The number of addresses holding more than 1 BTC exceeds 840,000, a record high

The opening trend of U.S. stock futures before the market was not ideal, and Bitcoin fell by 6%, directly wiping out the gains of two days. It is expected that after the U.S. stock market opened low in the evening, it will ease. The market will continue to fluctuate around 30,000, and the game between bulls and bears will continue. Judging from some data, Bitcoin has shown a bottom signal at this time, and there is very limited room for downward movement. After the panic is vented, the market will gradually begin to strengthen and rebound. Although there is not much money-making effect at the moment, it is a good time to start a layout. If you are optimistic about small coins, start step by step.

The Bitcoin S&P Index reached a 21-month low of 0.673. The index was at this position in October 20 and July 21. From the perspective of the future market, these are both stage bottoms and can be used as a reference for the bottom data.

Another data is the Fear and Greed Index, which has been hovering around 10 recently. Today's data is 14. Historically, every time it is around 10, it is the starting point of a phased rebound. This is a relatively medium- and short-term indicator.

Another thing is that the number of bitcoins that are in a loss-making state has reached a historical high, which means that the turnover is sufficient. Once these trapped positions are released in the future, a new high will be reached, and the same is true for Ethereum.

Taken together, the market will begin to stabilize gradually.

The Australian Taxation Office has made crypto taxation one of the four key areas of focus this year. As expectations of a recession grow, crypto revenue has become one of the country's top industry revenues. Imagine that the crypto market continues to expand in the future, and its tax revenue is likely to replace current technology companies. Therefore, it is very strategic for the government to plan and pay attention in advance.

Officials of the Reserve Bank of India believe that cryptocurrencies will lead to the dollarization of some economies and damage the interests of sovereign states. This is a very insightful statement. When all kinds of economic production use stablecoins anchored by the US dollar, it will inevitably expand the influence of the US dollar and further consolidate the hegemony of the US dollar. This is also one of the reasons why the United States is very embracing cryptocurrencies. In the future, the United States will work hard to regulate the crypto market and promote it to a more mainstream position.

Ukrainian encryption companies are restarting their encryption businesses. As the Russia-Ukraine dispute becomes normalized, Ukraine's technology sector is gradually recovering. Encryption companies have become one of the first businesses to be affected, providing great help for the Ukrainian people to integrate with international business.

FTX founder Explosion said that Bitcoin has no future as a payment network. This statement is obviously aimed at embracing government regulation. FTX is thriving because of the support of the government, so it is not surprising that he said this. In fact, the capacity of Bitcoin's lightning network is getting bigger and bigger. In the future, it will be very convenient and cheap to use it as a small payment, and it is likely to become one of the alternatives to US dollar payments.

It is suspected that four anonymous Bitcoin addresses are held by one person, and the average daily growth rate is increasing. A new address is used for every 10,000 Bitcoins acquired, and all transactions are with the Kraken exchange. Currently, the whale holds a total of 37,000 Bitcoins. It is estimated that he is a big American whale, and the whale took the opportunity to build a Bitcoin position.

The CEO of the on-chain analysis agency CryptoQuant said that due to the unexpected selling of the LUNA Foundation, the institutions that originally placed buy orders around 30,000 began to rebuild their buy orders around 25,000. According to the data, the institutions may have started to accumulate Bitcoin, and the main selling pressure has basically been lifted. Ki Young Ju's bullish view is a shot in the arm for the market.

Coin News:

Bitcoin: There are more than 840,000 addresses holding more than 1 BTC, a record high. The consensus is growing, which is a good thing. In the short term, Bitcoin will still fluctuate around 30,000. How it will go depends on the performance of the US stock market after the opening of the evening.

ETH: GAS fees have dropped sharply recently, with daily combustion volume less than 2,000 ETH. There has been no money-making effect recently, and the entire Ethereum ecosystem has begun to become deserted. In the short term, it will still be mainly linked, with no independent market conditions.

MATIC: We will invest funds to help projects on LUNA migrate to Polygon. This is simply spending money to buy an ecosystem. The L2 network has developed very well recently, and its continued rebound is worth looking forward to.