Take a break

The madman said

US stocks are rising day by day, and the Dow and S&P have reached new record highs. The yield on 10-year treasury bonds has fallen above 1.5%, and Biden has once again proposed a 650 billion dollar infrastructure plan. These all show that overall US inflation has not yet arrived, so the Federal Reserve can continue to maintain the economy by printing money. This is obviously not bad news for risky assets, but at a time when all other assets are rising, Bitcoin showed weakness ahead of time. At least it shows that the big cake is in this position. Selling pressure is beginning to emerge, and takeovers are weaker than those who have cashed out, so a phased pullback is likely to unfold.

Turkey has banned the use of cryptocurrency payments since April 30, while the central bank said that there is a significant risk that crypto assets may be used for illegal activities. After the news came out, the market experienced a rapid decline. Arguably, a Turkish ban should not cause such panic in the market. If the bulls are strong, this level of weakness will not have any impact on the price of the currency. Since market capital is choosing to avoid risk, we can also think that the number of beneficiaries is increasing, and market fears of a pullback are increasing, which is not conducive to continuous improvement in the short term.

Of course, from a broad macro perspective, the fundamentals of Bitcoin have not changed. For example, the following news in the past 24 hours can prove this to us:

1. Nearly 5 million Swedish savers have been exposed to Bitcoin through the National Pension Fund, and the Norwegian Government Pension Fund also holds nearly 600 bitcoins. The continued entry of pension funds is steady and secure.

2. Howard Asset Management is preparing to invest in cryptocurrencies, using 1.5% of its 5.6 billion hedge fund assets to invest in digital assets. More big hedge funds are joining in, nothing scary.

3. Ark Fund bought $352 million worth of Coinbase shares in the past two days. This is real money and is optimistic about the crypto industry. At the same time, it also sold NYSE Intercontinental Exchange shares, which shows that this female stock god is selling off traditional assets, fully embraces crypto assets, and has a certain leading role.

4. South Africa's EC10 plans to launch the first Bitcoin ETF to provide investors with a channel to invest in Bitcoin. Even South Africa is starting a Bitcoin ETF; the globalization process is really fast.

5. BlackRock CEO said that seeing widespread interest in cryptocurrencies from institutions around the world, he believes cryptocurrency could become a great asset class. This means that cryptocurrencies will enter the mainstream world sooner or later, and more investors will pour in in the future.

Coinbase has now become the ninth most downloaded app on Apple's US store. This is insane. It shows that American people living at home during the pandemic have frenzied into the coin industry, creating a certain FOMO sentiment. It is relatively difficult to pour in more people in the short term.

In terms of crypto regulation, Biden agreed with US Treasury Secretary Yellen's views on cryptocurrency regulation. Previously, in January, Yellen called for a reduction in the use of cryptocurrencies to ensure that money is not laundered through these channels. The president of the administration made his first statement on cryptocurrency, which was not very friendly, and is also the reason why the bulls are hesitant in the short term.

The Ukrainian politician said he accidentally deleted his private key file, and 400 pancakes were permanently lost. When it comes to cryptocurrencies, it's really important to keep your private keys. If you can't transfer your wallet, honestly put your money on the big exchange; otherwise, you'll lose it, and it's useless to cry. It is estimated that there are millions of bitcoins lost in this way, and most of them were caused by carelessness when the price was cheap.

Ripple's CTO has sold Bitcoin to 2% of its original holdings, and has thrown away most of it. Once you've paid your chips, you can only watch the movie. As for right or wrong, let's leave it up to time. Anyways, they are making money; there's nothing wrong with selling it.

Mark Cuban believes that the price of Bitcoin is far from reaching its peak, mainly because supply is limited and demand is limitless. There are differences among the bosses, and this kind of disagreement is already reflected on the market.

The Xinjiang coal mine accident caused a power outage. Bitcoin's computing power dropped by more than 20% in one week. This had little impact on the currency price, but for miners, mining for 7 days less can actually lose money.

Grayscale still has no increase. The GBTC discount continues to remain above -11%, while ETHE has shrunk sharply to -1.2%. Madman previously said that this situation was due to institutional purchases. As a result, Rothschild Investments revealed that it recently purchased a $4.75 million Grayscale Ethereum fund. This indicates that institutions are increasingly fond of the future of Ethereum.

Market analysis

Bitcoin:

Yesterday, lunatics suggested the risk of a short-term pullback, and the market showed a certain decline. This sudden weakening after reaching a new high is not a very good sign. It can easily lead to a continuous pullback. Therefore, it is recommended that everyone drop part of the bag and control their positions to a comfortable area. There will be some support around 60,000, and the price of the currency will repeat in this position. The possibility of continuing to pull back after repetition is still not small. Short-term bullish thinking needs to be changed.

ETH:

It is expected that the decline will continue. It is recommended to rebound and reduce positions as the main focus.

DOT:

The high position fluctuated, and the general environment did not continue to advance. It was also difficult for him to get out of the independent market; he mainly reduced his positions.

XRP:

It is expected that today's closing line will fall below the 5-day line, mainly due to reduced positions.

LINK:

The upward trend is still there, so we can wait a little longer.

BCH:

The effect is amplified, and there is a high probability of a short-term pullback.

LTC:

Move along the 5-day line and hold first without falling below.

BSV:

It took a long time, and it is recommended to cut a portion. There are still quite a few previous participants in this position who have not taken profit, so there are still expectations that it will fall back around 300.

ADA:

Today's trajectory was relatively weak, mainly due to high level shocks.

XMR:

The turbulent situation has not changed.

DASH:

The increase has been brought down to make up, and there is still a chance to rise later.

ETC:

Today, the decline is clearly resistant, and the influx of capital is quite obvious. After that, as the market moves online on the 5th, there is still an opportunity for a new high. The Doomsday Chariot is launched, which is also quite scary.

ZEC:

It's not good to rush back down today; if it falls below the 5-day line, you can reduce your positions.

DOGE:

Doubling in a single day isn't a dream; you can't chase this location anymore. Even if you want to buy it, at least wait until around 0.2 before considering it.

UNI:

It was taken down, the shape hasn't deteriorated, and you can still hold it.

When the market was full of joy in the morning, fanatics suggested risks on Weibo. Many investors reduced their positions after seeing it and escaped the heist. If you haven't paid attention, you can pay attention: Digital Currency Trend Fanatic.

That's all for today. I wish everyone a happy weekend. The message area is closed, and we'll see you tomorrow~!