The defense battle for 29,000 is still going on, waiting for a new direction

All Fed officials support the plan to reduce the balance sheet. The Fed's interest rate meeting in June will really start to discuss how to reduce the balance sheet, which will set the tone for the market in the next 1-2 years. At the same time, the Congressional Budget Office of the United States expects that the interest rate at the end of this year will eventually be 1.9%, lower than the market expectation of 2.6%. Influenced by this news, the US stock market has rebounded to a certain extent. Although the United States is now calling for a rate hike, in fact, this emergency brake will have a huge impact on the economy. Many voices are predicting that the United States will stop raising interest rates in September, but the current market's downward trend has not stopped, and risk funds are still continuously withdrawing from the market, which has also cast a shadow on the crypto market linked to the US stock market.

According to Bitfinex market analysis, the recent decline has attracted a large number of institutional investors, especially those interested in derivatives, indicating that people's interest in Bitcoin is still high. Analysts at JPMorgan Chase also believe that as long as risk capital continues to flow in, the crypto winter can be avoided. The crypto winter will definitely be much shorter than that of the US stock market, because crypto represents the future, and the influx of capital is obviously inevitable. Top venture capital companies like al6z have once again issued crypto funds as high as $4.5 billion, and crypto funds of all sizes continue to pour in, all of which represent the future growth of the market. The recent volatility of Bitcoin also illustrates this point from the market level, and it has not continued to link the US stock market to a continuous downward trend.

Türkiye will discuss legislation to regulate the crypto market, which may include crypto taxation and capital thresholds, and another country has opened its arms.

Binance has joined hands with Kazakhstan to develop the crypto industry. Some countries do not understand the crypto market themselves, but hope to make some achievements, so they turn to Binance for solutions. Binance is now rich enough to rival a country, and its cash flow is probably higher than the government revenue of many countries. This is the dimensionality reduction attack of encryption.

The Brazilian Tax Bureau requires citizens to pay taxes on cryptocurrency transactions. This kind of taxation is still a big blow to cryptocurrencies in the country. After all, there are losses and gains in transactions. If there is a profit, the country will take a cut, and if there is a loss, the risk will be borne by the citizen. This will make many people lose interest in trading and is not conducive to the development of speculation. Therefore, it is a small negative.

The vice chairman of the Federal Reserve said that the United States should play a key role in setting global standards for cryptocurrencies. The United States has finally figured out that it needs to lead regulation. Cryptocurrencies must be regulated globally to be truly controlled. Therefore, leaders of various countries need to discuss strategies together. It is only right for the United States to take the lead in doing this.

Portugal rejected a proposal to tax Bitcoin and cryptocurrencies. It seems that it was ultimately undecided about embracing it, and the bill was sent back at the last minute.

The founder of FTX was selected as one of the 100 most influential people in the world by Time magazine. These donations from Afro are really not in vain. He has gained both fame and fortune in the United States and is a top programmer who is good at playing politics. There should be few people in the world who can do this.

The number of USDC addresses holding over $1 million on Ethereum has surpassed USDT. It is obvious that whales are turning their funds to the safer USDC. The empire of USDT is constantly declining, but USDT on centralized exchanges is still the mainstream.

The floor price of NFT Cryptopunks has fallen by more than 50% compared with last month. The leading NFT is in such a miserable state, let alone those miscellaneous ones. Mainly, ETH has also fallen, and the floor price has also fallen. The double drop is too painful. The climax of NFT has passed and it has entered the stage of deflating the bubble. It is recommended that everyone participate with caution.

The details of the LUNA2.0 airdrop have been announced, which are divided into two snapshots, before and after the death spiral. The snapshot before the death spiral was taken at 22:59 on May 7, and the snapshot after the death spiral was taken at 3:59 on May 27. In other words, buying LUNA now can still get new coin airdrops. Most mainstream exchanges already support airdrops, which will have a short-term boost for the entire LUNA series. However, after the new LUNA is listed, don't try to buy the bottom casually, after all, they are all discounted. Once the airdrop is over, the old LUNA will completely become a zero-coin. As for the ecosystem, except for ANC and MIR, there are no other large ones. ANC without UST is probably a piece of shit.

Panic 12, extreme panic.

Coin News:

Bitcoin: Whether 28,500 can hold will determine whether a new low will appear. Currently, Bitcoin is still relatively strong, with obvious capital inflows, and there is a chance that it will continue to fluctuate at this position.

Ethereum: It just suffered a momentary Waterloo. The funds seem to be heading for the liquidation of 1500. It is moving quite weakly. It is estimated that it will be the first to reach a new low.

MATIC: The CEO said that he would launch an unlimited fund to help projects in LUNA migrate to Polygon. This is a blatant robbery. MATIC has developed well recently, constrained by the bad market, but it is in a good value area.

SAND: Coinbase is listed on SAND, and both Hong Kong Telecom and PCCW have started cooperation with SAND to provide a foundation for its WEB3 development. There are many positive factors, and there are signs of bottoming out.

KAVA: Compatibility upgrade with Ethereum and ATOM chain completed, providing developers with a more friendly development environment, which is conducive to the development of the ecosystem. In the short term, it will regain its independent trend and the market outlook is expected to continue.

The defense battle for 29,000 is still going on, waiting for new directions.