Time: Thursday, June 29, 2023

1. Latest developments:

Last night, the US stock market was not affected much after Powell's speech. The Nasdaq closed up 0.3%, the Dow Jones fell slightly by 0.2%, and the S&P 500 fell slightly by 0.1%. The US dollar rose against other currencies. Let's take a look at what Powell said. At 9:30 last night, the four major central bank governors in the world made speeches on the same stage. As the chairman of the Federal Reserve, Powell expressed the view that interest rate hikes cannot stop. What did he say specifically:

No formal decision has been made to raise rates every other meeting. It is possible, and not completely ruled out, to raise rates in two consecutive meetings, in July and September, or in July and October, but there will be at least two rate hikes. Core inflation will not fall back to the Fed's 2% target before 2025, which also means that high interest rates will remain for a long time, and the Fed has not been involved in the restricted area for a long time. The Chinese economy is not one of the Fed's top considerations. It is still rare for the Fed Chairman to mention China's situation. The good or bad of the Chinese economy will not force the Fed to make a decision. A recession in the US economy is not the most likely scenario, but it is certainly possible, suggesting that the Fed is still balancing the fight against inflation and economic growth. As of Powell's speech, the market currently expects the Fed to raise interest rates in July with a probability of 78%.

In addition, I saw the Azuki incident that went viral overseas yesterday. The project team has come up with a solution, which roughly means that these duplicates cannot be changed at present, but they can issue another NFT to everyone. I really admire this damn project team. It is too easy to earn these 20,000 Ethereums. It is simply an insult to the IQ of investors. In fact, investors can jointly sue the project team to return the money. Otherwise, if this kind of thing is allowed to happen, who will dare to play NFT in the future.

2. Back to the crypto market, Bitcoin fell slightly in the middle of the night, and then stayed around 30150. The narrow range of fluctuations is simply unplayable. In the short term, the market is unable to continue to rise, and the entry funds are obviously insufficient. Only large institutions or consortiums can pull up Bitcoin, and most ordinary retail investors will not buy it because it is too expensive and has limited room for growth. What needs to be done now is to patiently wait for institutions to bring in a large amount of funds to buy in, so as to further pull up Bitcoin. If Bitcoin rises, then the cottage will usher in a general rise.

At the 4-hour level, the support is 29500 and 28900, and the resistance is 31000. At the spot level, you can pay attention to the Bit Ecology, L2 track leader, SSV and LDO series. In addition, the ID may be destroyed through transactions recently. These sectors can be paid attention to after the big cake pullback. #BTC #美联储利率决议

(Risk Reminder) The above content is not intended as investment advice. Digital assets fluctuate greatly, so do not go all in!