If the market can hold sideways over the weekend, there will be a chance for further upward movement next week.

Although the market has rebounded to a certain extent, investor sentiment is still very cold, and trading volume continues to be in a relatively low state, resulting in many second- and third-tier exchanges being unable to make ends meet. Even many first-tier exchanges have started their own path of layoffs. Just like the downturn in 2018, the top exchanges have started to fight each other, but the last time it was 0K and Binance. At that time, the first sister and the ninth sister were arguing fiercely, and now the two people who started to tear each other apart have changed to CZ and SBF. As the market continues to be sluggish, more big guys will come out to tear each other apart. The next few months will be the time for the spectators, so we can wait and see.

At 8pm last night, Binance opened up Bitcoin trading, reducing its handling fee to 0. Immediately, a large number of users who faked orders appeared, hoping to obtain a higher VIP level. Subsequently, Binance cancelled the rule of granting VIPs to Bitcoin spot trading, and the trading volume gradually returned to normal. SBF mocked Binance on Twitter. The handling fee will inevitably lead to fake trading volume. Previously, he also mocked CZ's comments on the bankruptcy and liquidation of the organization, thinking that CZ did not understand what bankruptcy was and what the bankruptcy process was, and he was willing to teach him.

The exchange Kucoin stated that it has added 9.75 million registered users since 2022. This speed is beyond imagination. Kucoin is considered to be the leader of the second-tier exchanges, and it has so many new users. You can imagine how much Binance and FTX have added (judging from Binance’s ID, the number of registered users has increased by more than 100 million this year). These investors who dare to enter the market during the downturn will have good opportunities to make money in the future. They are also the most direct locked-in positions, causing every pressure point to become an impenetrable wall.

Celsius has begun to repay the loan to AAVE and Compound. If all the loans are repaid, about US$950 million of collateral can be recovered. Celsius can be said to have completely survived. After this wave of decline, companies that can survive should be less likely to face new crises.

The chairman of the Russian Duma Financial Market Committee said that if the crypto market is established within the framework of the central bank, it is recommended that it be a sub-market of the Moscow Stock Exchange, which will be better than any other way. If Russia really does this, it can be regarded as an encryption experiment for the country, trading cryptocurrencies like trading stocks, and not allowing the currency to circulate on the chain, so as to prevent the problem of foreign exchange flight. However, in the end, it depends on whether Russia's move is pure air, or similar to Bitcoin spot ETF, with Bitcoin spot assets as support transactions. If it is the latter, then it will be a great boost to the market.

Sun said that he would work with CZ and SBF to provide support for crypto companies in trouble and put out $5 billion for mergers and acquisitions. Sun spent money on advertising, riding on the hot spots, and packaging himself. He is definitely the best in the world.

Musk terminated the acquisition of Twitter, and Twitter's chairman said he would take legal action to force Musk to acquire it. With the economic downturn, it is still difficult to raise such a large amount of money, and it is estimated that it will eventually fail. Those tokens that once benefited from Musk's acquisition of Twitter will also be affected, such as Dogecoin.

Bitcoin miner Marathon now holds 10,055 bitcoins. Although there is a lot of selling pressure from miners, these large mining farms are still not affected. Their strong financial resources can support their mining farms through the downturn. After getting through this period, their profitability will become very strong.

The founder of Messari put pressure on the SEC chairman, believing that the SEC chairman violated the mission of protecting investors and ensuring a fair and efficient market. Everyone is looking forward to the approval of the Bitcoin spot ETF, and there will be more and more doubts.

Tether stated that Celsius had an excess collateralized loan denominated in Bitcoin with it. The specific amount was not disclosed, but the collateral ratio was 130%. Now the position has been liquidated and the excess has been returned to Celsius. It seems that Tether has also played a significant role in this wave of Bitcoin's downward spiral.

Panic 24, still extremely panic.

Coin News:

Bitcoin: Today's trend is stronger than expected, and 23,000 has a chance to be challenged next week.

Ethereum: The number of addresses holding more than 100 coins has reached a 14-month high. The chips are still concentrated in large households, and the amount of inflows into exchanges has reached an 11-month high, indicating that there is still selling pressure at this position. Overall, it is still linked to Bitcoin, and there is no logic for independent rise or fall.

MakerDAO community to vote on whether to provide AAA-rated Societe Generale with a $30 million loan, financed by a €40 million bond,

Defi is a huge leap towards Cefi. If this door can be opened smoothly, future lending protocols will reach a new level.

SHIB: Gimli, one of the largest investors in Ethereum, bought 750 billion shibs, worth $8.4 million. There are still whales paying attention, which is a good thing.

If the market can hold sideways over the weekend, there will be a chance for further upward movement next week.