Today's happenings in the crypto world; Edition #30

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2 years ago

CryptoExplorers says

The number of addresses holding more than 1 bitcoin hit a new low in nearly 7 months, and the number of bitcoin addresses holding more than 0.01 has dropped rapidly. This means that during the shock cycle, the chips of retail investors are concentrating on large investors. Most investors will be washed out of the big platform, and then institutions will continue to start a bull market.

Ethereum is the opposite. Wallet addresses holding more than 32 wallet addresses hit a 17-month low, indicating that Ethereum's funds are flowing from large to small ones. As the rising funds begin to distribute chips at high levels.

In addition, the market value of pie has reached 38%, and Ethereum has reached 20%. Ethereum's share of pie has exceeded 50%. According to the data of the previous bull market, the market value of pie has accounted for 34% at the end of the bull market. %, the highest point of Ethereum accounts for 80% of the market value of the pie. Therefore, from this point of view, there will be a rebound behind the big pie, and Ethereum also has room to rise. This position is likely to not be the final top of Ethereum.

The Spanish market regulator allows institutional investors to conditionally provide customers with encrypted investment products. Within the scope of compliance, Spain has been fully liberalized.

The UK financial regulator has approved a compliant digital asset custody agency. This means that when you buy coins in the UK, you can already deposit them in the "bank". The more economically developed a country is, the faster it will understand these new things.

Williston, North Dakota, USA, followed in Miami's footsteps, accepting cryptocurrency directly as a payment method for public utility bills.

The chief investment officer of Square, a large bitcoin holder, said that there is no plan to buy more bitcoins unless the energy problem is solved. Subsequently, a company spokesperson said that there are no plans to change Bitcoin's investment strategy. The meaning of this one after the other should be that before the energy consumption is solved, no bitcoin will be invested, but the existing positions will not be sold.

4000 Bitcoins were transferred to Bitstamp again. There are still whales in this position, which is also one of the reasons for the continued weakness of Bitcoin.

Pantera Capital CEO said that despite energy concerns, bitcoin prices may still double this year. Some people agree with this view, 80,000-100,000 should not be difficult this year.

The discount rates of GBTC and ETHE rose to -16.74% and -7.72% respectively. It's a good thing.

Market analysis

Bitcoin:

The trend of Bitcoin today is slightly stronger than that of ETH, and the market for the Big Pie to regain its relative strength should come soon. Instead, most currencies are weaker than the Big Pie, making the market value of the Big Pie a short-term rebound. . At present, it is not easy to smash down directly from this position, because the previous 45,000 shorts used too much force, and it took time to kill the longs of bottom hunters. Therefore, the overall judgment is still the main range shock. The 4-hour chart will walk out of a convergent triangle in this area, and the current lower edge is 48500.

ETH:

Yesterday’s rebound was strong, but today it was directly weak. It is expected that the high level will be the main shock.

DOT:

Today, a record high was reached, but other currencies were too weak and were brought back. Visual inspection is not a false breakthrough. The market outlook is expected to continue to rise.

XRP:

The petition urging the SEC to abandon Ripple's prosecution has received enough signatures. This case is heading to the side that favors Ripple. Based on the market view, the short-term correction is not strong, and the rebound will continue.

LINK:

High shocks dominate.

LTC:

After the technology rebounded, it fell back, indicating that it was relatively weak and the linkage was the mainstay.

ADA:

Continue to new highs, hold mainly.

XMR:

The smashing effort has weakened, and the short-term rebound is mainly.

ETC:

There is a certain MEME attribute, and the hype is relatively logical. If it is the consensus of retail investors, ETC will be 100 times stronger than SHIB, so you can still take it first.

DOGE:

The developer stated that it has been working with Musk since 2019, but rejected Musk's funding. There should be a big story inside, and this is definitely not as simple as Musk's slogan. I don’t know what it is. The short-term 0.6 pressure is extremely high, and it should oscillate below this.

UNI:

High shocks dominate.

The market as a whole has not yet become stronger, and the operating strategy is still as mentioned before. If you give a panic new low (below 45,000), it will be an excellent short-term opportunity for participation. However, there is a high probability that the market will continue to ink and oscillate for another 2-3 days.

That's it for today, I wish you all a happy weekend, see you tomorrow.

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