According to Odaily, Singapore-based cryptocurrency investment firm QCP Capital has predicted that the speech by Powell tonight will be as cautious as usual, leading to a lukewarm market response. In addition, the CPI data to be released tomorrow may determine the final direction of the market.
Despite the overall market gradually declining in the summer, GME has risen again after a long period of dormancy. Yesterday, it rose by 80% under the push of a tweet from Roaring Kitty, which may trigger a 'Meme coin craze'. The firm's analysis suggests that the market's reaction to Powell's speech may be subdued, but the release of CPI data could have a significant impact on market trends.
The resurgence of GME, driven by social media influence, highlights the potential for significant market movements driven by online trends. This could potentially lead to a surge in interest in 'Meme coins', a term used to describe cryptocurrencies that have gained popularity through social media platforms.