The market is broadly rising, with strong momentum.
Bitcoin: Continuing to push forward, the price is stabilizing above $93,000, and during the day it even touched $94,000.
Ethereum: Also keeping pace, the price has almost reached $3,100.
Ethereum network "upgrade patch": Today, the Ethereum mainnet completed an upgrade called "Fusaka." In simpler terms, this upgrade primarily aims to enhance its Layer-2 network's data processing capacity by eight times, with the goal of making transaction fees cheaper for users trading on these layers. It's considered an important optimization of the underlying technology.
Industry leader "admits mistake," a significant turnaround: Larry Fink, CEO of the world's largest asset management company BlackRock, publicly stated today that his past opposition to Bitcoin and cryptocurrencies was "wrong." This turnaround is quite interesting, as BlackRock currently manages the largest spot Bitcoin ETF. The leader's admission of error represents, to some extent, a shift in attitude within the traditional financial sector.
The biggest positive expectation: The Federal Reserve may lower interest rates. Today's main reason for the market's rise actually comes from outside the cryptocurrency world. Recent employment data from the U.S. was not good, leading the market to bet heavily that the Federal Reserve may announce a rate cut as early as next week. Once interest rates are cut, money in the market will become cheaper and more abundant, typically flowing into the stock market and cryptocurrency market in search of opportunities, hence seen as the biggest positive.
With expectations of rate cuts and various positives, the market trend may have genuinely changed.
This could just be a "technical rebound," and the price has now risen to levels that could easily trigger severe volatility, signaling caution regarding risks.
Overall, the market sentiment is good today, but the core narrative still revolves around the significant matter of "waiting for the Federal Reserve to cut interest rates". $FF
