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More than 90% of crypto assets are essentially driven by speculation. However, pure speculation is not a perpetual motion machine; when market participants lose interest or are unable to continue profiting, speculative demand will diminish.
- 13:22The US dollar rises to a three-month high as rate cut expectations declineChainCatcher news, according to Golden Ten Data, the US Dollar Index (DXY) has risen to a three-month high as market expectations for further immediate rate cuts by the US have diminished. The Federal Reserve cut rates as expected last week, but Fed Chair Jerome Powell stated that another rate cut in December is not a foregone conclusion. Analysts pointed out that the ongoing government shutdown has led to a lack of official data, and the absence of new negative news has kept market volatility low, while demand for the dollar remains strong.
- 13:22CME: Ethereum futures contract ADV reaches 24,000, up 357%According to ChainCatcher, CME Group has released trading data showing that the average daily volume (ADV) of cryptocurrency contracts reached 379,000 contracts, with a notional value of $15.3 billion. This includes: micro ether futures contracts with an average daily volume of 222,000 contracts, up 583%; micro bitcoin futures contracts with an average daily volume of 80,000 contracts, up 60%; and ether futures contracts with an average daily volume of 24,000 contracts, up 357%.
- 13:11Trader Peter Brandt: Bitcoin may bottom out at $60,000Jinse Finance reported that renowned trader and chart analyst Peter Brandt, based on the power law model chart from technical analysis firm JDK Analysis, believes that Bitcoin may bottom out at $60,000. According to Cointelegraph's analysis, BTC's weekly chart has confirmed a descending wedge pattern after the price lost support from the trendline at $114,550 under this pattern. Bulls are currently striving to keep the price above the 50-week simple moving average (SMA), which is now at $103,300. Other key support levels include the psychological threshold of $100,000 and the 100-week moving average at $82,000. If Bitcoin's weekly closing price falls below this area, Bitcoin will move toward the wedge target price of $72,000, representing a 30% drop from the current price.