CryptoExplorers says
Institutions did not show the willingness to continue influx of bitcoins of more than 50,000, and even if it fell from 65,000, they did not see news of the entry of large institutions. But there is no doubt that Bitcoin has become a part of the financial market, and most people believe that if Bitcoin really falls below 50,000, a large number of institutions will enter the market to buy the bottom. The macro environment tells us that the bull market is not over yet. Institutional bull markets are often long and slow.
Although institutions have not seen large-scale purchases, various products surrounding encrypted assets are emerging in an endless stream. For example, the Bitcoin ETF launched by 3iQ and Coinshares started trading on the Toronto Stock Exchange; Evolve will launch the Ethereum ETF on May 31 ; Taurus obtains a Swiss securities license; will launch a digital exchange on May 10; Coinbase stock options will be listed on Nasdaq today; 3iQ's Bitcoin fund will be listed on the Dubai Exchange in the second quarter; crypto investment company Pluto Digital Assets plans to list on the Aquis Stock Exchange. Various phenomena show that with the diversified development of encrypted assets, the number of users, asset scale and market value will continue to rise in the future, so a short callback cycle does not need to be too panic.
The US government is formulating a legislative framework for rapidly growing crypto assets, and sources say it is in the early stages. If the United States enacts legislation on this, the crypto market will definitely be more restricted. Taking advantage of the barbaric era, comrades will quickly make money.
Last week, the inflow of cryptocurrency funds hit the highest level since March. The inflow of these funds is most likely to fall on Sunday. A total of 10 billion US dollars of assets were liquidated that day. People who understand the market will generally be there. Picking up some chips there is a profitable position.
NYDIG also stated that the Bitcoin crash showed that large investors "buy on dips", their platforms are all buyers for 24-48 hours. From this point of view, the bottom-hunting by institutional investors below 50,000 will definitely be even more crazy.
After the plunge, 20,952 bitcoins were transferred from Binance, which is probably the work of the body picking agency.
For the first time, South Korean cryptocurrency trading volume surpassed stock market trading volume. This is really an exaggeration. The Koreans’ love for cryptocurrency reflects the anxiety of the people of this country. Koreans are really one of the most desperate people I have ever seen on the planet, and it is a match for our first-tier cities.
Goldman Sachs added Bitcoin to its earnings report, comparing the gains of crude oil, S&P, and Nasdaq. This also shows from the side that Bitcoin is entering the mainstream financial market.
The US "Time" has reached a cooperation with Crypto.com to accept encrypted payments and plans to launch it globally in July 2021. Media + cryptocurrency = greater publicity.
Bloomberg said in a report that due to the continuing effects of deflation, the decline in commodity prices and U.S. Treasury yields may continue, and the prospect of deflation will deal a blow to investors in hedging instruments such as Bitcoin. This Bloomberg news agency is really drunk. A few days ago, I saw that the future of Bitcoin reached hundreds of thousands. As soon as the price of the currency fell, it was a little bit leeks.
In March, the monthly on-chain transactions of Bitcoin hit a record high. On the one hand, the income of miners hit a new high, and on the other hand, the continuous growth of Defi made the rapid growth of on-chain transactions. These are all good things, indicating that the market is becoming more and more mature.
Morgan Stanley reports that 86% of central banks around the world are exploring digital currencies. The global digitalization process is almost inevitable in the future. How could Bitcoin not go to heaven at that time?
Grayscale recently increased its holdings of several small currency trusts, LTP, MANA, and LINK increased their holdings by 1506, 17400, and 2396 respectively. It is too little to be of reference value, and the aura of gray is fading.
Tether printed another 2 billion USDT, and now only 1 billion 2 billion is issued, the funds are too generous.
The total amount of Ethereum Defi locked up is US$76.5 billion. The recent decline has been relatively obvious. The main reason is that Ethereum’s Gas fee is too expensive. Binance Smart Chain and Huobi’s HECO have robbed a lot of shares, and it has suddenly cooled down. This is one of the reasons why Ethereum has not taken the independent market recently.
Market analysis
Bitcoin:
Bitcoin is still oscillating below the 5-day line. Before the trend has changed, there is no need to rush to buy the bottom. Today, the pre-market block chain concept of US stocks has fallen again, indicating that the United States still has poor expectations for the future market, so the currency price has not regained its position Before the 5th line, we are still looking at it as a callback. The CryptoExplorers expects that the bottom of the previous 50880 will be challenged again, and the short-term strong support will be around 47000-48000.
Oh, by the way, I have recorded the 5th line of battle for everyone. If you want to learn, you can go to the teaching on the home page of the official account to see it.
ETH:
After a wave of bounces, the trading volume is not bad, but the high probability is a technical rebound at the support level. The overall situation depends on the face of the pancake. Therefore, you can also refer to the 5th line. As long as you can't stand back, just wait patiently.
DOT:
Continued weakness, the probability of continuing to pull back later.
XRP:
CTO continues to cash out US$195 million, which is almost a cash machine, but Flare Networks will airdrop FLR to XRP holders in late June. It is estimated that the market will increase in June.
LINK:
Relatively strong, take it first.
XMR:
Concussion goes higher.
DOGE:
Yesterday’s transaction volume hit a record high. 130,000 people signed a petition calling on Amazon to accept Bitcoin as a payment method. Software retail giant Newegg accepted Dogecoin as a payment option. In response to hot searches on various websites, Snickers Twitter also posted a new package with Dogecoin LOGO. Dogecoin is already crazy, and it has driven the money-making effect of the whole people. It will reach new highs if it is not done later, but madmen will not participate in such a crazy market.
The other things that are not analyzed are the linkage market, so I will not analyze them one by one. The small currency ebbs quickly today, indicating that there is a certain panic in the market. If there is a chance to release another wave later, it will be a good short-term opportunity to participate. .
That's it for today, see you tomorrow.
