Wall Street strategist and president of Yardeni Research, Ed Yardeni, argues that the Federal Reserve’s anticipated 25 basis point rate cut this week could be a mistake.

Yardeni questioned the need for a rate cut, referencing a recent statement from Fed Chair Jerome Powell: "The economy is strong, and we don’t need to rush to lower rates." Yardeni pointed out the inconsistency in cutting rates if the economy is performing well.

Market Expectations vs. Economic Reality
While federal funds futures are predicting a 99% chance of a 25 basis point rate cut this week, Yardeni believes that continuing with rate cuts is not the right move given the current economic data. He highlighted strong GDP growth, a resilient labor market, and historical highs in stocks, gold, and Bitcoin as indicators that the economy is on a solid footing.

Inflation Concerns
Yardeni also emphasized that inflation remains above the Fed’s 2% target. While the Fed may pause rate cuts in January, Yardeni feels this action might be too late. He has previously advocated for the Fed to maintain rates at the upcoming FOMC meeting and reassess the economic landscape.

The Potential Risk of Lowering Rates
Yardeni warns that reducing rates now could lead to a market bubble, potentially triggering a "vicious correction." He sees current interest rates as being at appropriate levels, noting that lowering them further might encourage excessive market optimism, which could end badly.

What’s Your Take?
Do you think the Fed should hold off on rate cuts, or is there a need for action given the economic slowdown risks? Could a rate cut lead to a market bubble, or is it necessary to stimulate growth in the current economic climate? Let’s discuss!

The cryptocurrency market rose 3.5% to $2.48 trillion, mainly driven by Bitcoin's surge to nearly $70,000 on July 29 and overall positive sentiment. While Bitcoin led the charge, altcoins saw smaller gains of 2% to 4%. Let’s take a look at the recent performance of some altcoins.

WIF
Notably, this meme coin soared 9% over the past week, making it the best-performing cryptocurrency of the first half of 2024, with a year-to-date gain of 1300%. Its market cap reached $2.5 billion, surpassing other popular meme coins like Dogecoin and Shiba Inu.

Solana
Solana rose 7% last week, driven by the possibility of SEC approval for a Solana ETF, as stated by Commissioner Hester Peirce. This has garnered significant institutional interest, with companies like Van Eck and 21Shares filing applications. Solana’s market cap is now $78.2 billion.

Mantle
Formerly known as BitDAO, Mantle's price increased by 4.8%, driven by a rise in new and active addresses. This indicates growing network activity and investor interest, bringing its market cap to $2.7 billion.

XRP
XRP rose 4.2% amid anticipated progress in the SEC lawsuit against Ripple and the approval of a spot Ethereum ETF, boosting market optimism. XRP’s market cap is $33.6 billion.

ASI
Despite launching the second phase of FET to ASI token migration, ASI dropped 16.6% over the week. The platform aims to integrate multiple projects under the ASI token with upcoming cross-chain bridges and migration solutions. Its market cap is $3 billion.

Uniswap
Despite announcing significant upgrades to UniswapX to enhance trade execution, Uniswap's price fell 10%. Its market cap stands at $4.3 billion.

SHIB
Shiba Inu dropped 9.6% after Indian cryptocurrency exchange WazirX was hacked, losing $100 million worth of SHIB tokens. The market was heavily impacted as the hacker sold part of the stolen tokens, bringing SHIB’s market cap to $9.6 billion.

Polygon
Despite ongoing MATIC-POL migration as part of its 2.0 roadmap, Polygon’s value fell 8.4%. The new POL tokens are expected to support upcoming features, including a staking hub in 2025. Polygon’s market cap is $4.7 billion.

Toncoin
Toncoin announced a significant partnership with Mocaverse and the MOCA Foundation to drive user adoption and developer incentives, but its price still fell 8%. Its market cap is $16.6 billion.

ADA
Despite the upcoming "Chang Hard Fork" upgrade aimed at improving transaction speed, security, and scalability, Cardano fell 6.6% last week. This upgrade marks the beginning of the Voltaire era, set for late July. Cardano’s market cap is $14 billion.

This week’s outlook reflects a bullish trend led by Bitcoin and some altcoins, while various external factors caused notable declines. However, we remain optimistic, especially with ongoing regulatory developments and technological upgrades in the cryptocurrency space, which could lead to potential rebounds.

The price of Bitcoin on each Pizza Day from 2011 to 2024 provides an insightful reflection of the cryptocurrency’s journey over the past decade. Here's the Bitcoin prices on each Pizza Day from 2011 to 2024:

2024: $70,098
2023: $26,773
2022: $29,492
2021: $37,340
2020: $9,060
2019: $7,958
2018: $8,355
2017: $2,109
2016: $439
2015: $241
2014: $523
2013: $123
2012: $5.10
2011: $6.12

Bitcoin's historical price data and current trends suggest that it will be perceived as a store of wealth. As its acceptance as a digital store of value, akin to "digital gold," demand will continue to grow. Let's look forward to BTC breaking $100,000 together！！！

Bitcoin's total market cap has soared past $1.3 trillion, now sitting at a staggering $1,370,542,241,397. It has surpassed the total market value of the world's four largest banks combined!

BTW, with just two weeks left until Bitcoin's fourth halving, there are only 2,000 blocks remaining. Coinbase's institutional research analyst, David Han, dropped a report yesterday, highlighting Bitcoin's evolving status as digital gold. This increasing acceptance of Bitcoin as a 'digital gold' could potentially attract a fresh wave of investors into the market. This means that more demand brewing in this market ecosystem. So, brace yourselves, folks.  Unlike previous cycles, we might witness a more aggressive buying spree during price pullbacks. Even in the midst of volatility, buyers could be more proactive this time around.

But let's not forget the golden rule of crypto: expect the unexpected. Bitcoin's journey has been nothing short of a rollercoaster ride, and volatility is its middle name. After all, in the world of Bitcoin, one thing's for sure: it's always an exhilarating ride!

According to IntoTheBlock data, since the launch of the spot Bitcoin ETF in January, the weekly net outflow of Bitcoin from exchanges has been consistently increasing. This week, the net outflow reached $540 million, marking the highest amount since June 2023.

This reflects a belief in Bitcoin's potential as a store of value and a hedge against inflation. Long-term holders and institutional investors, in particular, may be taking a more strategic approach to their Bitcoin holdings, viewing them as a strategic asset allocation rather than a short-term speculative investment.

If you're interested in technology behind the bot, I suggest you provide a detailed description of it and then post your question in the technology forum.

According to data from the Coinglass platform, the current open positions in Bitcoin futures contracts have reached $17.582 billion.  CME holds the largest share at $4.769 billion, followed by Binance at $4.151 billion, and Bybit at $3.199 billion.  The substantial open interest across these platforms suggests significant market activity. So will Bitcoin rebound this week?

Bitcoin's market performance during the Christmas period over the past several years has been as follows:

- 2022: Decrease of 2.7%
- 2021: Decrease of 11.9%
- 2020: Increase of 22.3%
- 2019: Decrease of 1.1%
- 2018: Decrease of 5.3%
- 2017: Increase of 4.1%

Since 2017, over the seven days following Christmas, the probability of a price decrease has been over 66%. This trend indicates a prevalent likelihood of a decline in Bitcoin's value during this particular period. It's noticeable that the market sentiment during Christmas for Bitcoin hasn't exhibited consistent bullish behavior, as evidenced by the majority of the years showing a decline in value or a relatively modest increase.

However, past performance is not indicative of future results, and various factors can influence Bitcoin's price movement beyond historical patterns.

Robert Kiyosaki, the author of "Rich Dad Poor Dad," reiterated his endorsements of gold, silver, and Bitcoin, while advising investors to abandon fiat currencies. Kiyosaki frequently refers to fiat currencies as "fake money." He previously explained that when President Richard Nixon removed the U.S. dollar from the gold standard in 1971, the "dollar became fake money." "That's because it's not tied to real money like gold but is linked to 'complete money,'" Kiyosaki remarked, describing it as "America's faith and credit." In contrast, he referred to gold and silver as "God's money" and Bitcoin as "people's money." What's your take on this viewpoint?

Ricardo Salinas, Mexico's third-richest individual, has championed Bitcoin as a defense against governments confiscating people's wealth. He asserts that to prevent this, individuals must grasp the concept of currency devaluation, making Bitcoin invaluable in this context.

In addition, Bitcoin is important because:

1. Economic Hedge: Bitcoin serves as a hedge against economic instability, particularly in regions with hyperinflation or volatile economies.

2. Wealth Control: Bitcoin provides financial sovereignty, enabling individuals to control their wealth without dependence on traditional financial systems.

3. Financial Inclusion: Bitcoin offers financial access to the unbanked, connecting them to the global economy.

4. Transparency and Security: Bitcoin's blockchain ensures transparent and immutable transactions, enhancing trust.

Indeed, Bitcoin's role as a hedge against wealth confiscation is firmly rooted in its characteristics as a decentralized, global, and non-depreciating digital currency. Bitcoin provides individuals with the means to safeguard their wealth and take charge of their financial futures, particularly in regions grappling with economic instability or apprehensions regarding government interference.

Your contributions and corrections are welcome.

Per Coinglass data, Grayscale's current total holdings are valued at around $23.592 billion. Notably, the Grayscale Bitcoin Trust Fund (GBTC) sports a discount of 18.97%, while the ETH Trust stands at a 25.26% discount. Additionally, the ETC Trust boasts a 48.20% discount, with the LTC Trust following at a 15.60% discount.