10x Research: A day ago, we reminded you to do a good job of risk control, and pointed out that BTC may return to 50,000 US dollars or lower

Previously, three US pension funds were interested in buying Bitcoin through ETFs. Bitcoin prices are still rising despite Mt. Gox distributing billions of dollars of Bitcoin to creditors. However, the US economy is weaker than the Fed expected. Fed Chairman Powell hinted that interest rates may be cut in September, which led to a rise in stocks and Bitcoin, but the weak ISM index subsequently brought shock waves.

The main risk is that the SP 500 may fall quickly, forcing the Fed to make an emergency rate cut. The market expects a 50 basis point rate cut in September and another 25 basis point cut thereafter. Due to the lag in monetary policy, the impact of rate cuts may not be immediately apparent. If the Fed cuts interest rates due to weak inflation, stocks and Bitcoin should be seen as positive; but if it cuts interest rates due to economic weakness, stocks and Bitcoin may fall, and it is believed that Bitcoin may return to the 50,000 level or even lower.