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Market Daily Report for August 21
1. Core Events
Kanye's coin YZY: The total market value reached a maximum of 3 billion USD upon launch, currently has 1 billion USD left, and the circulating market value is low, being accused of using fame to raise money. Due to past market experiences, it did not trigger significant fluctuations, indicating that such tokens may experience long-term declines.
2. Market Core
- Ethereum: $4100 support regained, currently stable above $4250, has not yet broken through $4400, in a period of fluctuation.
- Conflicting market signals: Moving averages show a bearish arrangement, prices are under pressure, and the overall trend is leaning towards weakness; however, Bitcoin and Ethereum have large candlestick patterns indicating bullish engulfing signals, suggesting a possibility of a short-term rebound.
3. Key Points
- Pay attention to Powell's speech, as the market may speculate around interest rate cut expectations.
- Bitcoin ETF fund outflows are approaching a reversal critical point, while Ethereum staking and unstaking are tending to balance, possibly restarting the market.
- In the current non-bull market phase, it is recommended to hold quality coins and avoid frequent swing trading.