Madman said…
The currency circle has been having a tough time recently. Several negative factors have begun to add up to create greater panic, mainly reflected in the Federal Reserve's monetary policy, U.S. regulation, and the subsequent turmoil in FTX. Let's talk about them one by one:
Fed official Daly hinted that interest rates will remain at least 11 months after the peak, which means that there is basically no possibility of an interest rate cut in 2023. This is inconsistent with previous expectations of an interest rate cut by the Fed in the second half of 2023, extending the time for monetary tightening; Fed Williams believes that the Fed may raise interest rates beyond the terminal interest rate expectations, but it does not need to exceed the 6% interest rate level. The two officials tightened one from the perspective of time and the other from the perspective of space, reflecting the signal of the Federal Reserve's continued tightening, which has brought greater panic to U.S. capital. It is necessary to prepare more ammunition for the cold winter and price the risk market. is extremely disadvantageous.
The SEC Chairman said that it is very important to make intermediaries and crypto project issuers compliant. The crypto market should be fully compliant with securities law requirements, but the current speculative nature is not in compliance with existing laws and puts investors at risk. The Chairman of the SEC has long been committed to the fact that 99% of crypto assets are securities, which has caused some long-term capital to waver in investment in small currencies. This is one of the logics of today's large correction in small currencies.
The aftermath of FTX is the DCG thunderstorm mentioned by the madman in the article yesterday. The Dutch crypto exchange Bitvavo issued an article stating that it has been unable to access the 280 million euros held by DCG. This should be closely related to DCG’s insolvency. Among them The exchange also mentioned that it has always conducted off-chain staking through the DCG platform, which is a very scary new term for us. This means that if the subsidiary Grayscale uses the same method to pledge off-chain tokens such as BTC, ETH, FIL, ZEN, ETC, NEAR and other tokens in Grayscale Trust, we will not be able to obtain anchors through on-chain monitoring, which means All on-chain audits are invalid, and once the parent company DCG goes bankrupt, it is likely that Grayscale’s pledged assets will be liquidated, and the impact on the market will be huge. There is news that FIL plummeted today. This is the result of DCG's liquidation. The specific situation cannot be confirmed yet. But if Grayscale really pledges Bitcoin, it means that 650,000 Bitcoins will become fuel for the air force, and it is unpredictable where the market will go. This has caused greater panic in the market, and some large funds are advancing because of this. To avoid risks, whether the final thunderstorm will be established still needs to be verified by the market. This is the most important logic of today's market crash.
At the same time, two large traditional audit firms, Armanino and Mazars, announced that they would suspend services to cryptocurrency clients due to concerns about reputational damage due to audit issues. The former is an institution that audits exchanges such as GATE, OKX, and KRAKEN, and the latter is an institution that has recently audited exchanges such as BINANCE and KUCOIN. It is really overwhelming and the marketization of encryption is fully reflected.
All Trump's NFTs were sold out in one day, 45,000 of them were sold out, and he made a huge profit of 4.5 million US dollars. This is the power of being top-notch. It doesn't matter what market you are in, making money is as easy as breathing.
The Basel Committee has approved the implementation of global crypto banking rules in 2025, which also means that most banks around the world will join the crypto industry in 25 years, which will bring huge retail increases to the market and also provide crypto credit Better endorsement allows ordinary people to dare to participate in this context. However, according to our encryption cycle, 2025 may just be the time when the last large number of leeks enter the market and take over the market at a high level.
Panic 28, slightly intensified.
Coin News:
Bitcoin: 24h liquidation of US$240 million, mainly from Bitcoin, Dogecoin and BNB, which is a small reason for the sharp decline of Bitcoin. Data on the chain shows that the balance of Bitcoin on the exchange has once again reached a 4-year low, and the public's selling pressure has been extremely small. Unless a black swan occurs, Bitcoin can reach a new low. Therefore, before the black swan actually arrives, madmen believe that it is still In volatile market conditions, around 16,000 is a good location to participate.
Ethereum: The leverage ratio is already very low, so it mainly fluctuates in conjunction with Bitcoin.
MATIC: JPMorgan Chase used Polygon to complete its first cross-border transaction. This chain has had good fundamentals recently. If it falls, it is likely that it was wrongly killed. You can consider participating.
The whole thing depends on the progress of the market. Panic is being released. If there is no black swan, it will fluctuate around 16000-17000. If there is an off-chain pledge black swan such as Grayscale, there will be a panic stampede. Then this matter No one can predict it.
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
This article [Madman Talks about Trends] If there is no black swan, it will fluctuate around 16,000-17,000. It first appeared on Blockchain.
