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Today's happenings in the crypto world; Edition #32

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Written by   9
1 year ago

CryptoExplorers says

Bitcoin’s rebound momentum is too weak. Even many people in the circle think that the bull market has turned bears, but CryptoExplorers still believe that the bull market is still going on. The most important logic is that the supply of Bitcoin is limited, regardless of whether it comes from miners. Judging from the willingness to purchase goods or the willingness of institutions to buy, there is no sign of ending. For the investors who ship, we have seen from various data that the holders of 0.001 and more than one bitcoin are continuing to decrease, and bitcoins are flowing to the addresses of large accounts. These signs indicate that in 3 months In the shock platform of, the market is to wash away a large number of previous profits. Against the background of these data, the madman believes that the future is still bright and maintains the expectation of 80,000 to 100,000 for this year.

Bank of America stated that long Bitcoin is currently the most crowded transaction, and 75% of investors believe Bitcoin is in a "bubble." These two sentences are somewhat inconsistent. If most people think that Bitcoin is a bubble, then Bitcoin bulls will not become the most crowded transaction at the moment. So the argument of a Bitcoin bubble does not exist. It rises from 3800 to 65000. Isn't it normal to pull back a bit?

The outflow of bitcoin investment products last week was 98 million U.S. dollars, accounting for 0.2% of total assets. This outflow is quite small, but it is still the largest outflow of bitcoin investment products in history. This shows that over-the-counter funds have not given up the idea of ​​a bull market, and 99.8% of funds still hold positions to rise after the sharp drop.

Sony mentioned Bitcoin in its patent application and stated that Sony can not only accept Bitcoin, but also various digital currencies. Looking at the trend, it is still irreversible and nothing terrible.

More than half of the 257 countries in the world believe that Bitcoin is legal, while more than 70% of backward or relatively backward countries believe that Bitcoin is illegal, and none of the developed countries consider Bitcoin illegal. After reading this data, you can understand why the poor are always poor while the rich are getting richer and richer.

Bithumb and Galaxy Digital released their first-quarter financial reports. Net profit increased by 75% and 58% year-on-year, respectively. The profit was both hundreds of millions of dollars. This industry is too profitable, and it is still in an infinite rising period.

Prime Experiences, a luxury yacht company, accepts cryptocurrency payments and is negotiating cooperation with the mayor of Miami. He believes that Miami will become the next Silicon Valley because high-tech companies such as Tesla, Facebook and Google are seeking to enter the city. Because Miami is willing to embrace new things, it will inevitably become a gathering place for future technology giants. If you are willing to invest in real estate, maybe you can think about it.

Tether printed 1 billion USDT, and the capital increase appeared again.

The GBTC discount is -15.1%, and the ETHE discount is -4.52%. There is no further expansion. The sentiment of the US institutions is pretty good.

The panic and greed index is 21, which is extremely panic, which is in line with the sentiment of most investors in the current group.

Market analysis

Bitcoin:

Today, most currencies rebounded sharply. Yesterday we picked up other people’s bloody chips, and we got a rebound today. Overall, the strength of the rebound is still good. Therefore, the madman believes that the rebound will continue. It is not ruled out that there will be a second callback in the evening due to panic. But regardless of whether the callback breaks through the previous low, it will be an opportunity for the ultra-short-term to pick up chips again. Yesterday's positions can continue to be held and wait for a further rebound in the market outlook.

Ethereum:

The overall rebound is slightly stronger than Bitcoin, which is a short-term strong inertia. From the longer-term trend, some people believe that Ethereum will be weaker than Bitcoin. The short-term linkage rebound is the main thing. If there is a rapid fall, it is likely to be an opportunity to pick up chips again.

DOT:

The high volatility range is still intact, and the market outlook has a high probability of going up again.

XRP:

Ripple has been relatively defensive recently, and rebounded strongly, and has the opportunity to continue to rise, which is a relatively strong mainstream.

LINK:

Today's rebound is still improvised and belongs to a linked rebound.

LTC:

The trend is very strong, and the rebound is expected to continue.

ADA:

High-level shocks, there is a suspicion of high-low switching in profitability, and the high-level coins are thrown away to make up for those coins that have not risen. ADA does not have the basis for an independent decline, and it is still held temporarily.

XMR:

The support level rebound is very weak, this can be considered to be thrown first.

ETC:

It’s harder to get stuck at the top, and it’s harder to go back directly. Weak rebounds dominate.

DOGE:

The rebound is not strong, but it is shocking.

SUSHI:

The trend is relatively stable, mainly due to fluctuations.

AAVE:

It is expected to continue to hit a new historical high and follow the independent market.

YFI:

The trend is not bad. Several of Defi's leading players have risen sharply today, which is in line with the previous expectations of the CryptoExplorers.

I won’t talk about other things. This wave of market correction will wash out all those who doubt it. Now the goal has been basically achieved, but the mid-term correction is probably not over yet. Near 40,000 will be the bottom of the recent period, and eventually it will not. It will break 4, which is not completely certain, but what is certain is that the more you fall, the more opportunities you will participate.

That's it for today, see you tomorrow.

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