known as the "horror data" because it directly reflects the US consumption situation, and consumption accounts for 70% of the US GDP.
Once the retail sales data explodes, the Fed will have to cut interest rates sharply. However, there was good news last night: retail sales increased by 0.1% month-on-month, exceeding the market expectation of a 0.2% decline.
Although this is a slowdown compared to last month's 1% growth, it is undoubtedly a shot in the arm for the market.
As the Federal Reserve's interest rate meeting approaches, today's decision is full of suspense. The Federal Reserve may cut interest rates by 25 basis points or 50 basis points. The market expects a 37% chance of a 25 basis point cut, while most people believe that the probability of a 50 basis point cut is as high as 63%.
Although there is controversy over the extent of the rate cut, the market generally expects the Fed to cut interest rates for the first time since March 2020. This not only starts a cycle of rate cuts, but also has significant symbolic significance, announcing that the Fed's monetary policy is about to take a comprehensive turn.
Today's market analysis:
$BTC is trending strongly, bullish across the board!
Today’s small-scale correction focuses on the support levels: 60275, 59830 and 59270. As long as the 4-hour level closing does not fall below 59270, even with a small correction, it is still expected to continue to rise!
If the upward trend continues today, the upper targets and pressure levels will be 61140, 62045 and 62980 respectively. Pay attention to the breakthrough of these key positions!
The interest rate decision will be announced on Thursday this week, and the Bank of Japan’s interest rate decision will be announced on Friday. These decisions will affect the market trends at the macro level, so everyone must pay close attention when operating transactions.
The two biggest key factors of the bull market:
The first is the influx of a large amount of funds, and the second is a powerful narrative to take over. Both are indispensable!
The current market situation is embarrassing, new narratives are scarce, and MEME coin may become the mainstream liquidity carrier!
The current market lacks a new narrative like DeFi in 2020 or GameFi in 2021 to attract external funds.
In this context, Meme coin has become the best narrative choice because there are no other emerging carriers in the market. The pure value consensus model of Meme coin naturally becomes the main carrier of liquidity.
As I mentioned before, external funding could drive the price of Meme Coin to new heights, forcing the market to accept the mainstreaming of MEME in the short term.
The exchange's behavior is just to follow the trend, and Binance's behavior is normal. He Yi's point of view is also reasonable. VCs with high valuations enter the market under the trend, more to make money, but those low-valuation projects are more worthy of attention and trial!
Inventory of MEME coins listed on BN in this cycle:
Solona Ecosystem: Bonk, WIF, BOME
Ethereum ecosystem: PEPE, Floki, meme, Turbo, Babydoge, Neiro
BTC Ecosystem: ORDI, SATS
TON Ecosystem: Banana, DOGS, CATI, NMSTR
Today, bn announced the listing of 3 MEME coins: TURBO, Babydoge, and Neiro
The MEME coin trend in the Ethereum ecosystem is coming: a comprehensive analysis of the old coin Babydoge and the upstarts Turbo and Neiro!
These three MEME coins all come from the Ethereum ecosystem, and Babydoge is an old-fashioned coin issued by both Ethereum and BNB chains. In contrast, Turbo and Neiro are newcomers in this cycle.
It is particularly noteworthy that Neiro has skyrocketed 20 times in just two days, becoming the MEME coin with the smallest market value on the BNB chain.
Neiro's trend is like the "capital dog" contract first mined, and then the "lowercase dog" pulled the market, which made BNB rich. BNB said that it will focus on MEME coins with small market value and dispersed chips in the future, because MEME coins will become the core theme of this round of bull market.
Although the Ethereum ecosystem has performed mediocrely in this cycle, the approval of the spot ETF provides a clear channel for capital inflows.
It is expected that ETH will usher in an explosion in the second half of the bull market. The Ethereum ecosystem has accumulated a rich circle of MEME coins and NFT players in the last cycle, which will help its performance in the future.
After the interest rate cut, the market will usher in new capital inflows, but if the interest rate cut is not realized, the currency price may face a spike risk in the short term.
Beware of risks and I wish you all great wealth soon!
