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Bitcoin fell below $90,000, and the cryptocurrency market lost $1.2 trillions in six weeks. Stablecoins, criticized for disguising risks as safety, have been identified as potential triggers for a financial crisis, and the GENIUS Act could increase these risks. Summary generated by Mars AI. This summary was generated by the Mars AI model, and the accuracy and completeness of its content are still being iteratively updated.
Global risk assets have experienced a significant decline recently, with both the US stock market and the cryptocurrency market plunging simultaneously. This is mainly due to investor fears of an AI bubble and uncertainty surrounding the Federal Reserve's monetary policy. Concerns over the AI sector intensified ahead of Nvidia's earnings report, while uncertainty in macroeconomic data further increased market volatility. The correlation between Bitcoin and tech stocks has strengthened, leading to split market sentiment, with some investors choosing to wait and see or buy the dip. Summary generated by Mars AI. The accuracy and completeness of the content generated by the Mars AI model are still being iteratively improved.
Due to the uncertainty surrounding the Federal Reserve’s decision in December, it may be wiser to act cautiously and control positions rather than attempting to predict a short-term bottom.
If these were stocks, their trading prices would be at least 10 times higher, if not more.
- 20:36Expectations for a Fed rate cut in December cool significantly, with no key data available before officials' meetingJinse Finance reported that after the US Department of Labor announced it would not release the October employment report, traders now expect the Federal Reserve is more likely to pause rate cuts at the December policy meeting. Following confirmation from the Department of Labor that there was insufficient data to publish the report, there was a wave of sell-offs in the federal funds futures market. Traders have reduced their expectations for a 25 basis point rate cut at the December 10 meeting. They now expect the Federal Reserve to keep the benchmark interest rate in the 3.75% to 4% range. The swap market, which is linked to the Fed's policy rate, is currently pricing in only a 6 basis point rate cut for the December meeting, and a cumulative rate cut of just 19 basis points by January. Before Wednesday, the swap market was pricing in 11 basis points, which meant the probability of a rate cut by the Fed within three weeks was about 50-50. Leah Traub, a portfolio manager at Lord Abbet, said: "We have long known that there would be no October unemployment data, but the November data will not be released until after the Fed meeting, which should be disappointing for the market. Considering the divisions within the Federal Open Market Committee, this reduces the likelihood of a rate cut."
- 20:04Data: In the past 24 hours, total liquidations across the network reached $562 million, with long positions liquidated for $492 million and short positions liquidated for $69.78 million.According to ChainCatcher, citing Coinglass data, liquidations across the entire network reached $562 million in the past 24 hours, with long positions liquidated for $492 million and short positions for $69.78 million. Among them, bitcoin long positions were liquidated for $131 million, bitcoin short positions for $19.88 million, ethereum long positions for $197 million, and ethereum short positions for $19.09 million. In addition, over the past 24 hours, a total of 170,518 people were liquidated globally, with the largest single liquidation occurring on Hyperliquid - ETH-USD, valued at $24.22 million.
- 19:28Federal Reserve meeting minutes show cooling labor market, overall inflation rate estimated at 2.8%ChainCatcher news, according to Golden Ten Data, the minutes of the Federal Reserve's October meeting show that the actual GDP growth rate slowed down in the first half of this year, and information on the labor market was limited due to the federal government shutdown. Existing indicators suggest that the labor market continues to gradually cool down, with no signs of sharp deterioration. Consumer price inflation has risen since the beginning of the year, with the overall inflation rate estimated at 2.8% in September, and the core PCE inflation rate is also estimated at 2.8% for the same period.