Canada's interest rate cut has stabilized the market, and the US stock market has also turned from falling to rising in stages. The decline in recent days is mainly due to the media's continued exaggeration of the adverse effects of the interest rate cut on the risk market, coupled with Nvidia's financial report failing to meet market expectations and the news that the Japanese yen will raise interest rates.
For the current US economy, there is no sign of recession yet, and the interest rate cut can be regarded as a defensive move at this time. Judging from various data, it is too early to assert that the US economy has already declined. Although Nvidia's financial report did not meet high expectations, it is still acceptable, and it may not be a bad thing to cool down appropriately. The Japanese yen is expected to raise interest rates in December.
In this way, the real negative does not seem to exist at present, and it is more due to market sentiment. For tokens such as BTC and ETH, it is indeed an indisputable fact that they will follow the trend of US stocks and even technology stocks more. Therefore, for many investors, it may be helpful to pay attention to the trend of US stocks in advance.
Judging from today's data, the turnover of BTC on the chain is relatively stable, without significant changes. The main sellers are still short-term investors, and a large number of transfers come from investors who have lost money in the past week. BTC bought at $59,000 to $60,000 has become the hardest hit area. We have mentioned before that the support of $64,000 to $69,000 has been broken. The reason why it has not changed is that it is mainly short-term chips at present, and further precipitation is needed. Even so, earlier investors have not shown any signs of significant reduction in holdings. The data of long-term holders released earlier today is still rising, which once again confirms the saying: more BTC is shifting to long-term and high-net-worth investors.
