Weakness continues, waiting for reversal

The probability of the Fed raising interest rates by 50 basis points in June has dropped to 88.4%, and the probability of 75 basis points has risen to 11.6%. The overall tightening expectations have increased again. After this probability appeared, the U.S. stock futures opened sharply lower in the morning and continued to fall, but the crypto market did not move together again. This was mainly because when the U.S. stock market rose overnight, the crypto market went out of the independent decline in advance, which made many investors look angry. The decline was mainly due to the crazy suppression of governments and financial institutions. There were many negative voices overnight:

1. Governor of the Bank of England: Bitcoin has no intrinsic value and is not a practical payment method;

2. Governor of the Bank of France: People have lost trust in cryptocurrencies;

3. Governor of the Reserve Bank of India: Cryptocurrency has no potential value and will undermine the financial system;

4. Australian Government: Bitcoin and cryptocurrency regulation is one of the top three priorities of the current government;

5. Governor of the Central Bank of Sri Lanka: Sri Lanka does not recognize cryptocurrency;

6. International Monetary Fund: Don’t confuse cryptocurrencies with currencies;

7. Paypa [President: Cryptocurrency is an unstable asset class; (because he wants to issue his own Paypa [stable currency])

8. Citi CEO: I like encryption technology, but there is too much uncertainty in cryptocurrency products.

No market could withstand such a bombardment that night. Perhaps this is the last madness of the bears. If this bombardment continues, it will trigger an extreme panic market, leading to super opportunities. The current market pessimism is lower than the 312 incident in 20 years, and is in the opportunity zone, so don't be afraid. The more the market falls, the more excited you should be, because opportunities always come from falling.

Coinbase became the first crypto company to enter the Fortune 500. This is a milestone event. In less than 10 years, it has subverted these super companies that have accumulated hundreds of years. The future belongs to the crypto world. In another 3-5 years, everyone will see a large number of crypto companies entering the list and becoming a new force in the technology field.

LUNA officials said that the revival plan is not a fork, but a new fork. This way of cutting leeks is speechless, which means that everyone’s previously evaporated funds are completely hopeless. It also triggered a new round of scrutiny from regulators and the public, especially the South Korean government, which wants to freeze the assets of the LUNA Foundation on the one hand and enter D. The Kwon team conducted an on-site review and began to formulate relevant regulations for stablecoins and Defi. This founder should have a hard time in the future. He was jointly investigated by the United States and South Korea. There is no revival. Whether the new chain can be launched is still a question mark. Therefore, these Dapps are now hyped up (including ANC, MIR, etc.). The hype is about the application migration of LUNA2.0. If this hope fails or falls short of expectations, it will be blind speculation now.

U.S. Senator Ted Cruz hopes that Texas can become an oasis for Bitcoin and cryptocurrency. Let's see how Texas responds in the end. After all, Texas is vast, sparsely populated, and rich in resources. It is a natural place for Bitcoin mines. If it is fully embraced and supported, it will bring in good fiscal revenue and talent influx.

A Federal Reserve survey showed that 12% of Americans used cryptocurrency last year, which is not a low proportion. The United States has become one of the most mature countries in cryptocurrency, and there is still a lot of room for future development.

Gafisa, one of the largest real estate developers in Brazil, announced that it would accept cryptocurrency payments. The support of various countries for cryptocurrency payments has seriously challenged financial institutions such as banks, and has also posed a severe challenge to countries with foreign exchange controls.

Legendary investor Rogers said that he does not own cryptocurrencies, but is optimistic about them and has no confidence in the government because of constant inflation and money printing. The government likes monopolies and does not like competition, so the government may ban cryptocurrencies.

Last week, the total outflow of crypto asset investment products was US$141 million, and the scale of management was US$38 billion, a new low since July 2021. The overall situation of traditional funds is still not optimistic. There was an inflow just one week last week, and there was a large outflow again last week.

Sumitomo Mitsui Trust and Bitbank have partnered to provide crypto asset custody services to institutional investors. Traditional financial institutions have quickly made arrangements as soon as Japan's policies have started to support it. This is a very good signal.

Coindesk will issue coins on Polygon. You can pay proper attention to this token. Coindesk is a long-established international media in the cryptocurrency circle with a strong consensus. The source of tokens mainly relies on various activities, and the value of its tokens is backed by advertising value, event participation, news services and research reports, etc., so it has certain value support.

Panic 12, still extremely panic.

Coin News:

Bitcoin: The current trend is still not ideal, and there may be a second exploration of the market. There are opportunities for continued participation below 28,000.

Ethereum: Three Arrows Capital sent 6,700 ETH to FTX. At this position, it is still charging the exchange, which shows how poor its confidence is. It continues to link with Bitcoin.

LTC: Since upgrading its privacy protocol, it has been warned of investment risks by Korean compliant exchanges. It may be removed from the compliant exchanges because it violates the "Specific Financial Transaction Information Reporting and Use Act". In the future, when global compliance is achieved, there may be various idiot exchanges that specialize in trading these non-compliant anonymous coins, which will also be a good wave of growth. At present, Litecoin as a whole is still linked to the mainstream market.

GMT: Monthly income of $100 million, daily net profit of $3-5 million, but in fact the price of GMT is not directly linked to its profit, so it has little impact on the price of GMT. As the increase in shoes remains high and the price of the currency continues to stagnate, you should consider gradually stopping profits.

Weakness continues, waiting for reversal.