Bitcoin market stabilizes, gold digital asset token is about to be released

Bitcoin market stabilizes, gold digital asset token is about to be released

After the last bottoming out, the market gradually warmed up and returned to above 50,000 points, with the target of 60,000 points. From the perspective of market sentiment and news, positive news is greater than bearish news, and the bull market will continue to move forward.

This round of bull market is a global bull market. The domestic leading position is not so obvious, and the US market has become the mainstream market, especially Bitcoin. In 2017, the domestic sentiment was much more positive than it is now, which shows that the peak of the bull market has not yet arrived, and now is the mid-term stage of the bull market.

Looking at some foreign cooperation news to judge the market sentiment is a very good consideration. I pay close attention to these news, and these news compared with various values, let us hold firmly and strengthen our bull market selling strategy. Don't sell at a loss, and don't ride a roller coaster.

CI Global Asset Management (CI GAM), a subsidiary of Canadian wealth management company CI Financial, said that the CI Galaxy Bitcoin ETF plans to start trading on the Toronto Stock Exchange (TSX) on March 9 after obtaining approval from Canadian securities regulators. In February, CI GAM submitted a preliminary prospectus for the CI Galaxy Bitcoin ETF, which aims to provide investors with a convenient way to gain exposure to Bitcoin. In addition, Galaxy Digital will serve as a sub-adviser for the Bitcoin ETF and execute all Bitcoin transactions on behalf of it.

The ETF approved by Canada is a trial method. The United States has not approved ETF. There are many factors involved, but it is not important. Canada has implemented it, which represents the will of America. This is obviously good for Bitcoin. Bitcoin will definitely rise. However, Canada's full support also has a great promotion effect. Now anyone who has contact with Bitcoin will not think that Bitcoin is a scam or a bubble. This has been fully supported by various listed companies.

NYDIG raised $200 million and will cooperate with investors such as Morgan Stanley to carry out Bitcoin-related plans. PayPal may complete the acquisition of Curv for nearly $200 million in the first half of this year. ARK Fund supports Tesla's increase in cryptocurrency holdings. Swiss financial technology company Taurus Group has integrated the AAVE protocol to enable digital asset lending services between traditional banks and exchanges. These mainstream positive news are support for Bitcoin and the encryption market. Although there is no obvious attitude in China, recently, a domestic company, Meitu, a Hong Kong-listed company, announced that it purchased 15,000 units of Ethereum and 379.1214267 units of Ethereum in public transactions on March 5, 2021. The total consideration of these two types is approximately US$22.1 million and US$17.9 million, respectively.

Later, Cai Wensheng, chairman of Meitu, posted on WeChat Moments, "Meitu continues to make plans, and this time it purchased ETH as a value reserve for the long-term development of the blockchain strategy." Cai Wensheng also said, "Someone has to be the first to try it. This should be considered the first listed company to purchase BTC digital currency, and it is also the first listed company in the world to use ETH as a currency value reserve."

Meitu stated in the announcement that these purchases were made in accordance with a cryptocurrency investment plan previously approved by the company's board of directors, pursuant to which the group can purchase cryptocurrencies with a net amount of no more than US$100 million, funded by the company's existing cash reserves (but not the remaining proceeds from the company's initial public offering). The Meitu board of directors believes that cryptocurrencies have sufficient room for appreciation, and that by allocating part of its cash reserves to cryptocurrencies at this time, it can be used to diversify the risks of holding cash in fund management (due to the depreciation pressure caused by the global central banks' substantial increase in money supply in fund management).

More importantly, the Board believes that this will demonstrate to investors and stakeholders the Group's ambition and determination to embrace technological innovation, thereby preparing to enter the blockchain industry. Although blockchain has a long-term positive outlook, overall, the price of cryptocurrencies will still fluctuate in the short term, so the Board has decided to invest in Ethereum and Bitcoin, the two largest cryptocurrencies by market value, and the Board believes that this investment can maximize long-term shareholder value.

Meitu is not only buying BTC and ETH as a reserve of funds, but also planning to prepare for entering the blockchain industry. Although it is a Hong Kong-listed company, the company is located in the mainland. We all know that Hong Kong plays a pioneering role in the mainland, and the mainland will definitely relax in the future. Therefore, the driving force for the rise is just beginning.

Another is the listing of the cryptocurrency exchange Coinbase, which saw about $90 billion in stock change hands last week. People familiar with the matter said the transaction valuation was based on $350 per share, which was the price at which the stock was traded at the Nasdaq private market auction last Thursday. People familiar with the matter said that Thursday's auction was the last stock sale on the Nasdaq private market before Coinbase went public at the end of March. Coinbase's listing is a recognition of the exchange and is definitely the biggest support for cryptocurrencies from the mainstream market. People have accepted crypto assets and it is no longer a scam.

In the past, a large number of old investors preferred gold and did not pay attention to Bitcoin. Now, even gold can’t sit still, and a gold token is about to be released.

Token name: ACUG

The white paper of ACUG gold token has been released. The white paper introduces ACUG, a new digital asset that can be exchanged for physical gold, in detail from six aspects. Using blockchain technology, ACUG can be exchanged for physical gold and exchanged according to the ratio of 1 ACUG = 1 ounce of physical gold. The total issuance of ACUG is 1 million pieces, and the initial circulation is 100,000 pieces, which can be exchanged for USDT. The gold exchanged with ACUG is about 35.27 ounces/root (1 kg), which is equivalent to about 60,000 US dollars based on the London gold price in March 2021. At present, the ACUG trading system has entered the testing phase and will be officially opened for trading on March 22.

Gold tokenization is obviously the first step. As the amount of locked gold increases, isn’t this the USD of the past? ACUG is still worth a try. After all, gold transactions are all paper gold, and the use of encrypted digital assets is still a precedent.

According to this sentiment, it won't take long for Bitcoin to reach $100,000. It can be achieved in July, and the top may be around September. It is hard to say how much in US dollars it will be. According to the rainbow chart, the top of $160,000-220,000 is entirely possible, but it is hard to say whether we can reach that position.

In a bull market, the most important thing is to pay attention to the market values, as well as the emotional side. This way you can make a clear judgment and have a clear idea of ​​when to sell.