Market awaits Nvidia's financial report, cryptocurrencies take a dive first? BTC falls to 58K, ETH drops to 2,450

The financial report of the AI giant Nvidia is set to make a big debut after the U.S. stock market closes on 8/28. The major U.S. stock indices saw slight gains yesterday on 8/27. However, the cryptocurrency market experienced a widespread decline. According to Coinglass data, in the past 24 hours, a total of 314 million USD worth of positions in the cryptocurrency market were liquidated, with long positions accounting for 282 million USD, mainly in ETH.

Rate Cut Expectations Boost Coin Prices in the Short Term

Last Friday, Federal Reserve Chairman Jerome Powell mentioned in his speech at the global central bank annual meeting that "the time for policy adjustments has come," hinting at an upcoming interest rate cut in the United States. This led to a broad rally in the U.S. stock market, with Bitcoin surpassing $64,000 and Ethereum reaching $2,700. The top ten cryptocurrencies by market capitalization all showed an upward trend.

However, news later emerged that Telegram founder and CEO Pavel Durov was arrested at an airport in northern Paris, France. He is expected to be charged with multiple offenses related to the platform's operation. The TON token plummeted nearly 20% to $6.80.

Reasons for the arrest: Why was Telegram founder and TON visionary leader Pavel Durov arrested? It's not about freedom, but about crime and cryptocurrency.

BTC Suddenly Drops to 58K

Although Bitcoin broke through the upper boundary of a converging triangle pattern before the weekend, rallying from $60,000 to $65,000, it gradually declined afterwards and suddenly dropped this morning to a low of $58,034. A total of $95.27 million in positions were liquidated within 24 hours.

ETH Falls to 2,450

The performance of Ethereum spot ETF has been less than ideal recently, with outflows for eight consecutive days. According to current information from Farside, the situation is not expected to improve on 8/27, mainly due to ongoing outflows from Grayscale's ETHE.

ETH suddenly dropped this morning to a low of $2,392. Over $100 million in positions were liquidated within 24 hours.

Market Awaits Nvidia Earnings and PCE Data

Artificial intelligence giant Nvidia's earnings will be released after the U.S. market closes on 8/28 (early morning 8/29 in Taiwan). The market will cautiously assess whether AI can bring substantial returns for the company and related industries in the future.

The U.S. Federal Reserve's favorite inflation indicator, the Personal Consumption Expenditures (PCE) inflation data, will be released on Friday. According to the FedWatch index from CME Group, investors expect a 67% probability of a one-point rate cut at the Fed's meeting on 9/18.