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Today's happenings in the crypto world; Edition #8

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Written by   9
1 year ago

CryptoExplorers says

The US Securities and Exchange Commission said that it is difficult to ban Bitcoin. The US regulatory goal is to prohibit the use of cryptocurrency to engage in illegal activities and is open to establishing a regulatory framework. At the same time, it also stated that it is ready to re-examine the Bitcoin ETF, which means that the Bitcoin ETF is not far away.

Biden proposed to double the capital gains tax for the wealthy. Many people think that this is the culprit of cryptocurrency's plummet today, but this matter itself does not have a big impact on cryptocurrencies. The rich does not mean that they own cryptocurrencies. The rich will not pay less tax when they sell cryptocurrencies. I don’t know how to take this proposal. The CryptoExplorers thinks it has nothing to do with the people who used it as the reason for the plunge.

Morgan Stanley’s Bitcoin Fund raised $29.4 million in two weeks. Such a large institution only raised such a small amount of money in two weeks. This shows how much investors are willing to invest in Bitcoin. This is what Bitcoin continues to pull back. the real reason.

Turkey has blocked the bank account of the Thodex crypto exchange and is preparing to arrest the CEO of the exchange. The supervision is still under pressure, which is not conducive to the market reversal. South Korea also has the same problem. Under the strong regulatory pressure, the Bitcoin premium rate is only 4%. It seems that this wave of decline has contributed to the South Korean aunts.

Coinbase provided the necessary legal entity identification and resumed trading on the Deutsche Börse, indicating that there is no problem with the overall compliance, which is conducive to the recovery of stock prices. In addition, the ARK Fund continued to buy Coinbase. From the perspective of ARK’s holdings, they reduced their positions in some Bitcoin concept companies like Square, and turned to continue to be optimistic about Coinbase. Keep buying. Although Coinbase fell sharply before the market today, some people expected a rebound in the evening, and anticipated the correction of Bitcoin in advance.

3iQ's Bitcoin ETF plans to raise more than 200 million U.S. dollars. This ETF has been raising for a while, and the long-term institutional lock-up background has not changed. Therefore, we still believe that Bitcoin is in the callback stage of the bull market.

The trading volume of the three Ethereum ETFs listed this week reached 138 million U.S. dollars. The audience is still OK. Since the Toronto Stock Exchange passed the Bitcoin ETF, it has enjoyed the sweetness and quickly seized the cryptocurrency market. The response can be described as extremely fast.

The daily transaction volume of the Binance Smart Chain is more than 5 times that of the Ethereum chain, and Pancakeswap alone accounts for 20%. Every time Binance steps on it, it is so perfect. There is really no chance of success. However, the equity token transaction launched some time ago has caused dissatisfaction among many regulators, and most European regulators have begun investigations into Binance. This incident has robbed traditional finance of the job, and it is normal to be engaged in it, and it is estimated that it will be difficult to promote it in the end.

The gray-scale GBTC discounted by -19%, hitting a new historical low. ETHE-4.51% was relatively defensive. Yesterday, it spent $1 billion and failed to protect it. The panic dumping of funds has gradually emerged.

Gemini began to support the use of Apple Pay and Google Pay to purchase cryptocurrencies. In the future, buying and selling will become more and more convenient, and the market will grow further.

Kunlun Wanwei said its companies can provide cryptocurrency purchase functions. This matter is so blatantly done in the country, I am afraid that it will be named by the supervision, after all, we have not let go.

Market analysis

Bitcoin:

Today’s pie fell in this wave. The main force for hitting the market is Coinbase, and the main force for receiving the trade is domestic OK and Huobi. This old beauty seems to panic too. Think about it, 14% of the people have come in. Isn’t it just a group of leeks? Nothing. After the panic disk is released, the currency price will probably rebound. There is a strong support at 47000. If it breaks, it will go to 43000. The CryptoExplorers thinks that there will be 3-5 days above 47000. The safety period will be repeated around 50000. It is difficult to see whether it will reverse. Therefore, short-term investors can participate appropriately.

ETH:

The one who chased the high yesterday was completely buried today. To be honest, i didn't expect this trend at all, supported by the 2200 strong, wait 1-2 days for the rebound.

DOT:

Continued weakness, this position also has a rebound demand, short-term intervention can be.

XRP:

It's not working since falling below the 5-day line. Today, it pulled back to the support level, and the short-term rebound is also limited.

LINK:

Smashed too hard, directly smashed back to the support, and waited for a rebound.

BSV:

Falling back to the starting point, the bottom platform is also a strong support, mainly rebounding. Satoshi Aoben has been involved in a lawsuit with the London court again. If his lawsuit is not finished, no one will get the price of the currency.

ADA:

Mainly rebound.

XMR:

Wait patiently for the rebound and lighten up the rebound. The trend is destroyed.

LTC:

Yesterday, I was tempted to go in more and leave if I made a mistake, waiting for the rebound to lighten up my position.

DOGE:

Today’s rebound was a bit fierce, indicating that there are bottom-hunting funds, and you can consider following suit.

UNI:

I didn't get out of the independent market either. Yesterday it was a good move, but I was pressed back today. If you hold a position, take it and see the strength of the rebound for a while.

It is another year 312, last year is the solar calendar, this year is the lunar calendar, the world is so ingenious and interesting. So starting tomorrow, will it replicate the trend after 312 last year? It is worth our expectation!

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

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