Bitcoin: The low of 37700 was broken and then pulled up

The annual Berkshire Hathaway shareholders meeting was held as scheduled. At the meeting, Buffett once again stated that Bitcoin is not a productive asset and therefore has no value. At the same time, he also criticized Robinhood, an online broker that supports crypto trading. Charlie Munger has the same view. He said that investing in Bitcoin is stupid and the value is likely to return to zero. Secondly, he is evil because he has destroyed the Federal Reserve system. Third, some countries have banned the use of Bitcoin, which is a wise move. The two old men are not optimistic about Bitcoin at all. It is precisely because blockchain and cryptocurrency have revolutionized their power that the values ​​that originally belonged to them are being eroded little by little by new species. Although Buffett's company outperformed the index in the US stock market crash this time, it can only show that they are very professional in the fields they are familiar with and are long-distance running champions. For some emerging industries, the two old men have found it difficult to keep up with the times. They don't understand the various ideas of young people to get rich quickly, so they can't understand why so many people flock to the crypto market. Musk also teased Buffett in his message, saying that he didn't understand why Bitcoin was mentioned so many times. Cryptocurrency has created infinite value precisely because it conforms to the current environment and the pace of the times. We must believe in the saying that existence is reasonable, and the crypto market, which has the right time, place and people, will continue to create miracles.

The Chairman of the Swiss National Bank stated at the SNB Annual Meeting that he is not interested in holding Bitcoin at present, but will act quickly at some point in the future. There is no difficulty in purchasing Bitcoin and quick investment can be made when needed. But in the end, he also stated that they currently believe that Bitcoin does not meet the reserve requirements. Even the reserve rate of gold in Switzerland is only 6%. When will this bank with trillion-dollar reserves take out some money to embrace Bitcoin?

Binance is going to India as an evangelist, planning to quickly educate Indian investors and students about cryptocurrencies and the blockchain ecosystem, and also plans to launch a Learn to Earn project, allowing everyone to earn cryptocurrencies while learning about the cryptocurrency ecosystem. India has a large population and a very low penetration rate. If Binance can bring in this wave of growth, it will add important fresh blood to the market. I just don't know how Binance plans to help Indian investors circumvent India's transaction tax law issues.

Today, Yuga Labs' blockbuster project Otherside completed the NFT minting work, which caused Etherscan to crash in the morning and caused the GAS fee on the ETH chain to soar. They said they would consider building their own public chain, which would open up new imagination space for the future of APE. However, in the short term, APE has completed its mission and is at a high level, resulting in a collective residual selling pressure and a sharp drop. This run usually lasts for 1-2 days and will gradually stabilize later.

The Otherside project sold $300 million, and the gas fees for minting NFTs exceeded 50,000 ETH, accounting for half of the total Ethereum today. It is really a big bull market for NFTs, unstoppable madness, while the cryptocurrency world is still quite miserable.

According to the Paidun report, from January to April 2022, hackers have stolen $1.57 billion from Defi, exceeding the $1.55 billion for the whole of 2021. The past two years have been a wild era for hackers to make money, with huge profits and no legal risks. Once a regulatory framework emerges in the future, it will be difficult for hackers to make risk-free money. The large-scale thefts by hackers this year will continue to benefit anonymous coins or mixer-type tokens, because these places can help them launder money.

Data shows that the proportion of BTC perpetual contracts is increasing, accounting for 92.4% of the total contracts. This is because the depth of perpetual contracts is more reasonable than that of quarterly contracts, and there is no trend at present, which makes the contract funds have no willingness to hold positions, indicating that market funds have no confidence in the market. This is a very good signal and the basis for a gradual warming in the future.

Large Bitcoin transactions of $10 million on the chain are increasing, indicating that retail investors have either laid low or handed over their chips. Once the big investors have taken enough, the rocket is about to ignite and start.

Panic 22, continue to panic.

Coin News:

Bitcoin: The low of 37,700 was broken and then pulled up, but the bulls still failed to reach a consensus. The overall trend is still general, but it is expected to continue to fluctuate before the opening of the U.S. stock market tomorrow night, and it is difficult to have major fluctuations.

ETH: A lot of it was destroyed today. Although there is not much strong momentum in the short term, this is a process of accumulation until the quantitative change leads to qualitative change.

SOL: The mainnet was down again this morning. This centralized chain is indeed not very stable, and the recent trend is not very good. Let’s not participate for the time being.

ATOM: The airdrop snapshot of the founder’s new project Gno.land has been advanced to May 19. This is because the founder sees that NFT is getting popular and wants to take advantage of the trend. You can pay attention to this coin on May 10, and you need to wait for the airdrop rules.