The direction of the crypto market tonight is relatively complex, and based on the current information, there are relatively more unfavourable information factors. The specific analysis is as follows:

Unfavourable Information

- Nasdaq Strengthens Regulation: On the evening of September 4, news reported that Nasdaq is intensifying its scrutiny of listed companies that buy encryption currencies to boost stock prices through financing. It requires certain companies to obtain shareholder approval before issuing new shares to purchase encryption currencies, or else it has the right to delist or suspend trading. As a result, the crypto market has seen a widespread decline, with over 110,000 people liquidated globally in the last 24 hours, totaling $297 million in liquidations.
- Impact of US Economic Data: At 20:30 tonight, the US will release a series of economic data including the month-on-month durable goods orders for July. If the data exceeds expectations, the US dollar may strengthen, and funds may temporarily flow back to traditional markets, putting short-term pressure on the crypto market. Although the month-on-month durable goods orders for July exceeding expectations may indicate a trend of strengthening for the US dollar, the Consumer Confidence Index from the Conference Board for August is 97.4, showing a slight decline from July's data, which may affect market expectations for the economy and thus exert certain pressure on the crypto market.

Potential Favorable Factors

- Federal Reserve Interest Rate Cut Expectations: Currently, the market expects a 71% chance of a rate cut in September. If tonight's economic data falls short of expectations, it may further heat up the market's expectations for a Federal Reserve rate cut, leading to a weaker dollar and potential influx of funds into risk assets like Bitcoin, which would be favourable for the crypto market. However, the impact of this factor still depends on the specific performance of the data and the market's interpretation.

In addition, at 22:00 tonight, Federal Reserve Chairman Powell will deliver a significant speech at the Jackson Hole Global Central Bank Annual Meeting. The content of his speech may influence the market's judgment on the future policy path of the Federal Reserve, thereby affecting the crypto market, but it is currently uncertain whether his speech will be hawkish or dovish.