CryptoExplorers says
Bitcoin's pricing power has been completely handed over to Wall Street from our country. Before 2018, we accounted for more than 90% of Bitcoin's mining power, and the supply of Bitcoin is in our hands. Now that the computing power has been cut by nearly half by the Americans, the circulation of Bitcoin has been taken away by Wall Street's abruptly high positions. Therefore, the pricing power of Bitcoin is handed over to the United States, and we can only wait and see it at the mercy of others. According to the madman, several of the largest domestic mines are shipping after 20,000 yuan, and the cost of opening a warehouse for most institutions in the United States is just above 20,000 yuan, indicating that the institutions are eating the bargaining chips of our major miners. The Fed’s words at 2 in the morning directly changed the short-term decline of Bitcoin, which is enough to show that the Fed’s policy has become the vane of Bitcoin’s trend, and the general trend of Bitcoin becoming digital gold seems to be becoming inevitable. At the same time, he is also Constantly absorbing the market value of gold, making it gradually become the "new gold" comparable to gold.
In the early morning, the Federal Reserve stated that the benchmark interest rate remained unchanged at 0-0.25%, which was fully in line with expectations, but then stated that the inflation rate was less than 2%, and that it would further increase in the future, even moderately higher than 2% for a period of time, and in 2023 I would not consider raising interest rates before. This is completely beyond expectations, because previous surveys showed that the Fed is believed to have a higher probability of raising interest rates and shrinking the balance sheet before the end of the year, so Bitcoin started a wave of super pulls from 2 o’clock, and the same linkages were US stocks, gold, and bulk. Commodities, the A50 index, the U.S. dollar index and U.S. bond yields fell sharply. No one can anticipate this kind of market emergencies in advance. Once the trend is inconsistent with what one expects, the first reaction should be to fear the market and quickly stop the short order or cover some positions in order to put oneself in a favorable situation.
Morgan Stanley Wealth Management Department believes that cryptocurrencies have reached the threshold of investable asset classes and will launch three Bitcoin funds for wealthy customers. He has also become the first major U.S. bank to provide customers with Bitcoin fund channels. . This is a big plus. Morgan Stanley’s customers can invest in the crypto market by buying Bitcoin funds in the bank. The threshold is lowered similar to that of Bitcoin ETFs. Customers buy Bitcoin funds, and Morgan Stanley buys Bitcoin. Conducive to a large amount of funds flowing into the Bitcoin market. The greater the market value of Bitcoin, the more it demonstrates its security, and the more participants can be talented.
Meitu bought 386 BTC and 16000 ETH again, and the cost was almost 55,950. The Fed’s voice at night allowed Meitu to get rid of it, indicating that Meitu is still optimistic about the upside of Bitcoin.
JPMorgan Chase reported that in the first quarter, retail investors bought 187,000 bitcoins through Paypal and Square. This data basically confirms that retail investors are more powerful than institutions in the first quarter, which will increase the uncertainty behind the market.
In addition, the number of addresses holding 1,000 bitcoins has dropped sharply, indicating that big players are distributing chips at a high level. This kind of distribution will continue for a period of time, which does not mean that there will be a direct transfer of bulls to bears.
Glassnode also has data for ETH. The number of ETH addresses holding more than 1,000 ETH has decreased by about 1,000, leaving only 6,547, which is a new low in three years. On the contrary, the number of ETH addresses holding more than 0.1 has reached 4.3 million. The record shows that Ethereum has also begun to enter the shipping stage of large players distributing chips, so future expectations should be reduced accordingly.
There is also data on the chain. There are currently 35,000 new users registering blockchain addresses every day. According to the previous ratio, it means that the exchange will add about 100,000 new users every day. This growth rate also represents the willingness of retail investors to accept the market.
Former Goldman Sachs executives used bitcoin investment proceeds to buy a mansion in Manhattan, New York, valued at $51 million. This seems to be a case of realizing a large family. Xiao San is using real money to pay for the big men who entered the market in turn.
In the past week, the United States issued 240 billion U.S. dollars in bailout subsidies. This part should total 400 billion, and there is less than half of it.
The US Internal Revenue Service stated that if investors use cryptocurrency to buy and sell NFTs, they need to declare capital gains or losses. The U.S. Internal Revenue Service is tiring enough to quickly learn and deploy various innovations in the blockchain. Otherwise, investors have various ways to avoid high taxes. These holes are one by one, enough for him to gamble for a while. After all, Defi is there, and there are too many ways to evade taxes.
Grayscale launched five new trust funds, BAT, LINK, MANA, FIL, and LPT. Do you look familiar? These are the few that Grayscale CEO shouted on Twitter a few days ago. The CryptoExplorers also said in the article at the time that the ass decides the head. These 5 trust products already have position.
I couldn't play the mainstream, and started to engage in small coins, the gray scale game, I am afraid that it is not far from the cool.
Coinbase is about to go public, and it has started relying on the currency circle, and now we have to turn the currency circle. Investors who are optimistic about Bitcoin can buy Coinbase stock instead of buying Bitcoin. So in fact, he sucked part of the Bitcoin buying. The more big guys listed in the future, the more Bitcoin vampires. It is not conducive to the continued healthy rise of Bitcoin.
Market analysis
Bitcoin:
The yield on the 10-year U.S. Treasury bond has just returned to 1.7%, a record high for more than a year. U.S. stocks and Bitcoin have also shown a certain decline. Even if inflation exceeds expectations, it still has not solved the fundamental problem of the economy. This is in economics. It may lead to stagflation, which will lead to economic recession. In the end, the central bank can only solve it through fiscal expenditure + raising interest rates, which is not a good precursor to the risky market. Combining with the current large-scale escaping and the continuous buying of small-scale investors, i believe that even if this wave of bitcoins reach new highs, they will still not run too far. Therefore, it will not be too far to lighten up the rallies in the next few months. deviation.
In the short term, before the option is exercised, it is expected that the market will be dominated by turbulence. After the option is exercised, it may go to a new high. Then we will study in detail. The support level is 57000 and the pressure level is 59500.
ETH:
Bitcoin's little follower does not currently have his own market, and is relatively weak in linkage.
DOT:
The linkage fluctuates high.
XRP:
SEC lawyers stated that they have obtained evidence of the transfer of XRP by Ripple executives and requested to check financial information and continue to entangle them. It is definitely not a good thing for Ripple, so do not participate.
LINK:
The trend is relatively okay. Yesterday's turnaround brought out the recent downturn. If Jinming can stay above 30, he will have a chance to reach new highs.
LTC:
No idea, linkage.
ADA:
It's going to a new high again. I didn't expect it to be so strong. In the hearts of American investors, ADA is better than ETH. There is no need to chase this position.
XMR:
The walk is pretty good, keep holding.
FIL:
The Doomsday Chariot is going crazy. It’s quite scary. Today, there is a lot of light, and it may be called back in the short term. The current trend is still there, and investors can still hold the trend.
UNI:
High volatility, the overall is still quite strong, being able to sideways shows that the selling pressure is not big, there may be a new high opportunity later.
SUSHI:
Linkage with UNI.
Bitcoin is a critical period in these two days. Whether it is a confirmation of the second top or a trend reversal is still unclear. Therefore, waiting patiently for the market to come out is a relatively stable way.
That's it for today, see you tomorrow.
