[Madman Says Trend]If 20500 can stand firm, the real rebound will begin

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[Madman Says Trend]If 20500 can stand firm, the real rebound will begin
Coinmama



Madman says…

EU policymakers have passed the two-year-long discussion on the encryption bill MiCA, which does not ban PoW technology, indicating that Europe has reached consensus on key differences, and the era of comprehensive supervision of cryptocurrencies in the EU will soon come. The bill does not explicitly prohibit or restrict bitcoin mining operations, which is an unexpected result. On the other hand, in the United States, the government intends to pass stablecoin legislation before the end of the year. This is mainly because the European Union has brought some pressure to them. In addition, stablecoin companies have recently begun to issue a large number of euro stablecoins, which will have a certain impact on the status of the encrypted dollar. Influence, the United States still hopes to dominate the cryptocurrency market by itself.

Federal Reserve Chairman Powell said that a soft landing for the U.S. economy is not guaranteed, with a strong labor market and inflation returning to the 2% target. What this means is that even if a certain economic recession is caused by raising interest rates, it is inevitable, and the long-term view of the current problem is the most important. In short, the belief in the fall in inflation is very firm this time, so the CPI data is still our main reference data indicator.

The Japan Financial Services Agency will relax the rules to allow trust banks to manage cryptocurrency assets, which is equivalent to announcing that trusts and banks can participate in the cryptocurrency market, and people can deposit and withdraw cryptocurrencies at financial institutions, which is basically equivalent to acknowledging the currency properties of cryptocurrencies, This morning’s pull-up coincided with the announcement of this news in Japan, which is likely to be caused by a wave of scrambles (encrypted reserves) in the Japanese banking industry.

The first bitcoin spot ETF in the Netherlands will be launched next month. With the approval of various countries, the United States will also pass faster under strong pressure. Now VanEck has once again submitted an application for a new bitcoin spot ETF, while Grayscale’s GBTC is negative. The premium has hit another record low. Its CEO believes that the SEC did not approve the bitcoin spot ETF because it discriminated against bitcoin spot applicants. The prosecution is ongoing, and we will wait and see the result.

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An executive of the Central Bank of Russia said that under reasonable conditions, it is possible to legalize cryptocurrency mining. For example, all Bitcoins mined are used to exchange foreign currencies and increase currency reserves. If mining under such conditions is legal, it means bad, because the mined tokens will be sold quickly, resulting in a continuous actual supply to the market.

The Bank for International Settlements proposes to allow banks to hold 1% of the Bitcoin reserve, which is still using Bitcoin as a hedge capital. Once there is a huge problem in the global economy, Bitcoin is likely to quickly become a global core asset, and then it will be the most important asset. A good safe-haven asset, just like the last recession cycle, has achieved the gold bull market. In addition, the Facebook founder expects the recession to be one of the worst in history.

El Salvador’s president buys another 80 bitcoins and spends $200 million to build a solar-powered bitcoin mining facility. The president continues to add to his crypto holdings and remains confident in the future.

The CEO of Three Arrows Capital started to sell his house in Singapore, valued at US$35 million. He did not sell the house to repay the debt, but to transfer the assets to his son through trust. This has begun to find a way back for himself. The Jing Islands has ordered the liquidation of Three Arrows Capital, but the assets it owns in the world are not liquidated by an island country. In short, this kind of behavior is very unkind, but to him personally, it is understandable. He uses reasonable and legal methods to isolate the risks of assets and preserve the fruits of personal victory. The company’s capital gap is still huge, and those who want to get their creditors back , I am afraid it is very difficult.

Today, the Coinbase premium index turned positive for the first time, which means that some institutions bought a large amount of BTC through Coinbase. This is a good signal, and this second bottom is likely to be completed.

The AKR fund sold a total of 280,000 shares of Coinbase this week, and Sister Mu Tou couldn’t bear it.

Panic 11, extreme panic.

Coin News:

Bitcoin: The third largest whale continued to buy 1,416 bitcoins in two days, and this person is almost infinite. In the short term, yesterday’s bottom is likely to be a second bottom. The market outlook is concerned about whether 20500 can stand firm. Once it stands, the real rebound will begin.

ETH: The testnet Sepolia will be merged in the next few days. After the successful merger of the testnet, the real 2.0 merger will begin. The specific date will be given later, which is worth looking forward to. The number of addresses with more than 100 ETH has reached a 14-month high, which means that large middle-income households are accumulating. Although leverage has caused a plunge, the liquidated ETH still flows into the hands of a few people. In the short term, the high volatility linkage continues, and the second exploration is likely to have been completed.

NEAR: We are still exploring the road of stable currency, and we plan to launch USN2.0. When the market is not good, we will use USDT 1:1 to anchor the exchange. After the market warms up, we will introduce NEAR. Sounds like a potential boon for the future, but nothing will happen until he brings in NEAR.

The weekend is coming soon, and Laomei is going to have the National Day holiday. There should be no big selling pressure, and the overall rebound will be dominated by shocks.

Disclaimer: The article only represents the author’s personal views and opinions, and does not represent the objective point and position of the block. All content and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and blocker will not be responsible for the direct and indirect losses caused by investors’ transactions.

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