CryptoExplorers says
The United States yesterday released the CPI data at the end of April. The data was 4.2%, and the estimated value was 3.6%, which is beyond expectations. The sharp increase in CPI means that the price of consumer goods has risen sharply. This is the core manifestation of inflation. Therefore, the market generally expects that the Fed’s expectations of inflation are not accurate, which leads to the probability of interest rate hikes after severe inflation. The high point is a very bad signal to raise interest rates. The US currency market believes that the probability of raising interest rates within the year will rise to 88%, and a global monetary tightening is about to come. This expectation directly led to the continued decline of Bitcoin in the evening, and the collapse also included commodities and U.S. stocks. The value of these assets relies on the underlying logic of printing money. Once the flood is no longer flooded, it means that the offensive energy in the market will weaken. It is purely normal to trigger a fall.
There are two other reasons for the decline. One is that a whale rushed to Bitfinex with 18,000 bitcoins last night, and the other was that Musk tweeted early this morning that Tesla would stop using bitcoin for payments. I remember that Bitfinex hasn't had such a large deposit for a long time, so the madman immediately gave everyone a risk warning in the Huoxin official group after this incident came out. As for Musk, I don’t know what he thinks. Such a sudden statement may have something to do with the political economy of the United States. He found a far-fetched reason that Bitcoin pollutes the environment and seeks to replace Bitcoin with a cryptocurrency that consumes less energy. Then Sun Ge and Block.one both said that their TRX and EOS are doing better in terms of carbon emissions. Now think about it, whether the two coins are the founders or the project itself, there are some similarities.
Top hedge fund Balyasny is considering investing in Bitcoin, which manages assets worth more than $10 billion. Brex, a $7.4 billion financial technology company, is considering buying crypto assets. The entry of institutions is still continuing, and opportunities for market declines should be seized as much as possible, taking advantage of the plunge to buy those truly valuable assets.
The North American outdoor club Beachclub began accepting Bitcoin and Ethereum payments. These processes have not changed because of Musk's remarks, nor have they changed because of short-term market fluctuations.
MoneyGram Corporation announced that it will cooperate with Bitcoin ATM operator Coinme to create a Bitcoin cash transaction service that can be used globally through its company's tens of thousands of offline outlets. This is pretty awesome, and it's equivalent to being a Bitcoin bank outside of the regulatory framework.
Bitwise launched an ETF in the crypto field under the code "BITQ". This fund tracks the cryptocurrency innovation 30 index. In fact, it is an encrypted ETF in disguise. The rising star is still ahead of the huge financial institutions.
Dario, the founder of Bridgewater Fund, once again expressed his view: He believes that cryptocurrency is an exciting and unknown thing, and the biggest risk is that it is too successful. The CryptoExplorers feels that the trend is irreversible, and can only complete a phased stifle, but cannot change the future trajectory.
The Bank of Korea is trying to supervise cryptocurrencies with the greatest power, and track crypto assets through laws and bank accounts. In short, the supervision of the encryption industry is really too difficult, so we don't need to worry about the broken heart and just do our own job.
Tether printed 1 billion USDT, and the pace of stable currency entry has not changed much, so the market does not support continuous plunges.
The U.S. block chain sector plummeted before the market. It is worth noting that Coinbase will release its first quarter earnings tonight. The CryptoExplorers expects the performance to be gratifying, so it will ease market sentiment.
Market analysis
Bitcoin:
Bitcoin today has a pin inserted in the range of 43000-47000. These two numbers represent the low points of 2.28 and 4.26 respectively. Whether in terms of data, disk or technical indicators, this position has strong support. The market There is a high probability that there will be a 1-2 day rebound cycle. After the rebound, we can determine the future trend by looking at the strength. Today, this needle is likely to be the lowest point in recent weeks.
ETH:
The 4-hour divergence from the high level is still very strong. At present, it has shifted from an upward trend to an adjustment trend. It is expected that it will take a few days to digest if it wants to rise again. The high level is mainly linked to the rebound of Bitcoin.
DOT:
The overall trend is not bad. Compared with other mainstream currencies, it is very resistant to falling. It is expected to continue the volatile and higher market.
XRP:
A needle was inserted in the linkage, but obviously the pressure is not too big, and you can wait for the rebound.
LINK:
The overall development momentum is still good, mainly buying and picking up on dips.
BCH:
The trend is very general, mainly linked to weak rebounds.
LTC:
Today, the trend is weak, and the support is stepped back, and the short-term rebound is the main reason.
BSV:
Not much movement, linkage.
ADA:
Today, it has shown a state of resilience again, and it is basically expected that the market outlook will take the lead in new highs, and it is obvious that funds are defending the market.
EOS:
Don't participate, and never drag your feet when you fall.
XMR:
High shocks are the main ones, so don't participate first.
ETC:
After falling below the 5-day line, it has been overcast for three consecutive days, and it is expected to rebound in the short term.
ZEC:
Weaker than expected. Today, there is no obvious fund protection, and the linkage rebound is the main reason.
DOGE:
Grantham, an investment guru, said that investing in Dogecoin will eventually lose everything. He made the same mistake in the years. He knows that no matter what he says now, no one believes it. He can only express regret. Few of my guys out there agrees with this view. A worthless thing is ultimately just a bubble. In the bubble, everyone is happy.
The short-term stepped back on the strong support of 0.4, with a rebound mainly.
SHIB:
Today, it is basically cut in half. 50% of the total amount of this coin will be used to hit the market. I don't know if there is any fool to pick it up. There is not much chance for a long time.
The Defi class has resisted the decline as a whole today, and has funds to participate in the bottom hunt. The market outlook for those leading players is still optimistic.
That's it for today, see you tomorrow.
