Today, many friends have various opinions on the rise of Bitcoin (BTC), such as MSTR's purchase of BTC, the Federal Reserve's possible 50 basis point interest rate cut, and the SEC's interpretation of Token securitization. Indeed, in addition to the expectation of a 50 basis point interest rate cut, other factors did contribute to the recovery of market sentiment, but the key factor that really drove this rise was probably the SEC's impact on Token securitization.
Compared with the previous nervous attitude of considering all tokens as securities, the SEC officials have made significant progress this time. They now believe that some tokens may have adopted securities methods when they were sold, but not all tokens must be considered securities. This change in attitude is a relief for many token projects, especially those in Europe and the United States, because it reduces the risk of them becoming the target of SEC supervision. The market naturally gave positive feedback to this.

At present, the market has been moving within expectations. Today, it broke through the 60,000 mark in one fell swoop. It is still the same as before. If you have short-term bottom fishing or short-term profits with good profits, you can exit first. You must gamble at 60,000 on Saturday and Sunday. If it stabilizes at 60,000, then the copycat will have opportunities to enter the market. If it cannot stabilize, it will go down again, and you can find a good position to enter.

At present, the big bitcoin is rising, but the copycats are not following the trend. Even if there is an increase, it is only a little bit. Only a few of the more resilient ones will follow the market, and the rest are still lying dormant. Once the big bitcoin falls, these ones will fall faster than anyone else, so in the short term, you must pay attention to protecting profits.

 
The memecoin market has been quiet lately due to some economic news and Bitcoin’s bearish trend below $60,000. As Bitcoin still struggles to attract buyers, the popular memecoin Shiba Inu has been stable around $0.000014. As a result, interest from large investors has declined, which could make it more difficult for Shiba Inu to break out of its current range.
SHIB Whales Lose Confidence
Although Shiba Inu has been consolidating over the past few days, both open interest and trading volume have seen a slight increase. Coinglass data shows that SHIB’s trading volume surged 60.5%, and open interest grew more than 7.4% to $27.8 million.

Bitcoin has seen a welcome recovery at the monthly close in August, with the BTC price target at $65,000.
The largest cryptocurrency has shown impressive strength over the past week, and traders are hoping the good times can continue.

Aside from a sideways weekend, Bitcoin is consolidating its gains and is now up 40% from this month’s low of $45,500.
Therefore, the upcoming monthly close should provide an interesting trading environment as expectations grow for a breakout from the nearly half-year consolidation phase.
Can Bitcoin Finally Reach a New All-Time High?

In 2017, Erik Finman, who became a millionaire by buying Bitcoin at the age of 18, actually bought Bitcoin for the first time in 2011. At the age of 12, he spent $1,245 received from his grandmother to buy 103 BTC, which was also the starting point of his Bitcoin investment and entrepreneurial life.
In the 15 years since the creation of Bitcoin, the field of cryptocurrency has created numerous millionaires, tens of millions, and even billionaires. Their sudden wealth has nothing to do with their occupation, identity, gender, or age. As long as they seize the right opportunity to buy and hold, they can create an enviable crypto legend.

In an astonishing cycle of just seven months, the cryptoeconomic sector experienced an unprecedented boom, with its value surging by a staggering $623 billion! Bitcoin’s market capitalization jumped to new highs, surging past the $20,000 mark, while Ethereum followed suit, achieving significant gains of over $470. However, under this prosperous scene, the cryptocurrency market is on high alert and expectant, because it is waiting with bated breath for several crucial turning points.
Among them, the release of US personal consumption expenditure (PCE) inflation data and the public remarks of Federal Reserve officials have become the focus of market attention. These key events not only carry important information about the health of the macro economy, but are also generally regarded as a weathervane that will profoundly affect market sentiment. Market participants generally expect that these events will be directly related to the future direction of the Federal Reserve's monetary policy, especially the possibility of interest rate cuts, which will have a profound and unpredictable impact on the cryptocurrency market.

Part I Macro Market Analysis
Market status: Due to the collapse of the Japanese yen arbitrage trade, a large number of positions were forced to be liquidated. In the process of market correction, the Topix Index led a significant "deep V" reversal.
Data Adjustments: Although the recently released CPI, PPI and other data are in line with expectations, there are suspicious adjustments in energy and used car prices, which may reduce the market's implied volatility.
Federal Reserve News: The remarks of Federal Reserve officials show that they remain cautious in policy adjustments, and the dot plot is expected to continue to maintain an accommodative stance in September.
Federal Deficit: Although the Fed maintains a dovish stance and the Treasury's short-term bond issuance and repurchase programs have temporarily eased market tensions, large-scale financing programs may put pressure on market liquidity. However, the increase in reserves and the flexibility of fiscal operations help maintain market stability.

Market analysis:
Yesterday, the market experienced a correction and then rose. The daily chart showed a "long needle" pattern, indicating that the current market is in a high-volatility sideways consolidation period. It is expected that in the short term, the market will fluctuate between 63,000 and 57,000.
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Technical indicator analysis:

The non-farm payrolls were significantly revised down, and the rate cut trade is back! Last night, the U.S. Department of Labor released the revised non-farm payrolls data for March.
In the 12 months ending in March, the number of new non-farm jobs in the United States decreased by 818,000 from the previous report, and the average monthly employment (original value 246,000) decreased by 68,000, a staggering drop. This shows that employment in the United States has already cooled significantly.
The sharp downward revision of non-farm payrolls data is likely to have an impact on Powell's speech at the Jackson Hole Global Central Bank Annual Meeting tomorrow. The market has already expected that the Fed will cut interest rates faster than the European Central Bank in the coming months, and will cut interest rates by 100 basis points this year. The tight liquidity situation in the crypto market is really about to take a turn for the better!

In the cryptocurrency world, small investments can create huge wealth, especially if you choose the right coins and get in early. As the market is rising, three altcoins - Pepe, Bonk and Bdx - have attracted the attention of many investors due to their high growth potential. With just $1,000, you may be a millionaire by the end of 2024.
BABY

Pepe (PEPE) has been in the spotlight lately because it is in a descending wedge pattern, which is a bullish sign. Although the price has fallen to $0.00000781, many tokens are losing money and the total profitable supply has dropped to a six-month low. However, the situation may be reversed. If PEPE can break out of this wedge, the price may soar 80% to $0.00001725. This is a great opportunity for investors who bought at the low point.

Bitcoin has once again risen above $61,000, which may be related to the revision of the US labor market data yesterday and the minutes of the Fed's meeting in the evening. Yesterday, before the Fed's meeting minutes, the US Bureau of Labor Statistics released a key data revision, which significantly lowered the number of new jobs between April 2023 and March 2024 by 818,000, reducing the employment growth rate in the past year to 1.3%, which means that the US employment growth during this period was not as strong as previously estimated. In fact, the cooling of the labor market may be earlier and more persistent than expected, and the market began to worry about the impact on economic growth and inflation expectations.

TRX Outperforms Amid Market Correction
In stark contrast to the market trend, TRX has surged more than 10% in the past 24 hours. While major cryptocurrencies such as Bitcoin are facing market corrections, Tron has seen significant gains, with prices up 22% in the past week. With a current price of $0.15 and a market cap of over $13.8 billion, TRX has become the tenth largest cryptocurrency.

Understanding the Surge: The Impact of SunPump
The catalyst for TRX’s recent gains appears to be the launch of memecoin project SunPump. COINOTAG’s report shows that Tron Network generated over 1.84 million TRX (about $246,000) shortly after its launch. This influx of activity has sparked positive sentiment towards TRX, as highlighted by Santiment’s analysis, which has seen a significant increase in its weighted sentiment, indicating a bullish outlook for the market among investors.

At 2 a.m., several participants said that recent progress in inflation and the rise in unemployment provided a "reasonable basis" for a 25 basis point rate cut at the July meeting, or that they might support such a move. According to the minutes released by the Fed, "the vast majority of members" believed that a rate cut in September might be appropriate. Upside risks to inflation have been reduced. Almost all members believed that the decline in inflation would continue. But downside risks to employment were seen as increased. Many participants noted that easing policy too late or too little could unduly weaken economic activity or employment.

On Thursday (August 22), Bitcoin hit $61,820 before reversing and falling, facing strong selling pressure in the short term. The Federal Reserve FOMC meeting released a signal of a rate cut in September, providing support for cryptocurrency buying, but Mt.Gox, the former largest cryptocurrency exchange headquartered in Japan, made its first major transfer of $700 million in three weeks, and Germany raided and seized 13 cryptocurrency ATMs.

Fed FOMC meeting minutes are dovish: rate cut is possible in September
Bloomberg reported that several Fed officials acknowledged at the July 30-31 meeting that there was a legitimate case for a rate cut before the Fed's policy committee voted unanimously to keep interest rates steady. The minutes of the meeting released in Washington on Wednesday said: "Several members judged that the recent increase in inflation and unemployment provided a reasonable basis for lowering the target range by 25 basis points at this meeting or that they could have supported such a decision."

Recently, the cryptocurrency market has encountered major setbacks again. The U.S. Securities and Exchange Commission (SEC) rejected the application submitted by Cboe Global Markets for multiple companies for the Solana ETF. This decision has undoubtedly brought a great impact to the entire crypto industry. According to reports, the SEC's rejection was mainly due to concerns about Solana's regulatory status, especially whether SOL should be classified as a "security."

Bloomberg ETF expert Eric Balchunas noted that the Solana ETF’s filings never made it past Step 2 in the SEC’s review process, the stage where the regulator publishes the 19b-4 filing on its website. Balchunas said that the lack of regulatory approval means that the Solana ETF proposals have effectively been deemed “DOA” or “stillborn.” He further asserted that unless there are major changes in the committee’s leadership, the proposals now have “little to no chance of being approved.”

Former Microstrategy CEO Michael Saylor’s tweet “According to my calculations, Bitcoin (BTC) will always go up” resonated strongly in the cryptocurrency community, sparking expectations for a bull run in 2024.

Saylor’s comments come as 60% of top U.S. hedge funds began increasing their holdings of Bitcoin in the first half of 2024. The surge in institutional interest has pushed up the price of Bitcoin ETFs and the price of Bitcoin itself.

Looking at the chart, Bitcoin showed an intention to move higher after breaking above the 4-hour resistance level, while the 3-day chart showed a bullish double bottom and a clear engulfing candle, indicating strong upward momentum.

The market situation in August is easy to judge.

At the beginning of this month, we said that there was a high probability that August would close with a negative line. At that time, the price of Bitcoin was 66,500, which means that on the day when this month ends, there is a high probability that Bitcoin will be lower than this price.

Don't have too high expectations for this month's market.

So what will happen in September? According to historical analysis, the probability is rising.

A lot of things happened in September. The first was the interest rate cut. This is the most significant signal that the bull market has started. Starting from this position, the market may really start.

Generally speaking, the rising trend will start 160 days after the Bitcoin halving. This round of Bitcoin halving has been over for 125 days, which means it is a long period of time. The trend should start by the end of September.

Yesterday, many crypto industry big names and platform organizations came up with a lot of "Black Myth: Wukong" activation codes to carry out activities. Overnight, the entire industry was "empty streets" to play and swipe the screen... At first glance, those who don't know think that your circle has produced another "big golden dog", but who knows that it has nothing to do with Web3, blockchain, and Crypto at all.

Why is no one discussing Bitcoin anymore? Is Bitcoin no longer popular?
What is going on?
If we count carefully, your circle has spent so much money on blockchain games and the metaverse over the years. It must be tens of billions, if not hundreds of billions, right?

XRP has become an increasingly important player in the global financial sector in recent years. By 2025, all Japanese banks are expected to adopt XRP, a move driven by the central bank and major financial institutions such as SBI Holdings. This strategic decision aims to simplify cross-border transactions, increase liquidity, and integrate blockchain technology into the Japanese financial system, potentially making the country a global leader in the use of digital currencies.
Meanwhile, India recently completed a crude oil transaction with the United Arab Emirates using the XRP Ledger, marking another milestone for the cryptocurrency. By bypassing the U.S. dollar and using local currency, the transaction not only highlights the growing flexibility and efficiency of the XRP Ledger, but also introduces the innovative CryptoTradingFund (CTF). Through this system, customers can earn CTF tokens as cashback on XRP trades, thereby reducing the costs associated with dollar conversions and providing rewards that can be redeemed or converted to cash.