Asia Colour
Overnight, the downward revision of U.S. non-farm payrolls highlighted a weaker labor market, sparking concerns that the Fed might delay rate cuts, triggering a selloff.
These worries eased after the July FOMC minutes revealed some policymakers were open to rate cuts, signaling a more dovish stance balancing inflation and employment goals.
The dovish tone lifted risk assets, pushing BTC above $61,800, fueled by strong buying on Coinbase until 4 a.m. SGT. Aggressive bids on Coinbase (indicating U.S. onshore demand) have been a good signal for short-term trends.
Attention now turns to Fed Chair Powell’s Jackson Hole speech tomorrow for more rate-cut signals.
Trade Idea
With markets betting heavily on rate cuts, unexpected economic data can have a significant impact. We favor principal-protected products capturing topside gains.
Principal Protected BTC Topside Sharkfin
Maturity: 27DEC24
Strike: 70,000 BTCUSD
Barrier: 88,000 BTCUSD
Cost: Zero
Max Potential Payout: 73.90% p.a.
Spot Ref: 61,350 BTCUSD
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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