ChainCatcher news, Lightspark co-founder and Chief Strategy Officer, Christian Catalini, founder of the MIT Cryptoeconomics Lab (who was also a co-founder of the failed Diem/Libra project), shared his views on the U.S. debt, the Bitcoin strategic reserve proposal, and the calls to replace Federal Reserve Chairman Powell.Catalini believes that despite some false advertising in the market, the U.S. is not on the brink of a debt crisis. From a broader perspective, the world has accumulated debt, especially after the 2008 global financial crisis. While this does not mean that over-indebtedness is a good thing, it is a common issue that almost every country must address in some way. However, if Powell is removed in January next year, it would undermine the institutional credibility of the SEC and weaken the dollar, raising doubts about the market's ability to maintain debt. If Bitcoin were to truly become a strategic reserve asset in the future, it could signify "the end of the Federal Reserve's leadership in global monetary policy."

ChainCatcher message, Federal Reserve Chairman Powell stated at a press conference that no decision has been made regarding what policy action the central bank will take in December. He said, "In the face of uncertain prospects, we are prepared to adjust our assessment of the appropriate pace and ultimate goals of monetary policy."

ChainCatcher message, Federal Reserve Chairman Powell will hold a monetary policy press conference in ten minutes.

ChainCatcher news, according to Jinshi reports, Federal Reserve's Daly stated that the interest rate cut in September is a moderate adjustment of monetary policy, and the recent inflation readings are just slightly above 2%. Households, businesses, and markets have seen progress in inflation and believe that this progress will continue. The Federal Reserve's monetary policy remains restrictive and is working to reduce inflation.

ChainCatcher message, Coinbase analysts David Duong and David Han stated, "Despite the lackluster price movement of Bitcoin this week, market sentiment has remained largely unchanged, as evidenced by the stable perpetual contract funding rates and open interest over the past week." Coinbase analysts pointed out that the macro factors influencing cryptocurrency performance are shifting from monetary policy to the results of the U.S. elections. Despite the recent rise in CPI and core PPI, market expectations for interest rate cuts remain broadly stable.

ChainCatcher news, the European Central Bank (ECB) has questioned the view that stablecoins are a "safe haven" for investors during market turmoil, finding that they are actually highly influenced by U.S. monetary policy.The working paper examines the connections between U.S. monetary policy, money market funds (MMFs), and stablecoins. It argues that monetary policy, especially dollar policy, is key to linking cryptocurrencies and traditional financial markets. Stablecoins, which have a fixed price typically pegged to fiat currencies (usually the dollar), are susceptible to shocks from within the traditional financial markets, such as changes in U.S. monetary policy, like interest rate hikes.

ChainCatcher news, Federal Reserve Chairman Powell did not discuss monetary policy or economic outlook in his brief opening remarks at the New York Fed. (Jin Shi)

ChainCatcher news, QCP Capital has released its latest market analysis report. The report indicates that Bitcoin is currently oscillating in the range of $62,000 to $64,000, while Ethereum's trading price is close to the low of $2,600. Micron Technology (MU) shares surged 16% due to an upward revision of its fourth-quarter revenue expectations, and the market anticipates that chip companies like Nvidia (NVDA) may follow suit, which could serve as a catalyst for Bitcoin to break through $64,000.Today's key macro events include U.S. GDP data and a speech by Federal Reserve Chairman Jerome Powell. The market will closely monitor Powell's speech for any changes in policy stance following last week's FOMC press conference. U.S. presidential candidate Kamala Harris has reiterated her support for cryptocurrencies, promising to position the U.S. as a leading force in "AI, quantum computing, and blockchain."QCP Capital believes that as global central banks begin to ease monetary policy, the expected increase in liquidity may drive cryptocurrency prices higher. The company suggests that investors consider going long on long-term options structures with unlimited upside potential to capture potential parabolic price increases.

ChainCatcher news, according to Decrypt, Bernstein analyst Gautam Chhugani stated that any signals of loose monetary policy and potential dollar weakness are positive for Bitcoin. He pointed out that as of this year, Bitcoin has risen by 45%, surpassing gold's 27% increase. During a fundraising event held in New York last weekend, U.S. Vice President Kamala Harris expressed support for digital assets and publicly mentioned the crypto industry for the first time.Previously, former U.S. President Donald Trump also held a pro-crypto stance, advocating for friendlier regulatory policies. Although the crypto community remains cautious about Harris's position, Bernstein analysts believe that Harris's statement, along with Trump's support, indicates bipartisan backing, which could lead to more regulatory clarity. The momentum for Bitcoin ETFs remains an important factor. Despite recent price fluctuations, Bitcoin ETF inflows continue to show net inflows, with a cumulative inflow of $17 billion.

ChainCatcher news, UBS has brought forward its expectation for the Reserve Bank of Australia's first interest rate cut from May next year to February, stating that the downward effects of the Federal Reserve's consistent rate cuts over the next year will also provide the RBA with room to ease.UBS Chief Economist George Tharenou stated that Australia's interest rates will remain elevated for a longer period, at least in relation to global trends. Global trends are becoming increasingly dovish. UBS currently expects that the U.S. terminal rate will be lower, with the federal funds rate quickly dropping to a level far below the RBA's official cash rate. He mentioned that these factors mean the RBA may begin to ease monetary policy sooner.

ChainCatcher news reports that Bitcoin has fallen below the $60,000 mark ahead of widespread expectations that the Federal Reserve will cut interest rates later this week. The upcoming policy adjustments from the Fed have left global markets on edge.The first interest rate cut in over four years in the U.S. signals a more accommodative financial environment, which is typically a positive backdrop for riskier assets like cryptocurrencies. However, investors are uncertain about the magnitude of the rate hike on Wednesday, as well as how the market will react to the latest forecasts from Fed officials (the so-called dot plot) and Fed Chair Powell's briefing.Bitcoin's price rose 10% in the seven days leading up to last Sunday, marking the largest weekly gain since July, which may reflect a resurgence in bets on a 50 basis point rate cut by the Fed.Caroline Mauron, co-founder of digital asset derivatives trading liquidity provider Orbit Markets, stated that in the Bitcoin options market, traders are "pricing in a weight that is significantly greater than what we've seen recently" regarding the Fed meeting.It can be said that the outlook for monetary policy has become the main driver of Bitcoin's short-term movements, overshadowing (at least for now) the impact of the U.S. presidential election. (Bloomberg)

ChainCatcher news, Althea Spinozzi, Head of Fixed Income Analysis at Saxo Bank, stated that in terms of market focus, the U.S. election may take precedence over monetary policy.Spinozzi mentioned that the outcome of the U.S. election could have a significant impact on major economies. "Regardless of the outcome, we may see a very different world, and investors will need to adjust their expectations," Spinozzi said. (Jin Shi)

ChainCatcher news, according to Jinshi reports, next week the market will face several important event nodes, during which Federal Reserve officials will also make a series of speeches. Among them:Monday at 21:15, Federal Reserve Governor Waller will deliver the opening speech at the summer seminar on currency, banking, payments, and finance;Wednesday at 1:35, 2024 FOMC voting member and Atlanta Fed President Bostic will speak;Thursday at 2:00, the Federal Reserve will release the minutes of the monetary policy meeting;On Thursday, the Jackson Hole Global Central Bank Annual Meeting will be held;Friday at 22:00, Federal Reserve Chairman Powell will speak on the economic outlook at the Jackson Hole Annual Meeting.In addition, on Thursday evening next week, the U.S. August S&P Global PMI data will be released. If the data unexpectedly shows weakness, concerns about a recession in the U.S. may intensify, leading traders to increase bets that the Federal Reserve will cut interest rates more significantly within the year, which would be a blow to the dollar.

ChainCatcher message, according to CoinDesk, FxPro senior market analyst Alex Kuptsikevich stated in a report on Thursday that the Federal Reserve's impending easing of monetary policy may encourage BTC bulls to overcome the short-term downward trend, potentially pushing Bitcoin to reach $66,000.However, the report also noted that new selling momentum remains dominant and could pull back to $55,000.