Bitcoin reaches a record high due to expectations of U.S. rate cuts and stablecoin regulations, with Ethereum leading the rise ｜ Virtual NISHI

*This report is an article contributed to CoinPost by virtual analyst NISHI (@Nishi8maru) from X-Bank.

Cryptocurrency Market Report (Written on 8/14 at 8 AM)

Bitcoin updated its all-time high in the early hours of the 14th.

The background includes the deterioration of the U.S. employment statistics in July, the consumer price index (CPI) not raising inflation concerns, and remarks by U.S. Treasury Secretary Yellen about interest rate cuts, which have strengthened expectations that the U.S. Federal Reserve (FRB) will implement interest rate cuts in September.

As the S&P 500 and Nasdaq continue to hit all-time highs, Bitcoin has also risen in tandem.

Market conditions from August 13 to 14

Bitcoin rose in tandem with Ethereum, which had previously been on the rise. The market is currently seeing an increase in the use of stablecoins due to the establishment of the "GENIUS Act," which clarifies regulations regarding stablecoins, leading to an Ethereum-led development.

In the derivatives market, despite reaching an all-time high, backwardation has occurred on some exchanges, and the overall market is at a slightly oversold level from a neutral position.

In the correlation analysis with other asset classes over the past two months, the correlation with the U.S. stock index remains high. On the other hand, the correlation with gold and crude oil is weak.

In the options market, a notable call position at $140,000, which is higher than the current price, stands out. In particular, the open interest for the expiration date of October 31 is increasing, indicating that many investors expect further upward movement towards the end of the year.

### Current Situation Analysis (August 14th, 8 AM)

The factors driving the market's rise are: 1) stock price increase due to expectations of interest rate cuts, and 2) the rise of Ethereum due to the increased issuance of stablecoins. Looking at the options market, it is evident that many investors anticipate further increases as we approach the end of the year, indicating that the market environment is in very good condition.

August 15th US Retail Sales

August 15th Consumer Confidence Index in the U.S.

August 21, Release of the US FOMC Minutes

Related: How to Buy Bitcoin | Investment Benefits, Risks, and Choosing the Right Exchange for Beginners

The list of market reports published in the past can be found here.

Contributor: Virtual NISHI Virtual NISHIX-Bank Crypto Analyst. As a collaborator on BTC Status Alert and a planner and supervisor of DECOCHART, he is also involved in delivering investment-related information necessary for the Japanese industry.