The financial markets are on high alert, with all eyes focused on the upcoming Powell speech. The latest data shows that the CEM swap interest rate reflects that the possibility of a rate cut in September has dropped to 71.5%, a decrease from previous expectations. This change suggests that the market's view on the Fed's future policy direction is undergoing a subtle adjustment.

At the same time, market expectations for Powell's speech have also reached a relatively high level. The current implied volatility of events remains at a high of 86%, highlighting investors' concerns about the market volatility that this important speech may bring.

It is worth noting that the VIX panic index has risen to around 16.6, further confirming the market's unease. The changes in this series of indicators all highlight the cautious attitude of investors at critical moments.

On the eve of such an important economic event, market participants generally adopted a wait-and-see attitude. This cautious stance not only reflects the emphasis on Powell's remarks but also embodies the expectation of potential market volatility.

Currently, the cryptocurrency market has also not escaped this tense atmosphere. The trends of mainstream digital assets such as Ethereum (ETH) and Binance Coin (BNB) are also under close scrutiny. At the same time, emerging biotech tokens (BIO) and other innovative crypto assets like MYX have also attracted the interest of investors.

In addition, the recent change in attitude of Asian family offices towards the allocation of crypto assets, along with the celebrity-driven MEME token craze, has added new variables to the market. These factors intertwine with macroeconomic events, making the current market environment more complex and variable.

In this context, investors need to remain calm and closely monitor various economic indicators and market signals in order to make informed decisions in the rapidly changing financial environment.