CryptoExplorers says
08/05/2021
Yesterday the United States released non-agricultural data, the number of employed people increased by 266,000, and the unemployment rate was 6.1%, which was far lower than expected. The number of employed people is directly related to cryptocurrency. Every day on Twitter, Dogecoin is talked about. The number of downloads in the Apple Store is among the best in the currency circle. The number of speculators has risen to 15% of the total population of the United States. There are so many people. All are enjoying the feast of the bull market in the currency circle, who will go to work? Therefore, the madman has a bold prediction that the U.S. regulation of the crypto industry should come soon. The real reason is the demand for economic recovery. If you want to recover the economy, you must force people who speculate coins at home from the epidemic to work. If you want them to work, you must lower the temperature of the currency circle, so it can only be done through supervision. This is also one of the reasons why the US regulators have frequently spoken out recently. The prelude to regulation has arrived. The US SEC believes that Bitcoin is a speculative store of value. Many cryptocurrencies are actually securities. The SEC has great powers.
Not only in the United States, but global retail investors are also entering a crazy cycle. The volume of the Korean crypto exchange is twice the total volume of the two major stock markets, and the daily volume of Binance has exceeded the daily volume of A shares. The trend of the currency circle to subvert traditional capital has arrived. Those traditional financial practitioners with arrogance and prejudice are afraid that they will lower their heads. These data reflect the madness of the market from the side, so the short-term correction is not far away.
In terms of exchange traffic, the average traffic surged by 43% in April. Binance and Coinbase still had the highest website traffic at 450 million and 93 million respectively. The Indonesian exchange INDODAX ranked third (this is surprising) ), followed by Pancake, a decentralized exchange. The monthly activity of Binance has 450 million people, which shows that the leeks are coming in very quickly, and whether the subsequent surge can continue is the key to whether the market can rise.
The Mayor of Miami stated that Bitcoin is very similar to Uber, and zf cannot supervise Bitcoin because it is impossible to shut down everyone's computers. At the same time, it said that it had bought Bitcoin and Ethereum on March 6th and believed that it would definitely appreciate. This mayor is also a beneficiary of the currency bull market. From March to now, Ethereum has risen by 150%.
US Treasury Secretary Yellen predicts that inflation will rise in the next few months. This means that interest rate hikes may still occur. This is the reason for the weak market trend at night.
12,354 bitcoins flowed out of Coinbase yesterday evening, and institutional deposits and withdrawals continued.
The Bitcoin ETF asset management scale launched by 3iQ and Coinshares reached 823 million US dollars, which is the value of more than 10,000 Bitcoins. The speed is not too fast, but it is considered a pool. These more than 10,000 are locked away.
The total market value of global cryptocurrencies has exceeded 2.5 trillion U.S. dollars, setting a new record high. The higher the market value, the more countries around the world will pay attention to.
Bitfarms was approved to be listed on the Nasdaq Global Market. This is a Canadian mining company that has entered the mainstream capital market from exchanges to mines. The legality of Bitcoin itself is self-evident.
The largest e-commerce platform in Latin America, Meikeduo bought $7.8 million in BTC in the first quarter. If we are the first batch and the institution is the second batch, the leeks running into the field are now the third batch, and Niu 1.0 is about to rest.
86 Bitcoin whale addresses accumulated another 120,000 Bitcoins last month. This is the most sustained accumulation since July 2019. It shows that big players are still hoarding, and Bitcoin is unlikely to fall sharply.
The founder of LINK said that next year's Defi lock-up volume will surge by more than 10 times. If this is the case, then the Defi sector is still worth the layout.
Market analysis
Bitcoin:
After Bitcoin has experienced a series of shocks, the funds have seen obvious replenishment from today. Therefore, the market style may switch to the big pie. It is worth noting that the Dfinity project, which was a few years ago, went live on the mainnet today. And on May 11, the token ICP was launched. This project has a market value of nearly one trillion yuan. When the market is so scarce, it will inevitably lead to greater differentiation in the market. Therefore, the sustainability of the pie is still doubtful. Watch more carefully in a few days, and we have to observe the trend later.
ETH:
The trend is still there. If the 5-day line is not broken, take it first.
DOT:
The supplementary market still hasn't come, and it is estimated that it will fluctuate for a while.
XRP:
The callback is weak and there is a chance for a rebound.
LINK:
Today, it will rise and fall back to see if it can stand above the 5-day line in the evening. If it breaks below, it will come out first.
BCH:
Today is relatively strong, but it is also obvious that the capital relay is not up, and high shocks are the main reason.
LTC:
Hold temporarily.
BSV:
It is expected to regain the upward trend after two days of correction.
ADA:
The 5-day line of warfare is temporarily held, and it will come out when it breaks.
EOS:
If the 5-day line is not broken, take it first. It is expected that there will be no new highs in the short term.
XMR:
Yesterday it rose sharply and today it fell sharply. The funds will definitely escape and can be reduced.
ETC:
As soon as the computing power was cut from Ethereum, the community was about to collect taxes on miners, and the market was directly hit by a wave. It was too unstructured and weakened in the short term. The rebound was mainly to lighten up.
DOGE:
The Saturday night scene is about to start in the early morning, and the promotional posters are already available.
It is estimated that the dog will be called out. The CryptoExplorers predicts that the trend is to make a new high and then make a sharp correction. The logic is as follows:
1• 25% of U.S. crypto investors regard Dogecoin as the new Bitcoin;
2• Dogecoin broke $1 and ranked fourth in the hot search on Twitter;
3• Zhao Changpeng believes that Dogecoin is more decentralized than BTC and ETH;
4• Dogecoin contract funding rate has reached an extremely high level, and long-term consistency is expected to be extremely strong.
From these points, we can see that Doggo’s consensus has reached its extreme. When the program benefits are realized, there is a high probability that a wave of selling pressure will occur.
UNI:
Continue to oscillate at a high level.
YFI:
The amount of locked positions exceeded 4 billion U.S. dollars, and it took only 32 days to go from 1 billion to 4 billion U.S. dollars. The market outlook is expected to continue to fluctuate higher.
The general environment is still turbulent, and the mainstream currency is getting closer and closer to the phased callback. This time node is likely to be May 11th. Everyone should be wary of the moment when Dfinity is listed!
That's it for today, I wish you all a happy weekend, see you tomorrow.
