Recently, Bitcoin (BTC) seems to have returned. Earlier this week, it rebounded to the $40,000 range, but it quickly fell again. In fact, with the strengthening of the U.S. dollar, the new wave of new crown pneumonia infections and the sluggish transaction volume, many problems still hinder the recovery of the digital currency market. In fact, in the past few months, whether Bitcoin is destined to fall again or is finally ready to break new highs, it can be said that the cryptocurrency market has been in chaos. Through the analysis of the historical price of Bitcoin and various previous data, the current dilemma of the cryptocurrency, which ranks first in market value, may continue for some time. There are three main reasons:
1. The U.S. dollar strengthens 2. Decrease in economic stimulus 3. A series of technical factors related to Bitcoin trend Let's discuss it in depth below- A strong U.S. dollar threatens Bitcoin's recovery According to data analyzed by Delphi Digital, one of the factors that put the greatest pressure on global risk assets is the strength of the U.S. dollar. After the dollar fell below 90 at the end of May, it appears to be trying to reverse the trend. The rising strength of the dollar will also curb the rising trend of 10-year US Treasury yields, which reflects that the economic recovery in the first half of 2021 is losing momentum, and the new wave of new crown pneumonia epidemic has affected the global economic recovery. Fractals and death crosses indicate that the correction is not over yet Bitcoin's short-term outlook is still relatively pessimistic, because the "death cross" that appeared before (appearing on the Bitcoin chart in June) will usher in a correction period that may last for a year. According to the analysis of Delphi Digital analysts, the 12-month moving average is undergoing a support test. If it breaks below this level, it indicates that the price of Bitcoin will fall further. tr0HUrb6okloOZaCoUqWMa6xePC8qfessksnJUmm.jpeg 12-month moving average has historically been a key support level for Bitcoin, so the performance of the price near this moving average will determine whether the current upward trend remains unchanged. Generally speaking, traders still need to be cautious, because historically, low trading volume will lead to higher volatility, and the reduction of open auctions will lead to rapid price fluctuations. As Kevin Kelly, a certified financial analyst at Delphi Digital, explained, he explained: "If it falls below these key levels (close to $30,000), then the short-term outlook will become quite pessimistic. I don't think that the obvious withdrawal after December 2017, the beginning of 2018, and the end of 2018 will happen again. But I do. It is believed that, considering the structural problems of the market, we may encounter more volatility in the short term, and may even encounter more resistance." In fact, due to Tesla’s second-quarter earnings report and Amazon’s “hint” to enter the digital currency market, these seemingly positive short-term dynamics induced a rebound in Bitcoin-especially Tesla CEO Elon Musk, It is rumored that he changed his critical attitude before the release of the earnings report and sang a lot about Bitcoin and Dogecoin. At the event, he made it clear that "Tesla is likely to resume Bitcoin payments" and revealed that another company, Space X, also holds Bitcoin. According to estimates on the "Fortune" website, Tesla bought a total of 46,000 bitcoins, with an average purchase price of approximately $32,600. In April 2021, Tesla’s first-quarter financial report disclosed that it sold 10% of Bitcoin, or about 4,600, with an average price of $59,100. This transaction brought in revenue of $272 million for the company. As of the second quarter financial report, Tesla has not sold or increased its holdings of bitcoin since then, that is, still holds 41,400 bitcoins. After deducting the closed profits, its true cost should be $1.228 billion, which means its single currency The cost price is approximately US$29,661. One week before the financial report was released, the price of Bitcoin was close to $29,000, and it was about to fall below Tesla's cost line. It is undeniable that digital currency is still a relatively risky field, and we must treat it with caution.
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Yesterday's market review and summary: Yesterday, the author btc placed an empty order at 32300-32500, which is perfect. The highest point is near 32500, the lowest point is near 31700, and it fluctuates many times. Today's market analysis: Twitter CEO Jack Dorsey said that Bitcoin is an important part of Twitter in the future, and the price of Bitcoin has risen in the market. However, today’s Huobi exchange quotations show that the current price fluctuates around 32,000 and has dropped a little. From the 4-hour chart, the upper part of BTC is under pressure near 32500, and the lower support is near 31700. Kdj turns its head down, and the indicators in the figures have a downward trend. For today's operation, we will still take high altitude and go long. Assisted
Operational recommendations: It is recommended that btc enter the empty position at 32300-32500. The goal is to look at 31700 first, and continue to look at 31000 if the position is broken. The risk control zone is at 33500. The suggestion is for reference only. Institutional investors have a growing appetite for Bitcoin, the top 10 BTC institutional players.7/18/2021 Several large companies, including Tesla, Square, and Coinbase, have collectively purchased cryptocurrencies worth hundreds of millions of dollars.
For many years, the idea of a listed company buying Bitcoin as its reserve asset has been considered ridiculous. Bitcoin is considered too volatile and too marginal to be accepted by any serious company. In the past year, driven by the economic situation in the post-epidemic era, this taboo has been completely broken, and some major institutional investors have purchased Bitcoin. When the cloud computing software company MicroStrategy bought $425 million worth of Bitcoin in August and September 2020, the floodgates opened for the first time. Other companies followed closely, including payment processor Square and electric car manufacturer Tesla. For investors who are unwilling to buy bitcoins on their own, buying shares of listed companies holding bitcoins can be said to be an excellent way to gain exposure to bitcoins and saves the trouble of keeping private keys. . In fact, some experts believe that MicroStrategy's Bitcoin holdings have made the company a veritable Bitcoin ETF. 1.MicroStrategy MicroStrategy is a well-known commercial software company that uses Bitcoin as its primary reserve asset. Throughout 2021, MicroStrategy has never stopped its crazy purchase of Bitcoin. It now holds 105,085 Bitcoins, valued at more than 3.3 billion U.S. dollars. MicroStrategy CEO Michael Saylor is at the helm of this crazy machine. Unlike other CEOs who are usually shy to discuss their investments, Saylor has publicly stated that he holds 17,732 Bitcoins, which are currently worth more than 565 million U.S. dollars. According to data from BitInfoCharts, this puts Saylor among the top 100 Bitcoin holders, provided that these Bitcoins are held in one address. For the CEO of MicroStrategy, this was a dramatic flip, as he claimed in 2013 that Bitcoin is running out of time. On New Year's Eve in 2020, Morgan Stanley revealed that it had purchased a 10.9% stake in MicroStrategy. And MicroStrategy is also looking for ways to allow other companies to invest in Bitcoin; in February 2021, it held a corporate Bitcoin conference during its World. Now conference, aiming to let companies understand the new cryptocurrency market as soon as possible. During the meeting, Saylor stated that he expects the number of companies that will convert their balance sheets to Bitcoin within the next year to grow like an "avalanche." At Binance Blockchain Week, Saylor explained why he chose Bitcoin instead of gold as a reserve asset. "The return of gold does not look as convincing as Bitcoin. If you want to find an illegal currency derivative value storage tool in an inflationary environment, you will choose Bitcoin as digital gold. This is logical. ." 2.Tesla Electric car manufacturer Tesla has joined the ranks of companies that hold Bitcoin, and a U.S. Securities and Exchange Commission (SEC) document disclosed that the company has invested "a total of 1.5 billion U.S. dollars" in cryptocurrencies. Tesla sold 10% of its Bitcoin holdings in the first quarter of 2021; according to CEO Elon Musk, this is "to verify the liquidity of Bitcoin, instead of holding on the balance sheet." Have cash". Tesla's 42,902 bitcoins are currently worth 1.37 billion U.S. dollars. However, according to analysts, the sharp drop in the price of Bitcoin in 2021 means that the company may face impairment losses of 25 million to 100 million U.S. dollars in the next quarter. According to its filing with the SEC, Tesla's purchase of Bitcoin reflects a current investment policy aimed at diversifying the use of cash on hand and maximizing returns. The document states, "We may invest part of this cash in certain alternative reserve assets, including digital assets, gold bars, gold exchange-traded funds and other assets designated in the future." The company's Bitcoin game was played after months of speculation, as CEO Elon Musk discussed cryptocurrencies on Twitter. At the end of 2020, MicroStrategy's Saylor proposed to share his Bitcoin investment "play" with Musk. Previously, he believed that entering the Bitcoin market would bring Tesla shareholders "100 billion U.S. dollars in income." Soon after that, at the end of January 2021, Musk added #Bitcoin to his Twitter resume; looking back, it seems to imply that Tesla will enter the cryptocurrency market. However, Musk's relationship with Bitcoin is not entirely positive. In March 2021, Musk announced that Tesla would accept Bitcoin as a payment channel. Then, only two months later, he suddenly announced that the company would no longer accept cryptocurrency payments. Musk shut down cryptocurrency payment channels because fossil fuels in bitcoin mining and transactions are increasing rapidly. But he also hinted that the company will not sell any of its Bitcoin holdings and that once Bitcoin mining "transitions to more sustainable energy", it will consider using Bitcoin again for transactions. He later clarified that as long as miners use more than 50% of clean energy, the company will resume using Bitcoin for transactions. 3.Galaxy Digital Holdings According to data from bitcointreasuries.org, a commercial bank focused on the cryptocurrency market and directly involved in the cryptocurrency industry's largest bitcoin institution holder-Galaxy Digital Holdings holds 16,400 bitcoins worth approximately 522 million U.S. dollars. The company was founded by Michael Novogratz in January 2018 and works with cryptocurrency companies including Block.one and BlockFi. Michael Novogratz has always been an active advocate of Bitcoin. In April 2020, he pointed out that the stimulus measures announced in response to the epidemic are driving people's interest in cryptocurrency, calling this a "moment" for Bitcoin, and that "money does not grow on trees". However, later this year, Michael Novogratz believes that the volatility of cryptocurrencies means that gold is a safer bet. He said: "I think Bitcoin performs far better than gold, but I would not advise people like holding. There is a large holding of Bitcoin like gold. It's just because of volatility." 4.Voyager Digital LTD According to bitcointreasuries.org, cryptocurrency broker Voyager Digital holds a total of 12,260 bitcoins, which are valued at approximately US$390 million at current prices. The company aims to provide a one-stop service for digital asset transactions and reported quarterly revenue of US$60.4 million in May 2021, a 16-fold increase from the previous quarter. CEO Steven Ehrlich said at the earnings conference, "We have seen the large-scale adoption of cryptocurrencies as a recognized and investable asset class." In the documents submitted to the Canadian regulatory agency in June 2021, the company's tone was more cautious, stating that "the sharp drop in the price of Bitcoin may have a significant adverse impact on the company's operating performance due to the market uncertainty surrounding the epidemic. , The price of Bitcoin "dropped sharply" in March 2020." 5.Square Square invested $50 million in Bitcoin in October 2020, igniting institutional interest in investing in cryptocurrencies. Since then, the payment company continued to invest in Bitcoin and revealed in its fourth-quarter 2020 financial report that it had bought another $170 million worth of Bitcoin. Considering that CEO Jack Dorsey is Bitcoin's dead long (he even runs his Bitcoin node), this may not be surprising. At the time, the company described the investment as "part of Square's ongoing commitment to Bitcoin." In addition, it stated that "the company plans to evaluate the relationship between its total investment in Bitcoin and other investments on an ongoing basis." At present, it holds 8,207 Bitcoins, valued at 255 million U.S. dollars at current prices. Square has not changed its views on Bitcoin. In March 2021, Square Chief Financial Officer Amrita Ahuja said in an interview with Fortune that "Bitcoin should be on every balance sheet, which is reasonable" and reiterated the company's commitment to "long-term" Hold encrypted assets. Square has also made further efforts to establish the Bitcoin ecosystem, launched a $5 million fund to promote cryptocurrency education, and published a white paper to defend the environmentally friendly nature of cryptocurrency. In July 2021, the company announced plans to develop a Bitcoin hardware wallet; perhaps eventually, it will transfer its holdings of Bitcoin to its products. 6.Marathon Digital Holdings Inc. Bitcoin mining company Marathon Digital Holdings. has 5,784 Bitcoins in its asset library (valued at approximately US$184 million at current prices). The company's goal is to build "the largest bitcoin mining business in North America, and one of the lowest energy costs." Before turning to cryptocurrency mining, it was a patent-holding company (often referred to as a patent giant). The company's performance this year is good, starting with a capital raising of US$200 million in 2021. In the past year, driven by the outflow of Chinese cryptocurrency miners, its stock price has soared by more than 3000% (in fact, its performance has far surpassed Bitcoin). Marathon Digital's ultimate goal is to have more than 103,000 mining machines and produce 50-60 bitcoins per day; as of June 2021, it produces 265.6 bitcoins per month, so it still has a way to go. But as the company delivered another 18,000 ASIC mining machines in June, and 1,000 more are on the road, it seems to be on track. 7.Coinbase Global, Inc. It can be said to be the most well-known cryptocurrency company on this list. In addition, the cryptocurrency exchange Coinbase was listed directly on the Nasdaq in April 2021. This move was hailed as a milestone in the cryptocurrency industry, despite the subsequent decline in Coinbase's share price; by July 2021, COIN was a full one-third lower than its listing price. Before listing, in February 2021, Coinbase disclosed that it held USD 230 million in Bitcoin on its balance sheet; by July 2021, its Bitcoin holdings had fallen to USD 143 million (approximately 4482 Bitcoins). 8.Bitcoin Group S.E. The German-based venture capital firm Bitcoin Group S.E. holds 3947 Bitcoins, valued at approximately US$126 million. Its investment projects, the cryptocurrency exchange Bitcoin.de and Futurum Bank, merged into "Germany's first cryptocurrency bank" in October 2020. This move follows the decision of the German Parliament to allow banks to sell and store cryptocurrencies. Marco Bodewein, general manager of Bitcoin Group S.E., emphasized an opportunity to introduce cryptocurrencies' "high returns and security features" to institutional investors in banks. 9.Hut 8 Mining Corp According to bitcointreasuries.org data, Canadian cryptocurrency mining company Hut 8 holds 3,522 bitcoins, valued at US$112 million. In June 2021, the company was listed on the Nasdaq Global Select Market under the ticker symbol HUT. The company's filing with the U.S. Securities and Exchange Commission stated that it was "committed to creating more for shareholders through increased Bitcoin holdings. income". The company also explained that it generates stable income by leveraging the bitcoin assets it mines and holds. In June 2021, Hut 8 stated that the company would mine 5,000 bitcoins before the end of the year; as the company snapped up new mining machines and the difficulty of mining bitcoin recently decreased, the company's mining business was booming. The company is optimistic that a "favorable geopolitical environment" will promote its mining business in 2021. 10.Riot Blockchain, Inc. Another cryptocurrency mining company, Riot Blockchain, headquartered in the United States, holds relatively few bitcoins, only 2,243, valued at approximately US$71 million. With its valuation soaring from less than US$200 million in 2020 to a high of more than US$6 billion in 2021, the Nasdaq-listed company has been actively expanding recently. In April 2021, it spent $650 million to build a gigawatt Bitcoin mine in Rockdale, Texas; the company described this expansion as a "transformative event," and he will become "The largest Bitcoin mining and public custody company in North America by total production capacity." Nevertheless, the persistently sluggish Bitcoin price has wiped out nearly 3/4 of Riot's stock price. When the Rockdale mine was built, its transaction price was US$48 per share, and it peaked at nearly US$80, And now it has fallen to less than $28 per share. Israeli Consulate in Shanghai: Israel Investment Fund Group has bought $2.3 billion in Bitcoin7/13/2021 Another giant crocodile buys Bitcoin! On July 12, 2021, the official account of the Israeli consulate in Shanghai, China @Israel in China posted on Weibo, saying that the Israeli Investment Fund Group: We have invested 2.3 billion US dollars in Bitcoin. The Israel Investment Fund Group stated today that as part of a portfolio diversification policy, we had invested US$2.3 billion in Bitcoin, which is part of a global strategy to lead Israel towards the future of currency. Who is Israel Investment Fund Group? According to the official website of Israel Investment Fund Group, Israel Investment Fund Group is a private investment company that only invests in Israeli start-ups, early-stage companies, and assets. It targets and invests in some of the most valuable Israeli companies—an opportunity for the future. Israel Investment Fund Group cooperates with other investment groups and funds at different investment stages to develop unique, dynamic, and strategic opportunities in Israeli start-ups and investment ecosystems. The Israel Investment Fund Group also stated that it had established relationships with several top incubators in Israel, several members of the Knesset, and essential institutions of the Israeli government. According to Yahoo Finance, Israel Investment Fund Group also manages the Israeli sovereign wealth fund. However, it is worth noting that the earliest source of this news came from a Hebrew tweet posted by the account ageism. After Yahoo Finance reported, his account has been banned by Twitter. Encryption practice in Israel
As a world-renowned country of innovation, Israel is at the forefront of the cryptocurrency industry. For example, Simplex, a well-known crypto payment company, is from Israel; the Bank of Israel is testing the issuance of digital shekels with Ethereum technology. The Israeli Investment Fund Group's purchase of $2.3 billion in Bitcoin came when Israeli security forces began to target and seize the use of cryptocurrency accounts of the Palestinian Hamas organization. On July 8, the Israeli Ministry of Defense discovered a wallet network containing BTC and other cryptocurrencies. They claimed that Hamas was using cryptocurrency to raise funds for its military department. Law enforcement officials seized 150 such accounts with more than $7.7 million worth of money. Cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, etc., are allegedly used by Hamas for money laundering. On July 7, the Knesset issued the NFT of the manuscript of the presidential oath, which will be handed over to the incoming President Isaac Herzog before he takes office. The President will be responsible for the custody of the NFT during his tenure, and the NFT will be stored in an encrypted hardware wallet that is disconnected from the Internet. On June 23, the Bank of Israel used Ethereum technology to conduct an internal trial operation of the digital shekel. The Israeli "Globe" quoted Andrew Abir, deputy bank of Israel's central bank, revealing that the central bank of Israel is testing the legal digital currency Digital Shekel (Shekel is the Israeli currency new shekel) on Ethereum. The Central Bank of Israel stated that it is currently studying the necessity of Digital Shekel and its impact on the financial sector and believes that digital currency will not only have a significant impact on the payment market but also on the entire financial market, including the cryptocurrency and blockchain sector and the banking system. Influences. As El Salvador passed a law to make Bitcoin a legal tender, many parliamentarians in Latin American countries expressed interest in Bitcoin. These countries include Paraguay, Argentina, Panama, Brazil, and Mexico. According to reports, Tonga Islands and Tanzania have also expressed interest in Bitcoin. Recently, Argentine Congressman José Luis Ramón submitted a new bill that, if passed, would allow workers to receive wages in the form of Bitcoin and other cryptocurrencies.
Ramón claims that the plan can preserve the purchasing power of employees while increasing their financial autonomy. According to the proposed bill, workers can choose to pay all or part of their wages in cryptocurrency. In addition, those Argentines who work overseas do not have to convert their income into pesos after returning home. However, for Argentina, these are only at the proposal stage. Due to economic turmoil, Argentina and other Latin American countries such as Venezuela, Brazil and Peru rank high in cryptocurrency adoption. Earlier, the Salvadoran government also discussed the issue of using Bitcoin to pay employees' salaries. Argentina's economic downturn, high inflation, currency deflation, and shortage of U.S. dollar investment exist, which is a shot in the arm for the development of cryptocurrency. The crypto boom continues to surge in Argentina. As of May 2021, public information shows that Argentina, a country with 45 million, has an estimated 2 million crypto trading accounts. In addition, in the past few months, more than 1 million Argentines have been buying cryptocurrencies. According to local media Ámbito, most buy Bitcoin and stable currencies such as USDT, USDC, and DAI. The media also emphasized that stablecoins have begun to build momentum in 2019 due to Argentina's U.S. dollar purchase limit. Users believe that this token is a more effective way to convert Argentine pesos into U.S. dollars. In addition, the adoption rate of Ethereum in the country is also increasing. It is worth mentioning that, in the context of economic uncertainty and the government's large amount of electricity subsidies, more and more Argentine residents are turning to Bitcoin mining. At the beginning of this year, Argentina's Bitcoin searches on Google surged. With the active cryptocurrency activities, the Argentine central bank and securities regulators recently issued a joint statement warning the public to invest in cryptocurrencies. The statement stated that investing in cryptocurrencies "may cause significant financial losses to holders, including the possibility of losing all invested capital." However, the statement also pointed out that despite the risks, cryptocurrency transactions have not yet reached the level of widespread use and acceptance in Argentina. Argentina's appropriate supervision is also on the agenda. As early as April, the Central Bank of Argentina (BCRA) required operating banks within its jurisdiction to obtain and provide detailed information on all customers that use cryptocurrency transactions. In a form leaked on Twitter by the local Bitcoin community, the Argentine central bank commissioned the domestic bank to provide the unique tax identification number (CUIT), address, account number, account type, and authorized use of the account for each customer Information about the person's name. The attached information further explains that the data request is necessary and belongs to the business scope of BCRA because it has a "payment system monitoring function." The Argentine central bank later confirmed the authenticity of this table to a local news platform, adding that the purpose of this work was to determine whether there is a need for more excellent supervision of crypto assets in the country. In May of this year, Argentina's Federal Office of Public Revenue (AFIP) issued a "Form 8126" and forwarded it to every digital asset exchange operating in the country to comply with the new regulations. The company must fill out the form by the 15th of the following month after the reporting month. The exchange shall report "a list of accounts used to identify each customer; registrations, cancellations, and modifications that have occurred; total income, expenditures and final monthly balance of the wallet." In addition, the payment gateway MercadoPago will be reviewed by AFIP. |
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