Bitget Research Institute: Negative Markets, Accelerating Decline Paves Way for Main Upward Wave

The cryptocurrency market has suddenly tumbled over the past 24 hours, with the Panic Index falling to its lowest level since the market panic in early August, according to a research report released by the Bitget Research Institute. Bitcoin fell to $55,600 and the U.S. spot bitcoin ETF saw net outflows of more than $287 million yesterday. This was mainly due to yesterday's news that the Governor of the Bank of Japan reiterated that he will continue to raise interest rates if the economy and prices perform as expected. Recently, we can pay attention to the primary market projects that have not yet issued coins, such as the ethereum L2 network Scroll released a 12-second animated video on social media platforms, ending with the message “Scroll.Soon.”, which may imply that it will soon announce a major news.
On the macro front, the US ISM August Manufacturing PMI report showed that the US economy continued to contract, and according to the CME's Fed Inertia data, traders raised the odds of a 50 bps Fed rate cut in September to 39% from 30% a day earlier due to the weak data. The main event in U.S. macro news remains Friday's August jobs report, which could also be the ultimate determinant of a 25 or 50 Fed rate hike.
See the original report for more.https://www.bitget.com/zh-CN/news/detail/12560604190185