CryptoExplorers says
U.S. stocks are rising every day, the Dow and S&P have set new record highs. The 10-year Treasury bond yield has fallen back and has fallen above 1.5%. Biden has once again proposed an infrastructure plan of 650 billion. Inflation has not yet arrived, so the Fed can still continue to print money to maintain the economy. This is obviously not bad news for risky assets, but when other assets are on the rise, Bitcoin has shown weakness in advance. At least it can explain that the big pie in this position, the selling pressure is beginning to emerge, and the strength of the takeover is weaker than the cashiers. , So the phased callback is likely to start there.
Turkey has banned the use of cryptocurrency payments from April 30. At the same time, the central bank stated that crypto assets have major risks and may be used for illegal activities. After the news came out, the market dropped rapidly. It stands to reason that a Turkish ban should not cause such panic in the market. If in a strong bull market, this level of bearishness will not have any impact on the currency price. Since market funds choose to avoid risks, we can also consider profit. The number of finalists is increasing, and the market’s fear of a correction is increasing, which is not conducive to the short-term sustained upward movement.
Of course, from a big macro point of view, the fundamentals of Bitcoin have not changed. For example, the following news in the past 24 hours can prove this for us:
1. Nearly 5 million Swedish depositors have access to Bitcoin through the national pension fund, and the Norwegian government pension also holds nearly 600 Bitcoin. The continuous admission of pension funds is stable and guaranteed.
2. Howard Asset Management is preparing to invest in cryptocurrency, using 1.5% of its 5.6 billion hedge fund assets to invest in digital assets. More large hedge funds are joining them, nothing terrible.
3. In the past two days, Ark Fund has bought USD 352 million worth of Coinbase stocks. This is an optimistic view of the crypto industry for real money. At the same time, it also sold shares of the Intercontinental Exchange of the New York Stock Exchange. Embrace encrypted assets and have a certain leadership role.
4. South Africa EC10 plans to launch the first Bitcoin ETF to provide investors with a channel for Bitcoin investment. Even South Africa has to engage in Bitcoin ETF, the globalization process is really too fast.
5. The CEO of BlackRock said that seeing the widespread interest in cryptocurrencies from institutions around the world, he believes that cryptocurrencies may become a great asset class. This means that cryptocurrency will enter the mainstream world sooner or later, and there will be more investors influx in the future.
Coinbase has become the ninth most downloaded app in Apple's U.S. Store. This is crazy. It shows that the American people who are living at home in the epidemic have madly poured into the currency circle, forming a certain FOMO sentiment, and want to influx more in the short term. People are relatively difficult.
Biden agrees with U.S. Treasury Secretary Yellen's view on cryptocurrency supervision in terms of crypto regulation. Yellen previously stated in January that he called for the use of cryptocurrencies to be reduced to ensure that money is not laundered through these channels. The President’s first statement on cryptocurrency was not very friendly, and it was also the reason why short-term bulls were hesitant.
Ukrainian politicians said that they accidentally deleted the private key file, and 400 flatbreads were permanently lost. For cryptocurrency, keeping the private key is really important. If you can't transfer your wallet, just put your money in a big exchange, otherwise you will lose it and it will be useless to cry. It is estimated that there are millions of bitcoins lost in this way.
The Ripple CTO has sold Bitcoin to 2% of the original holdings, and most of them have been thrown away. After paying the chips, you can only watch the show. As for the right or wrong, let the time. Anyway, if they make money, there is nothing wrong with how they sell it.
Mark Cuban believes that the price of Bitcoin is far from reaching its peak, mainly because of limited supply and unlimited demand. The big brothers have differences, and this difference has also been reflected on the board.
The Xinjiang coal mine accident caused a power outage inspection for a week, and Bitcoin's computing power dropped by more than 20%. This has little effect on the currency price, but for miners, the loss of 7 days of digging is not small.
Grayscale still did not increase its holdings. The GBTC discount continued to remain above -11%, while ETHE was significantly reduced to -1.2%. I previously said that this situation was caused by institutional purchases. As expected, the Rothschild Investment Company disclosed It recently purchased the Grayscale Ethereum Fund for US$4.75 million. This means that institutions are increasingly favoring the future of Ethereum.
Market analysis
Bitcoin:
Yesterday i reminded the short-term risk of a callback. The market has experienced a certain fall. This situation of sudden weakening after a high and new high is not a very good signal, and it can easily lead to a continuous callback. Control to a comfortable area. There will be some support near 60,000, and the currency price will repeat at this position. The possibility of continuing to pull back after the repeat is still not small. The short-term bullish thinking needs to be changed.
ETH:
Rushing higher and lowering, there is expectation that it will continue to fall, it is recommended to rebound and lighten up.
DOT:
High shocks, the general environment did not continue to attack, and it was difficult for him to move independently from the market, and lighten up his position.
XRP:
It is expected that today's closing line will fall below the 5-day line, mainly to lighten up.
LINK:
The upward trend is still there, so wait.
BCH:
Heavy volume, high probability of short-term callback.
LTC:
Walk along the 5th line, hold first if you don't break below.
BSV:
The upper film is longer, and it is recommended to reduce a part. There are still many previous participants who did not take profit at this position, so there is an expectation of stepping back to the vicinity of 300.
ADA:
Today's walk is relatively weak, mainly high-level shocks.
XMR:
The upheaval situation has not changed.
DASH:
Supplementary gains have been brought down, and there are still opportunities to rush higher.
ETC:
Obviously resisted the decline today, and the influx of funds was more obvious. As the market outlook moves on the 5th line, there is still a new high opportunity. The launch of the Doomsday Chariot is also quite scary.
ZEC:
Today, it is not good to go up and down. If it falls below the 5-day line, you can lighten up your position.
DOGE:
It is not a dream to double in a single day. This position can no longer be pursued. Even if you want to buy, you must wait until at least 0.2 to consider.
UNI:
After being taken down, the form hasn't gone bad, and it can still be held.
That's it for today, I wish you all a happy weekend, see you tomorrow.
