Around 35,000 will be the last stubbornness of the bulls

Overnight, the US stock market plummeted, the Nasdaq fell by 5%, and the US dollar index climbed to 104, continuing to hit a new high since 2002. The Fed's tightening has been a ruthless harvest for the world. By forcibly returning the US dollar, it has reduced its own inflation, making global investors pay for the US inflation. As for the decline of US stocks, the reason is still unclear, but the linkage of cryptocurrencies is very obvious, indicating that the funds of traditional finance have not yet fled. This linkage still needs time. After the Fed announced an interest rate hike yesterday, the contract market increased its holdings of 26,500 bitcoins, but with the overnight plunge, almost 25,000 bitcoins were closed. This plunge was unexpected. The contract market went from opening positions to stop-loss closing positions, which also caused the market to rise and fall.

A member of the ECB's Governing Council said that the ECB plans to raise interest rates in June. Global tightening is ongoing, and it is reasonable for the ECB to raise interest rates in conjunction with the US dollar. After all, Europe's inflation rate has also reached 7.5%. If it does not follow the interest rate hike, the continued downward pressure on the euro against the US dollar will be even greater.

Dukascopy Bank Switzerland has obtained a cryptocurrency custody service license, which allows it to provide cryptocurrency transactions and trust deposits for its customers. This is a signal that Switzerland is beginning to embrace and move towards cryptocurrency, and perhaps in the near future, cryptocurrency will appear on the balance sheet of Swiss banks.

Estonia's new crypto regulations will take effect this year, which may lead to a 90% reduction in local crypto companies. Estonia is a crypto-friendly country that has previously welcomed all kinds of crypto companies to register. With the legislation of new regulations, the threshold will be increased, and companies that can comply will turn to some larger regulatory countries, such as the UAE or Singapore, while those that cannot comply will look for the next safe haven.

The Central Bank of El Salvador approved Qred as a local Bitcoin service provider. The company became the first hosting service provider in El Salvador and a compliant exchange in El Salvador. This means that the Bitcoin ecosystem in El Salvador will gradually improve.

Argentina prohibits banks from providing crypto services to customers. Previously, the largest private bank in Argentina provided a service for purchasing cryptocurrencies, which alarmed the Argentine authorities. After the new regulations came out, the bank has removed this function, indicating that the Argentine government is still in the observation period for cryptocurrencies.

The US SEC approved the Valkyrie XBTO Bitcoin futures ETF. As long as it is a Bitcoin futures ETF, it is easy to approve it, but for spot ETFs, it still takes time.

Blockchain Coinvestors launched a $200 million mid-term growth fund, which can be considered a small increase.

The Luna Foundation announced that it had bought another 37,863 bitcoins, and currently holds 80,394 bitcoins, becoming the seventh richest person in Bitcoin. This wave of operations was good. Taking advantage of yesterday's sharp drop, it bought crazily and grabbed a lot of bloody chips, which was really comfortable.

On the first day of the Coinbase NFT market public beta, less than 150 people registered and only $75,000 was traded. The land transaction volume of Otherside was instantly halved, the floor price fell by 13.93%, and the Bored Ape fell by more than 14%. It can be seen that NFT also cools down quickly when the currency circle falls. The cooling of NFT is conducive to the return of some funds to the crypto market, which is also a good thing.

Panic 22, extreme panic.

Coin News:

Bitcoin: Yesterday, the US stock market led a rebound, so there may be another one tonight. 35,000 will be the last stubbornness of the bulls. If it breaks through effectively, the market will usher in panic selling and accelerate the decline. How it will perform specifically depends on the US stock market. Let's lie flat first.

ETH: Investors in 26% of countries and regions around the world prefer Ethereum. It remains strong recently and ETH/BTC is expected to continue to rise.

Multi: VeMulti is also going to be launched to establish DAO. It is the only small coin in the market that is rising, and its sustainability is not expected to be strong, so I will not chase it.

IOST: will launch an algorithmic stablecoin. This trend will be difficult to reverse in the short term. Don’t participate for the time being. Its algorithmic stablecoin is unlikely to have a large adoption rate.

APE: Launch a stablecoin backed by APE and add liquidity on Curve. If the yield of this stablecoin is high enough, some people should use it. After all, it is backed by assets. In the short term, the impact on the price of APE is limited. It mainly depends on whether the future ecosystem can be played.

GMT: Daily active users exceed 500,000. If the deposit returns to around $2, it will be a good opportunity to get on board.

CELO: Cooperated with climate technology company Flowcarbon to launch blockchain carbon market ecosystem, trading in the form of carbon tokens on the CELO public chain. The recent trend is not strong and it is difficult to reverse.