From a macroeconomic perspective, the Federal Reserve decided to maintain the target interest rate in the range of 4.25%-4.50% at the latest Federal Open Market Committee meeting, which marks the fourth time this year that rates have been kept unchanged. According to the meeting minutes, officials generally expect a cumulative rate cut of 50 basis points by 2025, but the expectation for rate cuts in 2026 has been lowered from the previous 50 basis points to 25 basis points. In the face of global geopolitical conflicts and instability brought about by tariff policies, Fed Chairman Powell emphasized that decisions will be "data-driven," meaning that no hasty rate cuts will be taken until inflation shows a sustained decline.

Regarding the impact of tariffs on inflation, Powell clearly pointed out that the cost of tariffs will ultimately be passed on to consumers: "Without these tariff measures, service prices might fall back more quickly. However, we need more actual data to determine the appropriate timing for interest rate cuts." This statement has strengthened market expectations for the first round of interest rate cuts to begin in September.

At the same time, the stablecoin project of JD.com's subsidiary, BChain Technology, is progressing steadily. Its CEO, Liu Peng, stated that the first batch of Hong Kong dollar stablecoin testing has basically concluded, and there are plans to introduce more fiat currency types in the future, as well as to develop applications in areas such as cross-border fund transfers, digital asset trading, and e-commerce consumption. JD Global Sales' Hong Kong and Macau site will become the first platform to support stablecoin payments, and will subsequently connect with global compliance institutions to promote the widespread application of stablecoins.

From the market performance perspective, although the trading turnover rate has slightly increased recently, this is mainly influenced by short-term factors such as geopolitical conflicts. Currently, there are no obvious panic signals in the market: a solid support has formed in the range of $93,000 to $98,000, while investors in the range of $100,500 to $105,000 are still steadily increasing their holdings. If the concentration of holdings rises above 15%, it may brew a wave of more intense price fluctuations. With no important economic data to be released this weekend, geopolitical factors may continue to dominate market trends, and Bitcoin is expected to continue fluctuating within the current range.