Ch&agrave;o m&#7915;ng b&#7841;n &#273;&#7871;n v&#7899;i Asia Pacific Morning Brief&mdash;b&#7843;n tin t&oacute;m t&#7855;t nh&#7919;ng di&#7877;n bi&#7871;n ti&#7873;n &#273;i&#7879;n t&#7917; qua &#273;&ecirc;m &#7843;nh h&#432;&#7903;ng &#273;&#7871;n th&#7883; tr&#432;&#7901;ng khu v&#7921;c v&agrave; t&acirc;m l&yacute; to&agrave;n c&#7847;u. Phi&ecirc;n b&#7843;n th&#7913; Hai l&agrave; t&#7893;ng k&#7871;t tu&#7847;n tr&#432;&#7899;c v&#7873; bi&#7871;n &#273;&#7897;ng c&#7911;a bitcoin v&agrave; d&#7921; b&aacute;o tu&#7847;n n&agrave;y, &#273;&#432;&#7907;c mang &#273;&#7871;n b&#7903;i Paul Kim. H&atilde;y th&#432;&#7903;ng th&#7913;c m&#7897;t t&aacute;ch tr&agrave; xanh v&agrave; theo d&otilde;i th&ocirc;ng tin n&agrave;y.
Vi&#7879;c <a href="https://beincrypto.com/learn/fed-rate-cut-crypto-impact/" target="_blank" rel="noreferrer noopener">c&#7855;t gi&#7843;m l&atilde;i su&#7845;t &#273;&#432;&#7907;c mong &#273;&#7907;i t&#7915; l&acirc;u cu&#7889;i c&ugrave;ng &#273;&atilde; tr&#7903; th&agrave;nh hi&#7879;n th&#7921;c v&agrave;o tu&#7847;n tr&#432;&#7899;c</a>, nh&#432;ng gi&aacute; Bitcoin kh&ocirc;ng t&#259;ng. &#272;i&#7873;u n&agrave;y ho&agrave;n to&agrave;n tr&aacute;i ng&#432;&#7907;c v&#7899;i Nasdaq, v&#7889;n c&oacute; m&#7889;i t&#432;&#417;ng quan m&#7841;nh m&#7869; v&#7899;i gi&aacute; Bitcoin v&agrave; &#273;&atilde; t&#259;ng 1.7% trong c&ugrave;ng k&#7923;.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-fed-s-risk-management-strategy">Chi&#7871;n l&#432;&#7907;c &lsquo;Qu&#7843;n l&yacute; r&#7911;i ro&rsquo; c&#7911;a Fed</h2>

Tu&#7847;n tr&#432;&#7899;c, cu&#7897;c h&#7885;p c&#7911;a &#7910;y ban Th&#7883; tr&#432;&#7901;ng M&#7903; Li&ecirc;n bang (FOMC) c&#7911;a C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang l&agrave; m&#7897;t trong nh&#7919;ng s&#7921; ki&#7879;n quan tr&#7885;ng nh&#7845;t c&#7911;a th&aacute;ng. Fed &#273;&atilde; gi&#7843;m l&atilde;i su&#7845;t qu&#7929; li&ecirc;n bang c&#7911;a M&#7929; xu&#7889;ng 25 &#273;i&#7875;m c&#417; b&#7843;n, c&ograve;n 4.0%&ndash;4.25%. Ph&#7847;n l&#7899;n c&aacute;c nh&agrave; ho&#7841;ch &#273;&#7883;nh ch&iacute;nh s&aacute;ch &#7911;ng h&#7897; &#273;&#7897;ng th&aacute;i n&agrave;y.
Ph&aacute;t bi&#7875;u t&#7841;i cu&#7897;c h&#7885;p b&aacute;o sau th&ocirc;ng b&aacute;o, Ch&#7911; t&#7883;ch Fed Jerome Powell &#273;&atilde; m&ocirc; t&#7843; vi&#7879;c c&#7855;t gi&#7843;m n&agrave;y nh&#432; m&#7897;t &#273;&#7897;ng th&aacute;i ph&ograve;ng ng&#7915;a &#273;&#7875; &#273;&#7889;i ph&oacute; v&#7899;i d&#7919; li&#7879;u vi&#7879;c l&agrave;m y&#7871;u k&eacute;m.
Khi &#273;&#432;&#7907;c h&#7887;i li&#7879;u Fed c&oacute; &#273;ang b&#7855;t &#273;&#7847;u m&#7897;t chu k&#7923; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t m&#7899;i hay kh&ocirc;ng, Powell &#273;&atilde; r&otilde; r&agrave;ng r&#7857;ng &#273;&acirc;y l&agrave; m&#7897;t &ldquo;c&#7855;t gi&#7843;m qu&#7843;n l&yacute; r&#7911;i ro&rdquo;. &Ocirc;ng n&oacute;i th&ecirc;m r&#7857;ng Fed s&#7869; quy&#7871;t &#273;&#7883;nh c&aacute;c &#273;&#7897;ng th&aacute;i l&atilde;i su&#7845;t trong t&#432;&#417;ng lai d&#7921;a tr&ecirc;n t&#7915;ng cu&#7897;c h&#7885;p, t&ugrave;y thu&#7897;c v&agrave;o d&#7919; li&#7879;u.
K&#7875; t&#7915; &#273;&#7847;u th&aacute;ng 08, c&aacute;c nh&agrave; &#273;&#7847;u t&#432; t&agrave;i s&#7843;n r&#7911;i ro &#273;&atilde; &#273;&#7883;nh gi&aacute; m&#7897;t lo&#7841;t c&aacute;c &#273;&#7907;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t li&ecirc;n t&#7909;c. D&#7919; li&#7879;u gi&aacute; theo th&#7901;i gian th&#7921;c t&#7915; s&agrave;n giao d&#7883;ch Binance cho th&#7845;y gi&aacute; Bitcoin &#273;&atilde; gi&#7843;m xu&#7889;ng d&#432;&#7899;i m&#7913;c 115,000 USD khi Powell &#273;&#432;a ra tuy&ecirc;n b&#7889; c&#7911;a m&igrave;nh.
&ldquo;R&#7911;i ro&rdquo; m&agrave; Powell &#273;&#7873; c&#7853;p l&agrave; kh&#7843; n&#259;ng th&#7883; tr&#432;&#7901;ng lao &#273;&#7897;ng b&#7883; thu h&#7865;p. D&#7919; li&#7879;u b&#7843;ng l&#432;&#417;ng phi n&ocirc;ng nghi&#7879;p c&#7911;a M&#7929; th&aacute;ng 07 th&#7845;p h&#417;n nhi&#7873;u so v&#7899;i k&#7923; v&#7885;ng c&#7911;a th&#7883; tr&#432;&#7901;ng. H&#417;n n&#7919;a, b&aacute;o c&aacute;o th&aacute;ng 08 g&#7847;n &#273;&acirc;y cho th&#7845;y ch&#7881; c&oacute; 22,000 vi&#7879;c l&agrave;m m&#7899;i, m&#7913;c th&#7845;p k&#7927; l&#7909;c. M&#7863;c d&ugrave; t&#7927; l&#7879; th&#7845;t nghi&#7879;p v&#7851;n &#7903; m&#7913;c 4.3% d&#432;&#7901;ng nh&#432; &#7893;n &#273;&#7883;nh, nh&#432;ng t&iacute;nh ch&#7845;t c&#7911;a d&#7919; li&#7879;u vi&#7879;c l&agrave;m&mdash;c&oacute; th&#7875; x&#7845;u &#273;i nhanh ch&oacute;ng khi b&#7855;t &#273;&#7847;u suy y&#7871;u&mdash;&#273;&atilde; &#273;&ograve;i h&#7887;i m&#7897;t &#273;&#7907;t c&#7855;t gi&#7843;m ph&ograve;ng ng&#7915;a.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-fed-is-optimistic-for-long-term">Fed l&#7841;c quan trong d&agrave;i h&#7841;n</h2>

D&#7921; b&aacute;o kinh t&#7871; c&#7911;a Fed v&#7851;n l&#7841;c quan, d&#7921; b&aacute;o t&#259;ng tr&#432;&#7903;ng tr&ecirc;n m&#7913;c ti&#7873;m n&#259;ng trong su&#7889;t n&#259;m sau. &#272;i&#7873;u n&agrave;y cho th&#7845;y r&#7857;ng vi&#7879;c c&#7855;t gi&#7843;m l&atilde;i su&#7845;t ch&#7881; l&agrave; m&#7897;t bi&#7879;n ph&aacute;p ph&ograve;ng ng&#7915;a do lo ng&#7841;i v&#7873; th&#7883; tr&#432;&#7901;ng lao &#273;&#7897;ng.
S&#7921; t&#7915; ch&#7889;i c&#7911;a Powell v&#7873; m&#7897;t chu k&#7923; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t nhanh ch&oacute;ng l&agrave;m ngu&#7897;i &#273;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432; ti&#7873;n &#273;i&#7879;n t&#7917; &#273;ang k&#7923; v&#7885;ng cao v&agrave;o &#273;i&#7873;u &#273;&oacute;. &#272;&acirc;y l&agrave; l&yacute; do t&#7841;i sao <a href="https://vn.beincrypto.com/bitcoin-price-soars-following-fed-rate-cut/" target="_blank" rel="noreferrer noopener">gi&aacute; Bitcoin &#273;&atilde; tr&#7903; l&#7841;i &#273;i&#7875;m xu&#7845;t ph&aacute;t</a> ba ng&agrave;y sau khi c&#7855;t gi&#7843;m l&atilde;i su&#7845;t.
Theo C&ocirc;ng c&#7909; FedWatch c&#7911;a CME Group, <a href="https://vn.beincrypto.com/fed-rate-cut-weak-economy-crypto-impact/" target="_blank" rel="noreferrer noopener">th&#7883; tr&#432;&#7901;ng v&#7851;n &#273;ang &#273;&#7883;nh gi&aacute; hai &#273;&#7907;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t n&#7919;a b&#7855;t &#273;&#7847;u t&#7915; th&aacute;ng 10</a>. Tuy nhi&ecirc;n, k&#7923; v&#7885;ng v&#7873; c&aacute;c &#273;&#7907;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t v&agrave;o n&#259;m 2026 &#273;&atilde; gi&#7843;m t&#7915; ba xu&#7889;ng c&ograve;n hai.
N&#7871;u d&#7919; li&#7879;u vi&#7879;c l&agrave;m c&#7843;i thi&#7879;n v&agrave;o th&aacute;ng 10 ho&#7863;c th&aacute;ng 12, m&#7897;t l&#7853;p lu&#7853;n m&#7841;nh m&#7869; c&oacute; th&#7875; xu&#7845;t hi&#7879;n trong Fed &#273;&#7875; ng&#7915;ng c&aacute;c &#273;&#7907;t c&#7855;t gi&#7843;m ti&#7871;p theo. &#272;i&#7873;u n&agrave;y &#273;&#7863;c bi&#7879;t &#273;&uacute;ng khi l&#7841;m ph&aacute;t v&#7851;n cao h&#417;n nhi&#7873;u so v&#7899;i m&#7909;c ti&ecirc;u 2%. Trong tr&#432;&#7901;ng h&#7907;p &#273;&oacute;, k&#7923; v&#7885;ng v&#7873; c&aacute;c &#273;&#7907;t c&#7855;t gi&#7843;m l&atilde;i su&#7845;t v&agrave;o n&#259;m 2026 c&oacute; th&#7875; s&#7869; gi&#7843;m th&ecirc;m.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-altcoins-show-diverging-trends">Altcoins cho th&#7845;y xu h&#432;&#7899;ng ph&acirc;n k&#7923;</h2>

Gi&aacute; Bitcoin &#273;&atilde; gi&#7919; v&#7919;ng kh&aacute; t&#7889;t. Ng&#432;&#7907;c l&#7841;i, Ethereum (ETH) gi&#7843;m 4.25% trong tu&#7847;n m&#7863;c d&ugrave; c&oacute; c&aacute;c qu&#7929; ETF giao ngay c&#7911;a M&#7929; v&agrave; <a href="https://vn.beincrypto.com/standard-chartered-ethereum-treasuries-us-crypto-news/" target="_blank" rel="noopener">d&ograve;ng ti&#7873;n mua v&agrave;o t&#7915; c&aacute;c t&#7893; ch&#7913;c</a>.
C&aacute;c altcoin c&oacute; hi&#7879;u su&#7845;t tr&aacute;i chi&#7873;u d&#7921;a tr&ecirc;n tin t&#7913;c ri&ecirc;ng l&#7867;. Solana (SOL), &#273;&atilde; c&oacute; <a href="https://vn.beincrypto.com/solana-price-selling-may-be-roadblock/" target="_blank" rel="noreferrer noopener">m&#7897;t &#273;&#7907;t t&#259;ng m&#7841;nh g&#7847;n 20% ch&#7881; hai tu&#7847;n tr&#432;&#7899;c</a>, &#273;&atilde; gi&#7843;m 2.25% v&agrave;o tu&#7847;n tr&#432;&#7899;c.
Trong khi &#273;&oacute;, <a href="https://vn.beincrypto.com/bnb-price-outlook-after-all-time-high/" target="_blank" rel="noreferrer noopener">Binance Coin (BNB) t&#259;ng 11.80% trong m&#7897;t tu&#7847;n</a>. &#272;i&#7873;u n&agrave;y x&#7843;y ra gi&#7919;a nh&#7919;ng tin &#273;&#7891;n r&#7857;ng CEO Changpeng Zhao (CZ) c&oacute; th&#7875; tr&#7903; l&#7841;i Binance sau khi &ocirc;ng x&oacute;a t&#7915; &ldquo;c&#7921;u&rdquo; kh&#7887;i ti&#7875;u s&#7917; t&agrave;i kho&#7843;n X c&#7911;a m&igrave;nh.
C&aacute;c lo&#7841;i ti&#7873;n &#273;i&#7879;n t&#7917; &#273;&#432;&#7907;c ni&ecirc;m y&#7871;t tr&ecirc;n c&aacute;c s&agrave;n giao d&#7883;ch H&agrave;n Qu&#7889;c Upbit v&agrave; Bithumb, <a href="https://vn.beincrypto.com/why-does-upbit-announce-listings-almost-every-day/" target="_blank" rel="noreferrer noopener">c&oacute; th&#7883; tr&#432;&#7901;ng nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; m&#7841;nh m&#7869;</a>, c&#361;ng &#273;&atilde; ch&#7913;ng ki&#7871;n m&#7913;c t&#259;ng &#273;&aacute;ng k&#7875; v&agrave;o tu&#7847;n tr&#432;&#7899;c. <a href="https://vn.beincrypto.com/crypto-exchanges-new-token-listings-september/" target="_blank" rel="noreferrer noopener">Euler (EUL), Plume (PLUME), v&agrave; Toshi (TOSHI) &#273;&#7873;u c&oacute; s&#7921; t&#259;ng gi&aacute; m&#7841;nh nh&#432;ng t&#7841;m th&#7901;i.</a>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-the-week-ahead-fed-speakers-take-the-stage">Tu&#7847;n t&#7899;i: C&aacute;c di&#7877;n gi&#7843; Fed l&ecirc;n s&acirc;n kh&#7845;u</h2>

M&#7897;t s&#7889; &#273;i&#7875;m d&#7919; li&#7879;u kinh t&#7871; quan tr&#7885;ng s&#7869; &#273;&#432;&#7907;c c&ocirc;ng b&#7889; trong tu&#7847;n n&agrave;y, bao g&#7891;m ch&#7881; s&#7889; PMI d&#7883;ch v&#7909; v&agrave; s&#7843;n xu&#7845;t c&#7911;a M&#7929; v&agrave;o th&#7913; Ba v&agrave; d&#7919; li&#7879;u <a href="https://vn.beincrypto.com/experts-warn-against-fed-rate-cuts/" target="_blank" rel="noreferrer noopener">l&#7841;m ph&aacute;t PCE</a> v&agrave; chi ti&ecirc;u c&aacute; nh&acirc;n v&agrave;o th&#7913; S&aacute;u.
Tuy nhi&ecirc;n, tr&#7885;ng t&acirc;m th&#7921;c s&#7921; s&#7869; l&agrave; c&aacute;c b&agrave;i ph&aacute;t bi&#7875;u t&#7915; c&aacute;c quan ch&#7913;c Fed. <a href="https://www.federalreserve.gov/monetarypolicy/files/fomcprojtabl20250917.pdf" target="_blank" rel="noreferrer noopener">Bi&#7875;u &#273;&#7891; dot plot</a> c&#7911;a Fed, &#273;&#432;&#7907;c c&ocirc;ng b&#7889; sau cu&#7897;c h&#7885;p FOMC th&aacute;ng 09, &#273;&atilde; ti&#7871;t l&#7897; s&#7921; kh&aacute;c bi&#7879;t l&#7899;n v&#7873; &yacute; ki&#7871;n v&#7873; con &#273;&#432;&#7901;ng l&atilde;i su&#7845;t trong t&#432;&#417;ng lai, v&agrave; nh&#7919;ng tuy&ecirc;n b&#7889; m&#7841;nh m&#7869; c&oacute; th&#7875; xu&#7845;t hi&#7879;n trong c&aacute;c b&agrave;i ph&aacute;t bi&#7875;u c&ocirc;ng khai, c&oacute; kh&#7843; n&#259;ng l&agrave;m thay &#273;&#7893;i th&#7883; tr&#432;&#7901;ng.
Th&#7889;ng &#273;&#7889;c Fed <a href="https://beincrypto.com/who-is-stephen-miran-trumps-crypto-friendly-pick-for-fed-governor/" target="_blank" rel="noopener">Stephen Miran</a>, th&agrave;nh vi&ecirc;n duy nh&#7845;t &#7911;ng h&#7897; c&#7855;t gi&#7843;m 50 &#273;i&#7875;m c&#417; b&#7843;n trong cu&#7897;c h&#7885;p FOMC th&aacute;ng 09, d&#7921; ki&#7871;n s&#7869; ph&aacute;t bi&#7875;u v&agrave;o th&#7913; Hai. &Ocirc;ng c&#361;ng &#273;&#432;&#7907;c cho l&agrave; &#273;&atilde; d&#7921; ki&#7871;n c&#7855;t gi&#7843;m 175 &#273;i&#7875;m c&#417; b&#7843;n v&agrave;o cu&#7889;i n&#259;m nay.
V&agrave;o c&ugrave;ng ng&agrave;y, c&aacute;c b&agrave;i ph&aacute;t bi&#7875;u t&#7915; Ch&#7911; t&#7883;ch Fed Cleveland <a href="https://vn.beincrypto.com/bitcoin-drops-under-113k-as-post-fed-rally-quickly-unwinds/" target="_blank" rel="noopener">Beth Hammack</a> v&agrave; Ch&#7911; t&#7883;ch Fed Richmond Tom Barkin c&#361;ng s&#7869; &#273;&#432;&#7907;c th&#7921;c hi&#7879;n. Hammack &#273;&#432;&#7907;c cho l&agrave; &#273;&atilde; b&#7887; phi&#7871;u kh&ocirc;ng c&#7855;t gi&#7843;m l&atilde;i su&#7845;t trong n&#259;m nay, &#273;i&#7873;u n&agrave;y khi&#7871;n th&#7883; tr&#432;&#7901;ng lo l&#7855;ng.
C&aacute;c b&agrave;i ph&aacute;t bi&#7875;u quan tr&#7885;ng kh&aacute;c &#273;&#432;&#7907;c l&ecirc;n l&#7883;ch v&agrave;o th&#7913; Ba, v&#7899;i Ph&oacute; Ch&#7911; t&#7883;ch Gi&aacute;m s&aacute;t c&#7911;a Fed Michelle Bowman v&agrave; Ch&#7911; t&#7883;ch Fed Jerome Powell, v&agrave; v&agrave;o th&#7913; N&#259;m, v&#7899;i Ch&#7911; t&#7883;ch Fed Chicago <a href="https://vn.beincrypto.com/trump-fed-takeover-lisa-cook-powell-fomc/" target="_blank" rel="noreferrer noopener">Austan Goolsbee</a>. Nh&#7919;ng b&igrave;nh lu&#7853;n c&#7911;a h&#7885; c&oacute; th&#7875; g&acirc;y ra bi&#7871;n &#273;&#7897;ng cho gi&aacute; Bitcoin, hi&#7879;n &#273;ang trong tr&#7841;ng th&aacute;i t&acirc;m l&yacute; y&#7871;u.
Hy v&#7885;ng r&#7857;ng c&aacute;c nh&agrave; &#273;&#7847;u t&#432; s&#7869; c&oacute; m&#7897;t tu&#7847;n giao d&#7883;ch c&oacute; l&#7907;i nhu&#7853;n.

Bitcoin chững lại khi hy vọng giảm lãi suất phai nhạt—Tuần này có khác biệt không?