The sudden drop in interest rate hike expectations detonates the encryption market! Bitcoin broke through the US$80,000 mark, and concept stocks broke out collectively

Bitcoin broke through the US$80,000 mark on Thursday. The latest increase in the number of people filing for unemployment benefits in the United States exceeded expectations, sending a signal of cooling in the labor market. In addition, Federal Reserve Governor Waller said that if inflation cools down in August, he will support keeping interest rates unchanged. The market subsequently significantly reduced its bets on the Federal Reserve's interest rate hike in September, promoting the general strength of risk assets such as cryptocurrencies. As of press time, Bitcoin has risen by more than 5% to approximately US$80,800; Ethereum has increased by more than 4.8% to approximately US$2,494.
The probability of the Federal Reserve raising interest rates in September plummets, risk assets receive a boost
The main catalyst for this round of cryptocurrency gains comes from changes in U.S. monetary policy expectations. The latest data showed that the number of people filing for unemployment benefits in the United States increased more than market expectations last week, showing some signs of weakness in the labor market. The cooling job market has reduced the urgency for the Federal Reserve to continue tightening monetary policy, and traders have subsequently lowered their bets on a rate hike in September.
At the same time, Fed Governor Waller further released a dovish signal. He said that if the upcoming August inflation data shows that price pressures have cooled, he will support the Federal Reserve keeping interest rates unchanged at its September meeting.