Daily Summary of the crypto world: The encryption market fell again over the weekend; The US SpotBTC ETF bought 6,892 BTC last week; The Federal Reserve will announce the Interest Rate resolution this week

Last week, the US SpotBTC ETF purchased 6,892 BTC, while Miners only produced 2,250 BTC. On Friday last week, the daily net inflow of the US SpotBTC ETF was $263.1 million, the highest single-day net inflow since July 22 (57 days ago) of $485.9 million.

The Federal Reserve will announce the Intrerest Rate decision and economic outlook summary this week. At the start of today's Asian markets, there is a 67% chance of a 50 basis point interest rate cut.

Solana's Edge Computing open layer, Gradient Network, has completed a new round of financing with participation from Multicoin Capital, etc.

Gaming tokenization health platform Universal Health Token completes $1.2 million Pre-Seed round of financing, with participation from Animoca Brands, etc.

NetX Agent, a super AI product launched recently by the Trias ecosystem. Agent is the carrier for people to enter the future network economy built by the Trias -1 layer network and NetX Mainnet commercial financial data, with features such as 24-hour operation, unlimited growth, and mutual collaboration.

Yield Guild Games (YGG) aims to involve the community in the process of transforming early Web3 gaming projects into high-quality games through its Game Tester Program. The program plans to recruit 1,000-2,000 active testers by the end of 2024.

Recently, Catizen (CATI), a popular cat-themed metaverse game on the TON blockchain, announced its tokenomics, with 34% of tokens allocated for Airdrop.

Trump appears to have been the target of another assassination attempt, with a 1% increase in his chances of winning the election after the shooting incident, but still behind Harris. Biden said he had instructed his team to ensure that the Secret Service has enough resources to ensure Trump's safety, and Florida will conduct a 'self-investigation' into the incident.

The on-chain perpetual DEX LogX on the X platform is scheduled to conduct TGE on September 24th.

Ethereum Liquidity again stakeprotocol Eigenpie announces EGP Token economic model, with a total supply of 10 million EGP.

Stable Coinprotocol Usual released a roadmap, stating that TGE will take place in mid-November, with 90% of tokens allocated to the community.

Decentralization AI security detection and AI training platform Triathon, adding $GROW token stake service. Users can earn up to 20% annualized returns by staking $GROW tokens, and they can also receive veGROW, which can be used for community governance and voting.

Data: Grayscale SUI Trust Fund assets exceed $1 million

The Central Bank and the Ministry of Finance of Russia are developing regulations to establish rules for cross-border payment of cryptocurrencies. The government's goal is to complete these regulations by the end of November.

According to the schedule, the Federal Reserve will announce the Interest Rate decision and the Summary of Economic Projections at 2:00 p.m. on Thursday this week.

Circle plans to relocate its global headquarters to New York and is expected to open in early 2025.

A survey by the Financial Industry Regulatory Authority (FINRA) in the United States showed that 55% of the American Generation Z prefer to invest in Crypto Assets. Generation Z prefers to finance on-chain rather than online.

FTX founder SBF has officially appealed his fraud charges, demanding a retrial and accusing the judge handling his case of unfair bias.

According to the acting Chief Justice of the Supreme Court of Montenegro, it is expected that the Supreme Court will decide before the end of this month whether the ruling on Do Kwon's extradition case violates the law.

According to Breadcrumbs.app data, the encryption industry has donated $190 million to the 2024 US election so far.

The SEC has expanded its lawsuit to include Axie Infinity (AXS), FIL (FIL), Cosmos (ATOM), The Sandbox (SAND), Decentraland (MANA) and other tokens as unregistered securities. 01928374656574839201

Market Analysis: BTC is blocked by the pressure of the $60,000 integer barrier, and the market Rebound still needs to gather strength and wait for the right time

Market Trend:

BTC (BTC) modestly lowered last weekend and was resisted by the daily candlestick 60 moving average and the psychological level of $60,000, and the rebound temporarily came to an end. As of the time of writing, it has been in a downward trend for three consecutive days, and the market is still in a wide-ranging oscillation state of repeated pull and push between long and short positions. This week, pay attention to the support at $55,000 below and the impact of the Federal Reserve's interest rate decision.

Purely from a technical perspective, BTC has been fluctuating widely for nearly six months since mid-March, which also conforms to the Fluctuation pattern of the market entering a momentum adjustment after the Halving in the past. Despite the three-day consecutive decline, the weekly chart does show a bullish trend of engulfing the bearish, and considering the upward and downward gaps near the current price in CME futures, there is not much room for fluctuation in either direction. Based on past historical experience, there is still no expectation of unilateral Fluctuation for BTC, and the market is expected to make a directional choice in October after the adjustment.

From the perspective of fund flows, the US Spot ETF showed a trend of funds outflow followed by inflow in September. It is worth mentioning that the US SpotBTC ETF purchased 6,892 BTC last week, while only 2,250 BTC were produced by Miners. This may indicate a warming market sentiment, as the market has begun to recover from the fear of US economic recession expectations and Whaledumping.

From a macro perspective, the market will play out the results between the expectation of Liquidity easing brought about by interest rate cuts and the urgency of economic risks this week. From the recent economic data, inflation is indeed cooling significantly, and a 25 basis point or 50 basis point cut will have different psychological impacts on the market, which will be an important driving factor affecting the short-term Fluctuation of encryption assets. However, if we switch to a long-term perspective, we believe that the improvement in macro Liquidity will help stimulate the gradual return of the BTC market to a bullish sentiment.

In conclusion, BTC will still face complex disturbances, and may maintain a certain adjustment trend in the short term, but the long-term prospects are still optimistic.

Market Hotspots:

1. AI zone: AI zone led the market with a small increase last week, with a 7-day increase of 8.3%. ICP, FET, TAO and other zone leaders had weekly gains of 9.0%, 16.5%, 16.7%, respectively. After the release of NVIDIA's (NVDA.US) Q2 financial report, Favourable Information turned negative and the price dropped sharply, but it began to pump with the market's recovery last week.
2. Cat-themed MEME zone: The market capitalization of the cat-themed MEME zone is currently $2.3B, with a weekly increase of 16.3%. There is no doubt that MEME has developed into a relatively independent and well-established Bull Market-driven zone, with cat-themed MEME performing particularly well. In addition to leading MEME such as POPCAT, MEW, and MOG with high market capitalization, CAT Token, named after the well-known overseas IP short film Simon's Cat in late August, also performed well, currently ranking 4th in this zone. The weekly increase of the above four leading tokens is 24.7%, -1.9%, 6.3%, and 19.2% respectively.
3. RWA zone: RWA zone has recently followed the market's strong rebound, with a 7-day increase of 6.3%. Currently, the outstanding performers in this zone are OM, ONDO, PENDLE, CFG, etc., with 24H increases of 20.1%, 0.9%, 15.9%, 2.1% respectively. Although the current US bond yields are still at historical highs, with the arrival of an interest rate cut cycle, RWA zone needs to quickly seek relatively safe and alternative high-yield products to cope with potential liquidity migration.

Overall, the encryption market's current macro Liquidity expectations have gradually improved, but short-term uncertainty games dominate. It is still very rare to find zones that can outperform Bitcoin returns, and various zones continue to maintain a speculative rotation trend. Currently, capital speculation remains cautious. The market may be seeking iconic products that can ignite market trends. In addition to this round of Bull Market's emerging AI, RWA, MEME, etc., TON on-chain's MEME mini-game is worth following.

Macro: Focus on the Fed interest rate decision this Thursday, the short-term market risk increases

The Federal Reserve's monetary policy is at a critical turning point, and the market generally expects it to announce interest rate cuts this Thursday in response to slowing inflation, cooling labor markets, and a slowing rise in the economy. There is disagreement in the market about the magnitude of the rate cut, with traders currently placing similar probabilities on predictions of a 25 basis point or 50 basis point cut.

If the Fed chooses to cut interest rates by 50 basis points, this is usually interpreted as an urgent need to control inflation, which may then trigger a rise in risk aversion in financial markets, causing short-term negative impact on risk assets including BTC. Because such a rate cut usually implies a more pessimistic outlook for the economy, it may lead to investors reducing their exposure to high-risk assets. However, some analysts point out that the Fed's primary goal is to mitigate the downside risks to the economy, rather than directly intervene in market sentiment.

However, some analysts believe that a smaller interest rate cut (25 basis points) is a more prudent choice. It can not only send a signal of easing to the market, but also maintain policy flexibility and adjust further based on subsequent economic data. It is worth noting that Jamie Dimon, CEO of JPMorgan Chase, recently expressed concerns about inflation risks. Despite the market's expectations of inflation easing, he warned that the economy still faces severe challenges, particularly mentioning that increased government spending and expanded fiscal deficits could continue to push up inflation pressures.

Looking back in history, since March 2020, in response to the impact of the COVID-19 pandemic on the economy, the Federal Reserve had lowered the Interest Rate to nearly zero. Subsequently, starting in 2022, due to the sharp increase in inflation, the Federal Reserve has continuously raised the Interest Rate to curb the speed of price pump. As of now, the Benchmark loan Interest Rate range has been maintained at 5.25%-5.50%, reaching the highest level in 20 years.

Overall, most economists and market participants tend to expect the Federal Reserve to take a cautious approach, with the first rate cut expected to be 25 basis points, in order to leave room for policy adjustments. The latest developments in the Federal Reserve's monetary policy will have a profound impact on global financial markets, including Crypto Assets. It is recommended that investors closely follow the Federal Reserve's interest rate decision and other developments on September 19th and take action when market fluctuations are relatively clear.

Author: Carl Y. This article represents the author's opinion and does not constitute any trading advice. This article is original and the copyright belongs to Gate.io. Please indicate the author and source if you need to reprint, otherwise legal responsibility will be pursued.