Gate Daily (September 10): Non-farm revisions intensify rate cut pressure; Trump plans to impose 100% tariffs on China; Sky joins the USDH bidding war.

Bitcoin (BTC) further dipped, temporarily reporting around 111,069 USD on September 10. The U.S. employment data was revised down, increasing the pressure for the Federal Reserve (FED) to cut interest rates in September. According to three informed officials, U.S. President Trump has requested the EU to impose tariffs of up to 100% on India and China. The U.S. Treasury faces a 90-day deadline to devise a strategic Bitcoin reserve, and Sky has joined the bidding war by launching the Hyperliquid USDH stablecoin.

Today's Outlook

1. China's M2 money supply (year-on-year) at the end of August was 8.8%.

2. China's August Producer Price Index (YoY) was -3.6%.

3. China’s Consumer Price Index (CPI) for August (year-on-year) was 0.0% previously.

4. U.S. Producer Price Index (PPI) for August (year-on-year), previous value was 3.3%

5. Change in U.S. EIA crude oil inventories (in ten thousand barrels) (as of 0905), previous value was 241.5

6. EIA releases the Monthly Short-Term Energy Outlook report.

7. Apple Inc. Fall New Product Launch Event

Macroeconomic Events & Cryptocurrency Hotspots

1. Data from the U.S. Bureau of Labor Statistics (BLS) shows that as of March, the number of jobs was revised down by 911,000. Additionally, in the past 12 months ending in March 2024, the number of jobs was also revised down by 598,000. Prior to this report, the government's non-seasonally adjusted employment data showed that employers added nearly 1.8 million jobs over the 12 months ending in March, averaging 149,000 new jobs per month. Adjustments from the U.S. Bureau of Labor Statistics indicate that the recent slowdown in the labor market has emerged after a period of more moderate job growth, which may pave the way for a series of interest rate cuts starting next week. Federal Reserve Chairman Powell recently acknowledged that the risks facing the job market are rising, and his two colleagues leaned towards lowering borrowing costs in July. Traders generally expect the Federal Reserve to announce an interest rate cut at its next meeting.

2. The Financial Times reported on September 9 that, according to three informed officials, U.S. President Trump has requested the EU to impose tariffs of up to 100% on India and China as part of a coordinated effort to increase pressure on Russia to end the war in Ukraine. This unusual request was made by Trump during a meeting of senior U.S. and EU officials in Washington. The meeting aimed to discuss how to increase the economic losses Moscow is facing due to the war in Ukraine. An American official stated, "We are ready, we are prepared now, but we will only do this if our European partners stand shoulder to shoulder with us."

3. Washington lawmakers are weighing how the federal government should handle the custody of Bitcoin and other digital assets. A new bill, HR 1566, directs the Treasury Department to prepare a comprehensive report on the feasibility of creating a strategic Bitcoin reserve and a broader digital asset reserve. This measure is part of the appropriations process for the fiscal year ending September 30, 2026, for financial services and government operations. The bill requires Treasury officials to review how these reserves will impact existing forfeiture funds, which currently receive seized assets from federal agencies. The bill also calls for an explanation of how Bitcoin and other tokens will be represented on the federal balance sheet to clarify how the U.S. calculates digital assets. Another requirement of the bill is transparency regarding custody partners and the security of digital assets. In light of this, the bill directs the U.S. Treasury to outline the custody models for digital assets, legal authorities, cybersecurity protections, and interagency procedures for transfer and storage. Lawmakers further requested the identification of potential third-party contractors who can manage custody on behalf of the government. These details are intended to ensure that any reserves function effectively and can withstand operational or cyber risks.

4. The crypto protocol Sky (formerly Maker) became the fifth major crypto project to assist the decentralized exchange Hyperliquid in launching and issuing a stablecoin named USDH on September 9. The project called for bids for the first time on Friday. Sky's co-founder Rune Christensen presented a comprehensive proposal, promising a yield of 4.85% on all USDH, which will achieve "native multi-chain" through LayerZero, and the community can customize it to comply with U.S. laws prohibiting stablecoin issuers from offering yields, among others.

Market Trend

1. Latest news on Bitcoin: $BTC has further retraced, currently reported at around 111,069 USD, with a liquidation of 52.15 million USD in the past 24 hours, mainly from long positions;

2. The three major U.S. stock indices reached record closing highs on September 10, as employment data was revised downwards, reinforcing expectations that The Federal Reserve (FED) will cut interest rates to support economic growth. The S&P 500 Index closed up 17.46 points, a gain of 0.3%, at 6,512.61 points, setting a new closing record. The Nasdaq Composite Index rose 80.79 points, a gain of 0.4%, to close at 21,879.49 points, also a new closing high. The Dow Jones Industrial Average increased by 196.39 points, a gain of 0.4%, to finish at 45,711.34 points. This year, the three major indices have closed at historic highs on the same trading day for the first time.

(Source: Gate)

3. In the Gate BTC/USDT liquidation map, based on the current 111,308.70 USDT, if it drops to around 110,473 USD, the total liquidation amount for long positions exceeds 262 million USD; if it rises to around 112,001 USD, the total liquidation amount for short positions exceeds 161 million USD. The liquidation amount for shorts is significantly lower than that for longs, suggesting to reasonably control the leverage ratio to avoid triggering large-scale liquidations during market fluctuations.

(Source: CoinGlass)

4. In the past 24 hours, BTC spot inflow was 1.7 billion USD, outflow was 1.69 billion USD, with a net inflow of 0.01 billion USD.

(Source: CoinGlass)

5. In the past 24 hours, the net outflow of contract trading for $ETH, $BTC, $WLD, $DOT, $DOGE, etc., has led to trading opportunities.

News Update

1. LongLing Capital affiliated wallet deposits over 14 million USD in crypto assets into CEX.

2. Apple announced the iPhone 17 series and several other new products, with the upgraded AirPods adding an instant translation feature.

3. Metaplanet will issue 385 million shares, raising approximately over 1.4 billion USD to purchase Bitcoin.

4. Nakamoto will invest 30 million USD in Metaplanet.

5. Grayscale has submitted registration statements for BCH, LTC, and HBAR to the SEC.

6. After consulting with Nasdaq, Eric Trump was unable to serve as a director of Alt5 Sigma.

7. Ethena Labs has proposed bidding for the issuance rights of Hyperliquid's USDH stablecoin.

8. Bubblemaps: A single entity suspected of receiving tokens worth $170 million from the MYX airdrop.

9. Slow Mist: DuckDB NPM account was compromised, be aware of risk prevention.

10. easyGroup, the parent company of easyJet, has launched a Bitcoin application for retail investors in the United States.

11. The U.S. employment data "squeezes the excess", increasing pressure on The Federal Reserve (FED) to cut interest rates.

12. The U.S. employment data has been significantly revised down, with only 911,000 jobs added as of March.

13. CBOE plans to launch continuous futures contracts for Bitcoin and Ethereum starting from November 10.

14, The initial value of the U.S. non-farm payroll benchmark change for 2025 is -910,000 people, expected -700,000 people.

X KOL Selected Insights

Phyrex Ni (@Phyrex_Ni): "After swaying for a while, I finally remembered that I haven't done my homework, feeling a bit lazy and procrastinating. The biggest surprise for the market on September 9 was the significant drop in the non-farm revision data, which exceeded the expectations of almost all forecasting institutions, directly implanting the word recession into the minds of many investors. Although this could increase the probability of the Federal Reserve lowering interest rates in September, the market is still quite worried about a recession while cutting rates."

"However, I see that the current concerns have already been corrected when the U.S. market closed, or investors are once again dealing with both sad and joyful events. After all, it is still quite early to talk about a recession; the worries in the market are merely reflected in the data. Currently, the U.S. economic situation is likely in the early or mid-stages of stagflation. If Trump puts in the effort, it’s not impossible. As mentioned yesterday, these are not the main battles in the market right now; the upcoming CPI and PPI are not either. The focus remains on the competition between Trump and the Federal Reserve regarding interest rates. If Trump wins, everything will be fine; if Trump loses, then we will really have to wait."

"Looking back at Bitcoin's data, today's turnover is still not considered high, even though the price has fluctuated due to non-farm data, but the turnover of BTC has increased very little. This further indicates that the current price is not very attractive to investors, and the market's attention to non-farm data is not so obvious; let's temporarily wait and see the Federal Reserve's meeting. From the price perspective, the current stability of BTC is still quite good, with very solid support levels, and there are no signs of systemic risk. The U.S. stock market has returned to an upward trend, so BTC shouldn't be too bad either."