Fear and Greed Index 52, Neutral

The non-agricultural data released by the United States last night was very good. The job market rebounded significantly. At the same time, the price index hit the highest level since 1982. All kinds of signals indicate that the tightening expectations are getting stronger and stronger, and the interest rate hike signal is strengthening. In this case, the US stock market may continue to be under pressure in the short term. At present, the correlation between Bitcoin and US stocks is close to 0.9, which means that if Bitcoin wants to get out of the bull market again, it must either wait for the Fed to end its tightening or wait for decoupling from US stocks. When we see that the correlation between the crypto market and US stocks decreases, it is likely that we will have to take action to welcome the bull market. This time will not be too long. Madman expects it to be in the fourth quarter. There are two reasons: 1. The global adoption rate of the crypto market has risen sharply, which is different from the stock market of US stocks; 2. The global economic recession has caused chaos in the world, and capital needs a more decentralized market to hedge policy risks.

The Argentine Senate has proposed a new bill to tax the cryptocurrencies held by citizens of the country. Anyway, the governments of various countries have no other purpose in complying with cryptocurrencies, the main purpose is to increase revenue, let them collect as they please, as long as it is incremental money, it doesn't matter if everyone shares it. Indonesia is doing the same thing, and will impose a 0.1% tax on cryptocurrency transactions and investments, because the number of people investing in cryptocurrencies has reached 7.4 million, twice as much as a year ago.

India is discussing the regulatory framework for cryptocurrencies with the IMF and the World Bank. It seems that what the insiders in India said is not accurate enough. Since India dares to collect taxes, it must have planned to regulate. Once such a populous country complies with the regulations, the incremental funds in the market will be swallowed up.

CME's total Bitcoin futures open interest last week hit a nine-week high, indicating that institutional investors are continuing to pour in. In addition, CME is considering launching SOL and ADA contracts. It seems that these large-cap coins have been accepted by the traditional market, ushering in a new era.

The CEO of Wall Street investment bank Cowen said that there is a great demand for crypto assets among clients, which shows that many Americans are beginning to seek risk exposure to crypto investments. Goldman Sachs will also launch cryptocurrency services to high-net-worth users in the second quarter of 2022, which shows that there is indeed a lot of demand for crypto investments in the United States, whether among large or retail investors.

The US SEC has rejected ARK Fund’s Bitcoin spot ETF application, and the rejection will continue until the crypto market is effectively regulated.

The founder of payment company Strike said that there are rumors that Apple is considering accepting cryptocurrency payments. When the iPhone launched a digital wallet at the beginning of the year, it actually hinted that it would be compatible with cryptocurrency payments. In short, if Apple supports it, then the price will increase by more than 10%.

Opensea, the largest NFT market, will support credit card payments through Mocmpay. In the future, people can buy NFTs directly by swiping their credit cards, and sell NFTs directly into US dollars. It is very convenient, but it is estimated that anti-money laundering will be more stringent, and the NFT market is still in the early super dividend cycle.

GameFi-type games generated $2.32 billion in revenue last quarter. Both Defi and GameFi are practical applications with sustainable revenue, and have already left the realm of air coins. They have been heavily infused with funds today, and are expected to continue to be strong tonight and tomorrow.

The founder of Bitmex said that ETH will exceed $10,000 by the end of the year. He compared BitMEX to currency and Ethereum to bonds. The merged POS mechanism will bring continuous interest income to Ethereum holders, which will have a more reasonable appreciation space than holding US dollars. ETH is more in line with environmental standards, making it easier for some compliant institutions to enter. Kuang Ren thinks there is nothing wrong with this logic, and it should continue to outperform Bitcoin in the second half of the year.

Vitalik Buterin posted a post in support of Bitcoin maximalism, calling it a strong asset worth holding. He believes that currency is the first application of blockchain and the most successful one so far. Bitcoin's uncompromising and firm maximalist culture will protect people's wealth and survive in an unfriendly world. Anyway, if Bitcoin rises, Ethereum will rise. Vitalik Buterin is really a smart man.

Fear Greed 52, level neutral.

Coin News:

Bitcoin: Craig Wright said he would sell a large amount of Bitcoin at the appropriate time because Bitcoin is useless, and he believes that the crypto market is not a market but just a place for speculation.

This guy must have been fooled by the US law before, and now he actually said such crazy things. Regardless of whether he has Bitcoin or not, his money is all earned from BSV. Now he turns around and scolds his mother who nourishes him. I don’t agree with the character of such a person, let alone his words. Bitcoin’s short-term strength exceeded expectations, and it was not caused by the LUNA Foundation, which shows that the current market demand is really huge. It should meet you above 50,000 next week.

ETH: It still holds the same view as above. It will continue to be stronger than Bitcoin, and more configurations are recommended.

SHIB: The Metaverse is about to be opened, but all land prices are priced in ETH, which means that the project party itself does not want shib. There is a consensus on this kind of currency, so just speculate on it. Don’t take it too seriously. I don’t know the logic behind the whales’ previous increase in positions. If you don’t understand it, don’t touch it.

GMT: MoveToEarn's masterpiece STEPN made a profit of 26.81 million US dollars in the first quarter, all of which will be used to repurchase and destroy GMT in the future. There is indeed a certain consensus on the position of GMT, but it is too difficult to continue to reach new highs in the short term. It is necessary to continue to build a platform near 2 US dollars to have a chance to continue to strengthen.