Analysis: If the Fed cuts interest rates further, it will benefit the market value of digital currency bitcoin or it is expected to hit 70%.

According to TokenGazer data analysis, as of 17:00 on August 20, the BTC price is $10,698.98, and the market value is $191,336.27M; the mainstream exchange 24H BTC transaction volume is about $909.65M, an increase of 10.1% from yesterday, BTC active address number, There is a certain increase in the volume of transactions on the chain; the market value of BTC is currently about 69.12%, showing a certain upward trend, or is expected to hit the 70% mark in the near future; BTC release time is about 9.3min. In terms of futures, the BTC long and short positions have remained relatively stable in recent days. On the exchange side, BTC/USD Coinbase continues to be in a negative premium for BTC/USD Bitfinex, and the premium level has been amplified.
In the current macro-form, if the Fed continues to cut interest rates, it will undoubtedly weaken the strong position of the dollar, add new stimulus to the economy, reduce the risk of economic recession, and increase the asset bubble to some extent. Therefore, for digital currency, if Powell’s speech this Friday reveals the possibility of further interest rate cuts, it will be greatly beneficial to digital currencies such as Bitcoin.