The market has plummeted. Let me just say a few words about the overall trend. Under the circumstances of overall tightening in the United States, global currencies are also tightening. Under the macro fundamentals of no incremental currency, there will be no bull market in the cryptocurrency world, and there is nothing to look forward to in the second half of the year. This is what we have repeatedly said in the first half of the year.
As for today's decline, let me first say that it is a manipulated decline, and the main purpose is to explode the bulls. Although the trend is somewhat unexpected, such a result is reasonable.
Regarding the fundamentals and future trends, here are a few more points:
The much-anticipated SEC approval of the Bitcoin spot ETF has come to an end and has basically been postponed to 2024. The blame should be on SBF, as the Biden administration was trying hard to promote the development of the crypto industry. As a result, FTX collapsed just as compliance was in place, and it became extremely difficult for the party to continue to promote the crypto process. It is expected that there will be no new moves until after the 2024 US election. The Republicans behind the scenes are working hard to win votes from crypto investors, which is a good thing.
The cryptocurrency market is currently in a shrinking market. It seems to be a stock market, but in fact, it is the same as the logic of A-shares. The stock funds are being diverted everywhere. Whether it is exchange fees, or a large number of new coins, IEOs, or MEME coins, they are all absorbing a large amount of liquidity in the market. The stock funds are being transferred to the wallets of a few people. The market is bleeding, so the result of the decline is normal. The previous period of Bitcoin trading volume has shrunk greatly, which is the best example.
Interest rate cuts continue to be postponed by inflation exceeding expectations, while interest rate hikes are once again on the agenda, which is bearish for the entire risk market.
The super chip-intensive area around 28000-29000 has been broken, which means that it is relatively difficult to get back in the short term. But the better thing is that today’s pins did not fall below the large box. From a technical point of view, It can still be regarded as a volatile trend, but under the framework of macroeconomic tightening, there is no need to expect a big bull market.
Regarding Musk selling coins, this was just to match the market trend. He didn't sell it today. It was just a wave of emotions, and its significance is less than the actual effect.
That's it. As for buying the bottom, medium and long-term investors don't need to worry and wait patiently for the market's turning point signal to appear. Of course, if you want to make fixed investments, it is a good choice to start fixed investments at this position. I will talk to you again when I have the opportunity. #BTC #荣耀时刻