On Monday, on the Asian early plate, Bitcoin broke by $64,000, but the encryption market as a whole is still recovering from its recent narrow shock. The weakening of the United States dollar and the expected increase in interest rate temperature have not led to a clear recovery of risk preferences, and traders are awaiting further information on the proceedings of this week’s Fed meeting and the White House encrypted meeting.
Mainstream currency increases are limited
By the time of Asian trading, bitcoin had risen by about 0.5 per cent a day, but had fallen by almost 3 per cent over the past seven days. It's going up by over 1%, close to $1900, but the weekly line is still falling.
Other mainstream currencies show a differentiated but low degree of volatility. XRP slightly increased to around US$ 1 and fell about 3 per cent in the week; Solana went up to US$ 75, falling close to 2 per cent over the past seven days; BNB reported over US$ 604 and the weekly line was almost flat. Dogecoin and Tron recorded only a small increase.
Hyperliquid's HYPE is a few prominent tokens, rising by more than 3 per cent in the day, reporting about US$ 59, with a weekly increase of nearly 9 per cent, and a few of the main tokens with marked weekly increases.
Macro-environment warming failed to drive encrypted assets
At the macro level, the dollar continues to fall. The Bloomberg dollar index fell by 0.1 per cent, approaching its third consecutive trading day, and was in a low position since May. At the same time, the MSCI emerging market currency index set up at a new high, with a rise in the baht and baht.
The United States retail sales data released last Friday also reinforced the market's judgement of the expected cooling of interest rate hikes. Data show that consumer spending in the United States experienced the largest single-month decline in over a year. Interest rate swaps show that the market currently expects the Fed to increase interest rates by about one quarter next month, below the rate of about 50 per cent a week ago. The price of the United States debt is high.
Typically, the weakening of the United States dollar and the expected fall in interest rates favour risk asset performance, but the limited reaction of the encrypted market this time suggests that funds remain prudent.
Two weeks of market attention.
The LVRG Research research director, Nick Ruck, said to CoinDesk that bitcoin was still stuck in a shock near $63,000, and that ETF inflows had weakened, reflecting a decline in optimism after the market fell last week.
In his view, the most noteworthy events this week included the minutes of the Fed meeting and the anticipated White House encrypted meeting in the market. These two developments may provide additional clues to monetary policy and regulatory direction.
The Fed will publish a summary of its meeting from 28 to 29 July at 2 p.m. Eastern United States time. The market wishes to judge from this how close the Fed's internal distance was again increased before the economic data release last week. This will also affect changes in the short-term risk preferences of the encryption market.