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In the past 24 hours, the cryptocurrency market has focused on two focuses: why did IV collapse, and why did it rise? The rise in coin prices has led to a rebound in Vol Skew, and the massive sell-off on the bearish side has significantly increased the slope of BTC from October to the end of the year.

Although the recent U.S. economic recession expectations have eased, macroeconomic and geopolitical risks remain. Bitcoin is expected to continue to fluctuate widely before the Fed cuts interest rates. Investors should remain cautious, but can keep an eye out for rebound opportunities.

Focus on on-chain data and review daily news.

Due to the impact of the Bank of Japan's interest rate hike and the yen carry trade, the crypto market and the global risk asset market plummeted. The price of BTC once fell below $50,000 and ETH fell to $2,100. The giant whale Jump Trading also sold a large number of digital assets during this period. Subsequently, the crypto market began to rebound and the stock market also rebounded. The article finally pointed out that the crypto market still has potential, but the bull market may not return until the first quarter of 2025.

Su Zhu: The real bull market has not yet begun.

On August 7, the U.S. Treasury issued $58 billion in 3-year bonds with a winning yield of 3.810%, lower than the trading level before the issuance. At the same time, the deputy governor of the Bank of Japan announced that it would not raise interest rates when the market was unstable, causing the yen to fall under pressure; after Ripple reached a settlement with the SEC, XRP trading volume surged 254% and prices rose 20%.

Among the new coins, only $ZRO performed well.

Performance varies: some follow the trend and sell off their holdings, some take the opportunity to buy BTC at the bottom, and some hold the altcoins without moving.

As the leading application-based public chain of cryptocurrency, it has great potential in technology adoption and innovation. The decline in ETH’s market value has also created better layout opportunities for institutions.

In the past 24 hours, Bitcoin rebounded to $57,000. Bitcoin's trading volume hit a new high after the halving yesterday, with a trading volume of over $1.14 billion.

MOG, PEPE, NEIRO and other meme coins are more popular with whales

Ronin was attacked and the white hat hacker has repaid the money.

Investors should adopt strategies such as diversification, long-term holding and technical analysis to cope with market fluctuations and plan for future market opportunities.

Last week, the weak economic data of the US non-farm payrolls and manufacturing indexes triggered market concerns about economic slowdown, which are still spreading. The market's selling sentiment has also spread from traditional markets to digital currencies.

The combination of negative macroeconomic expectations and multiple incidents has led to a domino-like collapse in multiple markets. Affected by the extreme bottoming market, it is not ruled out that the crypto market will have a short-term recovery and rise in the near future.