These entities added 46,269 Bitcoins in May

The probability of the Federal Reserve raising interest rates by 50 basis points in June reached 99.3%, close to 100%, which means that the probability of raising interest rates by 75 basis points has been greatly reduced and returned to expectations. Therefore, the US stock market rose overnight, and the Nasdaq closed up 2.69%. However, the crypto market did not obviously link up with the rise of US stocks, but only followed slightly. This is related to the guidance on cryptocurrency investment risks issued by the New York Attorney General's Office, which believes that the crypto market contains countless risks for investors because there are no regulated exchanges.

This warning will make Americans more wary of the crypto market, especially the older generation who have been on government welfare all their lives. At the same time, the data also shows that the supply of stablecoins in May fell by $30 billion per month, the largest monthly decline in history, indicating that there is very little incremental capital in the market, and the stock fight is still the main theme. Therefore, it is not difficult to see that the market will still be dominated by fluctuations in the bottom range for some time to come.

The German Ministry of Finance opposes the EU's ban on non-custodial wallets. From this detail, we can see that even the EU has difficulty in unifying crypto regulatory policies, let alone global unified regulation. The interests of each country are different, and there will definitely be huge differences in some regulatory details. Therefore, the implementation of global crypto regulation is still very difficult, and it should be bottom-up regulation, that is, from the country to the region and finally to the world.

El Salvador's finance minister said that he will continue to hold Bitcoin and will not sell the Bitcoin he has purchased, but the issuance of Bitcoin bonds is not yet ready. El Salvador's leaders have been speaking less forcefully recently, due to the continuous decline in the market and floating losses. It is estimated that the public's support rate will also drop a lot. I wonder if Bitcoin can return to its peak before this presidential election.

Amid the industry downturn, various exchanges have begun to lay off employees. Coinbase has been the first to be hit, having stopped recruiting and will cancel some of the offers it has already accepted. It will also cut unnecessary staff and reduce costs. Gemini has announced that it will lay off 10% of its employees. The top exchanges are in such a bleak state, not to mention those at the back. The cuts will be even more severe. The industry downturn will take some time, and various exchanges have begun to prepare for the winter.

The New York State Senate of the United States passed a two-year crypto mining moratorium bill. In New York, Wall Street is still the dominant force. These innovative products that challenge traditional capital are bound to be unpopular, so it is not surprising that future supervision will be stricter.

ETH's 30-day network revenue is $309 million, 19 times that of the Bitcoin network. If calculated only based on the P / E ratio of the capital market, Ethereum is obviously more worthy of investment. However, Bitcoin has its strong market value and there must be a reason for its existence. After all, it is the most decentralized and trusted consensus currency. But overall, Ethereum still has great potential.

Panic 10, approaching single digits again, is often the bottom.

Coin News:

Bitcoin: Entities with less than 100 and more than 10,000 bitcoins began to accumulate bitcoins. In May, these entities added 46,269 bitcoins, indicating that retail investors and whales are increasing their positions, which often means that it will take some time for the market to start, and the real start still needs the middle-class smart money to lead. At the same time, more than 65% of wallet addresses have not moved bitcoins for 1 year, setting a new record high, indicating that the bitcoin chips are already very stable, and the future upside will be much greater than the downside, and the overall focus should be on accumulation and layout. Although $30,000 has been recovered in the short term, it is expected that it will be difficult to stand during the Dragon Boat Festival, and repeated shocks will be the main theme.

ETH: The GAS fee has increased recently, indicating that the ecosystem is showing signs of recovery. Although it has been significantly weaker than Bitcoin recently, this situation should change soon. Just continue to hold it overall.

0P: Vitalik said that he is proud of the governance system of 0P. Data shows that the locked amount has increased by 85% compared with last week, and the daily transaction volume has reached 273,798, both of which have set a new record. Since the issuance of the coin, the entire public chain has been greatly empowered, and the recent airdrops have been released. As long as this enthusiasm can continue, as the selling pressure decreases, it is expected to hit the integer mark of 2 US dollars.

ADA: Qiaoshang’s transaction volume increased by nearly 8% in May, and the overall value is still developing rapidly. What is currently lacking is the on-chain ecology. However, when the number of users is sufficient in the future, the ecology will naturally be there. In the short term, we will continue to link with Bitcoin, and we can consider participating again if it falls.