QCP Capital: The dovish tone in the Federal Reserve's minutes boosted risk assets, with attention now on Powell's speech on Friday

ChainCatcher news, Singaporean crypto investment firm QCP Capital stated that the downward revision of the U.S. non-farm payrolls overnight highlighted the weakness in the labor market, raising concerns that the Federal Reserve might delay interest rate cuts, triggering a wave of selling.

However, the minutes from the July Federal Open Market Committee (FOMC) meeting showed that some policymakers were willing to cut rates, which released a more dovish stance aimed at balancing inflation and employment goals, thereby alleviating these concerns. This dovish tone boosted risk assets, pushing Bitcoin prices above $61,800, with strong buying on Coinbase continuing until 4 AM Singapore time. Aggressive buy orders on Coinbase (indicating domestic demand in the U.S.) are a good signal for the short-term trend.

Now, the market's focus shifts to Federal Reserve Chairman Powell's speech tomorrow in Jackson Hole, with expectations of gaining more signals regarding interest rate cuts. Given that the market is generally betting on rate cuts, unexpected economic data could have a significant impact on the market.