Coinbase, a U.S.-listed cryptocurrency exchange, released a report on the 27th. It is expected that under the background of U.S. interest rate cuts and China's major fiscal and monetary stimulus measures, the currency market will make constructive progress in the fourth quarter of 2024, and Bitcoin is expected to have a strong performance. Performance. (Preliminary briefing: US PCE data for August is released: Inflation has further cooled! Fed’s mouthpiece: Cutting interest rates cannot guarantee a soft landing) (Background supplement: Stable! US GDP growth exceeded expectations by 3%, and the number of initial jobless claims hit 4 Monthly lowest, Yellen: Suitable for continued interest rate cuts) The U.S.-listed cryptocurrency exchange Coinbase released the "Token2049 Conference Highlights" report on the 27th, summarizing the main points of the Token2049 and Solana Breakpoint conference held in Singapore, indicating that it may be affected by the Federal Reserve's With the impact of the meeting’s decision to cut interest rates by 2% on the 18th, the sentiment of cryptocurrency investors seems to be quite optimistic. The report predicts that due to the U.S. interest rate cut and China's recent major fiscal and monetary stimulus measures, the currency market will make constructive progress in the fourth quarter of 2024, which will enhance market liquidity and support the performance of Bitcoin. The report focuses on Bitcoin currencies and highly volatile crypto assets, and are optimistic about the overall market outlook in the coming months: China unveiled a massive dual fiscal and monetary stimulus plan, including record interest rate cuts, liquidity support for stocks and reductions in bank deposit reserves loan rates, all to "facilitate lending and reduce existing loan burdens." Lowering bank reserve requirements in particular should benefit market liquidity, which we have previously found to be positively correlated with Bitcoin performance. Having said that, we expect that the positive impact of these measures on cryptocurrency performance may be delayed. The monetary policies of both the United States and China have made major changes this month, injecting a large amount of liquidity into the market. The United States has launched the first interest rate cut since 2020, cutting interest rates by 2 cents in one breath, while China has cut reserve requirements by 2 cents and injected approximately RMB 1 trillion into the financial market. Yuan, and lowered the interest rate of the 7-day reverse repurchase operation that bears the main policy interest rate by 0.2%, and also lowered the interest rate of existing mortgage loans. Ethereum is facing difficulties. In addition, Coinbase also mentioned Ethereum, pointing out that Ethereum’s on-chain activities are growing recently, DEX transaction volume has increased, and Ethereum gas fees have also increased. However, although the United States recently launched an Ethereum spot ETF, it has not been as effective as Bitcoin does the same thing: While many market participants are bullish on Bitcoin, we’ve encountered some skeptics about Ethereum, as Ethereum doesn’t appear to have benefited from the launch of the Ethereum Spot ETF in the U.S. two months ago. Benefit. Extended reading: OG counterattacks: SOL can never surpass ETH! This skeptical stance that Ethereum L2 will undermine Solana’s advantage contrasts with the enthusiasm related to Bitcoin and Solana. Solana is rapidly expanding its ecosystem through new products and cooperation. However, despite some concerns about the performance of Ethereum, the cryptocurrency market outlook Still quite optimistic. Solana and other emerging L1 networks are increasingly challenging Ethereum's dominance, with growing concerns about scalability and transaction efficiency, the rise of decentralized exchanges (DEX) and improvements in blockchain infrastructure , indicating that the cryptocurrency field is generally expected to make positive progress in the future. Related reports: The U.S. bond market predicts that inflation will rise again. Is the Federal Reserve setting a time bomb by aggressively cutting interest rates? The Fed opens the door to cutting interest rates. How should cryptocurrencies, stocks, bonds, and other assets adjust? What impact will the Fed's 2-digit interest rate cut have on the crypto market? Will Bitcoin usher in a new round of surge? 〈Coinbase Report: Double interest rate cuts in China and the United States are bullish for the crypto market! Bitcoin will have strong performance in Q4> This article was first published in BlockTempo "DongZu DongTen - the most influential blockchain news media".

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