This week, the overall inflation rate CPI fell to 2.5%, close to the Fed's 2% target. As bets on a 50 basis point rate cut by the Fed next week rose, the Nasdaq index opened up 0.6%. Spot gold continued to rise on the basis of a nearly 2% surge overnight, hitting $2,580 per ounce, setting a new record high. COMEX gold futures rose more than 1% during the day, standing above $2,600 per ounce. It is expected that the Fed will announce its first rate cut in four years after the meeting next week, and bets on a 50 basis point rate cut rose from 28% yesterday to 43%.
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Fox News reporter Eleanor Terrett: John Rose, a member of the U.S. House Financial Services Committee, is proposing a new bill called the "BRIDGE Digital Assets Act" that will establish a joint digital asset advisory committee between the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC). The purpose of the committee is to allow the industry to provide advice to the two agencies on rules, regulations and policies related to digital assets. The South China Morning Post reported that Hong Kong is considering allowing the Securities and Futures Commission (SFC) to participate in the regulation of over-the-counter (OTC) virtual asset trading services, and the Hong Kong Securities and Futures Commission has sought industry opinions on a potential new licensing system for cryptocurrency OTC services. A spokesman for the Hong Kong Securities and Futures Commission said on September 12 that in order to promote the sustainable and responsible development of Hong Kong's virtual asset industry, the Hong Kong Securities and Futures Commission is working closely with the government and other regulators to establish a sound, clear and consistent regulatory environment in Hong Kong. The Information reported that OpenAl's annual revenue may have increased by 150% to around US$4 billion since the end of 2023. At some point in 2025, it may reach US$8 billion. The Information reported that OpenAI is in talks with Abu Dhabi investment company MGX to raise $7 billion. El Salvador has increased production by 1 BTC per day in the past 665 days, and the former coin holdings have risen to 5,871 BTC. The Wall Street Journal published an article stating that in 2023, Tether's liquidity will be as much as that of the financial giant Visa card, with a full-year net profit of $6.2 billion, surpassing the asset management giant BlackRock (common shareholders' net profit of $5.5 billion), but Tether's number of employees (less than 100) is only a small fraction of BlackRock's, and Tether is disrupting the United States' global sanctions system. Santiment said that the supply of BTC and ETH mining company addresses has been declining since the first half of 2024, and with the recent mild rebound, their total supply will increase, which is a "signal" that the next bull market is coming.
QCP Capital reported that BTC has regained $57,000, showing strong demand and increasingly bullish market sentiment. With no major macro events in the near future, volatility is expected to continue to fall before next week’s Federal Reserve meeting. Markets are gathering momentum given significant economic positive events such as upcoming interest rate cuts and the U.S. election. Kendrick, head of foreign exchange and digital asset research at Standard Chartered Bank, said: No matter who wins the election, BTC will hit a record high at the end of this year. If Trump wins, the BTC price will reach $125,000. If it is Harris, the BTC price will reach $75,000. Dollar. BTC may reach new all-time highs by the end of 2024 due to "positive drivers prevailing regardless of the election outcome." Spot BTC spot ETF inflows are expected to see a seasonal rebound in October. On September 12, BTC spot ETF had a net inflow of US$39.0239 million, and the historical cumulative net inflow has reached US$17.034 billion, of which the historical net outflow of Grayscale GBTC was US$20.046 billion. On September 12, the net outflow of ETH spot ETF was US$20.1396 million, and the historical cumulative net outflow reached US$583 million, of which the historical net outflow of Grayscale ETHE was US$2.714 billion. On September 13, MicroStrategy once again spent approximately US$1.11 billion to increase its holdings of 18,300 BTC. As of September 12, 2024, it held a total of 244,800 BTC, with a total cost of approximately US$9.45 billion, and a current floating profit of approximately US$4.69 billion. CryptoQuant analyst Tarek On-Chain said: BTC reserves on exchanges are significantly reduced and selling pressure has eased. This trend often appears before a price rebound. The combination of reduced BTC reserves and increased stablecoin reserves creates a breakthrough for price increases. The foundation has been laid, and as market supply tightens and purchasing power accumulates, it may be on the verge of a price rebound. On Friday, as bets increased for the Federal Reserve to cut interest rates by 50 basis points next week, the Nasdaq opened up 0.6%, with the market hitting $59,500. Spot gold continued to rise on the basis of a nearly 2% surge overnight, hitting $2,580. / ounce, reaching a new record high, COMEX gold futures rose more than 1% during the day, standing above 2,600 US dollars / ounce.
The initial value of the US one-year inflation forecast for September was 2.7%, in line with the expected value of 2.7%, lower than the previous value of 2.8%. Bet that the Fed will cut interest rates by 50 basis points next week rose from 28% yesterday to 43%. Dudley, former head of the New York Fed: There are good reasons to support a 50 basis point rate cut. The Wall Street Journal said that as Fed members believe that inflation has been controlled and are worried about employment issues, they are considering a more aggressive monetary easing policy. Strategist Carol Kong believes that compared with historical interest rate cut cycles outside of recessions, the current market pricing is aggressive, and the consensus of US economists is that recession can be avoided. This week, the overall inflation rate CPI fell to 2.5%, close to the Fed's 2% target. Wall Street banks including Citigroup, JPMorgan Chase and Wells Fargo expect the Fed to take more aggressive measures. Analyst Newnaha said that if the Fed cuts interest rates by 50 basis points, the market is unlikely to regard it as a one-time move, and the market expects the Fed to cut interest rates by 50 basis points again. From inflation and interest rate cuts in the macro outlook to the end of bankruptcy liquidation and selling in the micro impact, negative factors are gradually eliminated. After about 6 months of gloom, the market has regained its vitality. It is expected that the Federal Reserve will announce the first interest rate cut in four years after the meeting next week. The Federal Reserve’s new round of interest rate cuts/flooding cycle should not be underestimated; the US dollar has entered a depreciation cycle, and risk assets denominated in US dollars, including US stocks, gold and bitcoin, have entered a round of appreciation cycle. In the new cycle, bitcoin continues to fight for its reputation. The latest update time is too late, take a rest on the weekend, staying up late is not good for health, everyone should reduce staying up late. Happy Mid-Autumn Festival, the Mid-Autumn Festival may be simplified. #新币挖矿HMSTR #新币挖矿CATI #灰度将推出首个美国XRP信托
