The probability of the Federal Reserve raising interest rates by 75 basis points in September increased to 74%, and there was a huge increase again. As a result, the U.S. stock market fluctuated and fell, and the cryptocurrency market went out of an independent decline, mainly due to the selling behavior of some ancient whales. It is difficult to guess the reasons for the sell-off of these whales. Perhaps they recovered the lost tokens, perhaps they remembered the forgotten tokens, or they sold their chips because they thought the market was not good. The movement of these ancient addresses really gave the market confidence. shaken. If these addresses belong to individuals, their tens of thousands of bitcoins are already free of wealth, and there is no need to consider whether it is 20,000 US dollars or 60,000 US dollars each. For an ordinary person, hundreds of millions of dollars and billions of dollars are equal. Life will not have any impact, so although the short-term selling pressure of these giant whales has brought some panic to the market, as the chips change hands later, the market will gradually stabilize, and this position will return to the position of only buying and not selling, or Make 2 bottoms above 18000, or miss a new low and make 2 bottoms. No matter what kind of trend, the next few weeks will be higher than the current position. This month’s K line is likely to be a Yang line with a lower shadow.
The merger of Ethereum is still the biggest hot spot at the moment. All the big funds have surfaced. Hundreds of thousands and hundreds of thousands of Ethereum are flowing in exchanges and unknown wallets. Steth’s Curve pool is also tilted sharply again, and people have exchanged Steth. Become eth and wait for the candy to be distributed. At the same time, Ethereum has reached Epoch 144896, the Bellatrix hard fork has started, and the next step will be the merge of Ethereum mainnet (expected from 9.13 to 15). After this upgrade, the block leakage rate of the Ethereum network exceeds 9%. It is that many nodes do not have client upgrades. There is no major problem, and it will be gradually repaired with the upgrade of the operator. Due to the recent increase in the leakage block rate, it has formed a short-term negative for the market.
Data from research institutions shows that compared with other POS chains, Ethereum has a relatively low pledge rate. Ethereum is currently only 11%, while BNB has a pledge rate of 85%, and SOL, ADA and other pledge rates are above 70%. This shows that there is still huge room for Ethereum to rise in the future. Swiss Bank also announced today that it will provide a pledge service for Ethereum. Customers can pledge in their accounts. As the number of pledge channels increases, the pledge rate will gradually increase.
The U.S. CFTC has criticized the mismatch between the SEC’s workload and its budget. The two regulators have been fighting over the management of the crypto market, and it is normal for them to accuse each other, until Congress confirms their regulatory functions. There is no possibility of reconciliation.
Russia seeks to establish cross-border settlement platforms with friendly countries so that it can bypass the US dollar and euro, and is said to have signed RMB payments for natural gas with China. In short, these decisions will benefit the cryptocurrency market, because the crypto industry naturally possesses these factors, especially encrypted stablecoins, which are natural cross-border settlement products.
The crypto mining company Core Scientific produced 1,334 bitcoins in August and sold 1,125 bitcoins. The mining market is not easy. If the mined coins are not sold, they may face floating losses. If the capital is not strong, it may be Downtime is also a kind of selling pressure on the market, but fortunately, most miners are still accumulating Bitcoin.
In the stablecoin market, USDT accounts for the majority of the market share, accounting for 50.3%, USDC accounts for 33.5%, and BUSD accounts for 15.1%. In the foreseeable future, it is expected that BUSD will increase, while USDT and USDC will respectively let some shares out.
As the market fell, the total crypto market capitalization fell below $1 trillion again. It’s a shame that such a dividend market is now so cheap.
Panic 24, extreme panic.
Bitcoin: Looking at the 4h chart of Bitcoin, it can be clearly seen that since August 20, the three consecutive waves of declines have not been as strong as each other, and the bulls should start to fight back. From a high-level perspective, optimistic A sharp rebound in the second half of the month.
ETH: This wave of decline is fast and urgent, but there is no need to worry about this sharp decline. In the future, with the completion of the merger and the further increase in the pledge rate, the merged Ethereum is likely to start a slow bull market.
XRP: The former U.S. prosecutors believe that the SEC and XRP lawsuit will be concluded by the first quarter of 2023, which means that XRP is a good mid- to long-term entry point in the first quarter of next year.
MKR: Coinbase publishes governance proposal to move 33% of MakerDAO’s $1.6 billion stablecoin pool to Coinbase escrow accounts, which could increase MKR revenue by $24 million. These profitable DeFi protocols, sooner or later, they will shine again one day.
Yesterday, Bitcoin released the recent sky-high volume, which is likely to be a reversal signal. Don’t panic.
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.
This article[The Crazy Talks Trend]The three waves of decline are not as strong as one wave, and it is optimistic that the rebound in the second half of the month will first appear in the block guest.