BTC 91000, ETH 3000, SOL140, BNB900 all break through!
Last night's market rebound was driven by four major factors: the Federal Reserve's Beige Book, the recovery of US stocks and ETFs, the increase in USDC issuance, and JPMorgan's sudden support for a rate cut in December.
1. The Federal Reserve released the Beige Book early this morning.
The Beige Book is the Federal Reserve's field economic survey report; it does not directly determine interest rates, but during periods of missing official data, its influence on officials' judgments about the economic outlook and whether to cut rates is significantly amplified.
The report shows:
The US economy has been basically stagnant in recent weeks;
High-income consumption remains resilient, but spending among middle and low-income earners is clearly weak;
Employment has slightly declined, and prices have risen moderately;
The government shutdown has disrupted economic activity and led to retail setbacks and increased demand for food assistance;
Due to the shutdown, a large amount of key economic data for October and November is missing, increasing the divergence within the Federal Reserve on whether to cut rates in December. However, recently, several heavyweight officials aligned with Powell's stance have publicly expressed support for a rate cut, raising market expectations for a rate cut in December to 85%, becoming an important catalyst for the market rebound.
2. The selling pressure on US stocks and crypto ETFs has significantly eased, and funds are beginning to flow back.
In the past few days, BlackRock's support for the BTC ETF has begun to show results. The selling pressure on US stock crypto concept ETFs has noticeably weakened, and some funds are starting to reposition themselves to buy at the bottom.
3. JPMorgan suddenly changes its stance: rate cuts will begin in December!
JPMorgan's economist team has significantly revised its previous viewpoint, changing from the original expectation of "rate cuts in January next year" to believing that the Federal Reserve will directly initiate rate cuts in December.
The reasons are:
Several heavyweight officials have recently publicly supported a rate cut;
The change in officials' stances is enough to alter pre-meeting expectations.
JPMorgan currently predicts:
A 25bp rate cut in December, and another 25bp cut in January next year.
4. USDC issued an additional 600 million U last night, rapidly enhancing market liquidity.
Summary: Multiple favorable factors are resonating, the current market has not yet stabilized, and if stability can be achieved, the crypto market will officially enter a recovery phase!
