Financial media and cryptocurrency tycoons are at loggerheads

Industry Interpretation

This morning, Justin Sun’s apology letter went viral in the cryptocurrency circle. This time, unlike his previous arrogant attitude, Sun Yuchen expressed regret for his youthful recklessness and sincerely said to “the media, elders, leaders, regulators, and the public: I’m sorry!”

Previously, Sun Yuchen successfully became popular (beyond the cryptocurrency circle) by having lunch with Buffett, but unfortunately, he offended Wang Xiaochuan, an Internet veteran, and was criticized by Caixin.com. Sun Yuchen, a young businessman, attributed all this to "youthful vigor".

Senior Wang Xiaochuan could have just laughed it off, after all, he didn't have time to dwell on it. But the hard part was that he was named by Caixin and Ms. Hu Shuli.

18 hours after Justin Sun posted on Weibo that the Buffett lunch was cancelled (actually postponed, time to be determined) due to illness, Caixin.com exclusively revealed that Justin Sun had been restricted from leaving the country since June 2018. A day later, Ms. Hu Shuli, former editor-in-chief and current president of Caixin Media, personally questioned Justin Sun on how he was able to leave the country.

Ms. Hu Shuli is a very famous person. She, Dong Mingzhu and Liu Shuwei are commonly known as "the three ladies in China who should not be provoked". She is a very influential figure in the financial media industry. She personally took part in the battle to defeat Anbang Insurance, a giant in China's insurance industry. This battle made her famous.

The influence of Caixin.com articles cannot be underestimated. Once you are targeted, it will be difficult to get away with it. Under the eyes of Caixin, even if you can get away with it, you will be badly hurt.

It is a wise choice for Boss Sun to admit his mistake. After all, he is still engaged in the "financial technology" industry and he must have the correct attitude. Even though all the company entities are overseas, there are so many Chinese people implicated, so he cannot shirk his blame.

Some people avoid making public apologies to the financial media in the traditional market, while others rush into the crossbow. Who is this person? Warrior Zhao Letian. Zhao Dong’s comments on Caixin.com are disgusting... After all, he is considered a "cryptocurrency boss", so isn't it not good to be so outspoken?

Last year, Mr. Li Xiaolai used his own real-life example to warn everyone: Trouble comes from the mouth, otherwise the end will be...

Teacher Zhao Dong happened to have a small conflict with Xiao Lai, so he didn't listen to what he said. He was so quick to speak that he said it out loud. If the other party doesn't respond, wouldn't that be a lack of face? Then someone came out and said, "ICO on the left hand, Feiji on the right hand. Is Zhao Dong's reserve fund enough?"

The article directly pointed out that the RRB of Zhao Dong’s recent Renrenbit platform was ill-gotten gains. 1. “Ignoring supervision and forcing ICO”; 2. Illegal fundraising. At the same time, it stated that “according to the personal jurisdiction of the criminal law, if the financing behavior of citizens of other countries or overseas entities in overseas ICO projects belongs to the criminal behavior within the scope of my country’s criminal law, and is aimed at Chinese investors and damages the rights and interests of Chinese citizens, my country also has the right to exercise jurisdiction over it.”

As small retail investors speculating in cryptocurrencies, we are willing to accept the loss if we lose money. But these big guys are different. They make money and gain fame, but they are still... hard to describe. Well, in a word, if virtue does not match the position, there will be disaster. How will this fight between financial media and the big guys in the cryptocurrency circle go? Let's wait and see.

Technical Analysis

BTC/USDT secondary market 5-minute trend analysis (Huobi spot)

BTC/USDT secondary market 30-minute trend analysis (Huobi spot)

BTC: Bitcoin spot has been in fierce battles over the past two days. After hitting a new low last night, it quickly pulled up and consolidated this morning. Now from the 30-minute trend level, there are signs of a double bottom at this level, but it still needs to be confirmed by the strength of the rise. As long as it does not completely break through 10800 and stand firm, the trend will continue to grow downward; from the small-level 5-minute trend, the upward trend has started, and the vicinity of 10300 is an important alternating position. As long as it does not break through, it will adjust downward later. The key is to observe the magnitude of the decline. After a small short-term stabilization, the rise will still have a high degree.

In summary, BTC spot is still in a clear downward trend. Although it rebounds in the short term, the energy is limited. Operation suggestions: short selling is the main method when the rebound is not strong near 10200, with a stop loss of 200 points.

ETH: Ether followed the rebound of EOS and went out of a 5-minute upward trend, but the bullish force has weakened slightly. The operation suggestion is to focus on the high altitude near the price of 225, and the stop loss price is 230.

EOS: EOS is leading the market this time, with strong momentum, but as the rise increases, the selling force is strong. The operation suggestion is to short around 4.65, with a stop loss price of 4.9.

LTC: Litecoin fluctuates violently, with great pressure near 96.6. The bulls are not very willing to attack, and the short-term trend is still mainly volatile. Operation suggestion: short selling is the main method if the rebound near 97 is not strong, and the stop loss price is 101.

XRP: Ripple continues to drop, the support at 0.3 is strong, it is not easy to break directly in the short term, let's see how strong the support is. Operation suggestion is to buy around 0.30 and hold for the medium term.