BTC sees pins again, USDT hearing is coming, how will the market go?
Giancarlo, the founder and CFO of Bitfinex and USDT, said in response to the Tether hearing tonight that the U.S. government is only targeting us because our business is too big. They want to get a share of the benefits, but they have nothing to do with us. We have not had a US user in the past 2 years, nor have we established any corporate entities in the US, and their judges cannot make any judgments.It is more likely that this investigation will continue for another three to five months.. Fortunately, we make enough money to afford the best lawyers.
the us government wantsCompete for the dominance of digital currency, has a long history. In the stablecoin market, in April 2018, several compliant stablecoin products based on US dollar mortgages were launched, including USDC, TUSD, GUSD and PAX. USDC is backed by Circle and Coinbase, GUSD and PAX are approved by the New York Department of Financial Services (NYDFS), and TUSD is launched by TrustToken startups backed by the Stanford Venture Fund. Dramatically,These products, which were supposed to gradually erode USDT's market share, have been launched for more than a year. Although they have developed, they have not seized USDT's market share. Instead, USDT has continued to dominate.。
The reason is that, on the one hand,The network effect of USDT agglomeration occupies a large market share in Asia; On the other hand, it is still related to the market environment. Behind USDT is the Bitfinex exchange and the distribution channels of domestic mainstream exchanges.It is even more difficult to develop a stable currency without strong support from an exchange, Even if it is formal and transparent, it is difficult to seize market share. The U.S. hearings against USDT are obviously dissatisfied with the market share, and can only attack and monitor it from a policy perspective.
Based on this, it is conjectured that tonight’s USDT hearing will likely be like Facebook’s Libra hearing,There was a lot of thunder and little rain, and there was no substantial progress, the focus of the competition between the two parties is the issue of interests, and it is difficult to succeed in a short period of time when the relevant digital currency regulatory laws and regulations are not sound. As for the impact of the hearing on the digital currency market, it has been analyzed many times before. Theoretically speaking, the impact is limited.It is difficult to change the medium and long-term trend of the market. In the short term, it depends on whether the dealer will take action.
Today there is news that OKEx will delist the USDT fiat currency trading pair. Anyone with a discerning eye knows that it is fake news, but there are too many leeks, and there are many people who spread it wildly. Some people even believe that it is not a fraud, but the exchange. Then deleted it by itself. The spread of news must have its purpose,It is intended to guide the market panic, which is completely untenable logicallyOperation suggestion:
Operation suggestion:
BTC: The pin market in the market this morning is a typical way for market makers to use futures to harvest the market. The normal market is not so extreme. At the daily level, the market has not stabilized. It can only be said that the risk of decline has eased. The support of 9,000 US dollars has been tested twice in a row. With the amount of energy, there is a short-term rebound demand. The rebound target is 10,200 US dollars. Do not be too bearish.
As the USDT hearing is approaching, the short-term market may fluctuate violently. If there is a unilateral upward trend, remember not to chase higher. The current environment is still not conducive to the overall market strength, and there is a high probability that it will fluctuate in the range (9000-10200 US dollars) To sort out the trend, investors need to pay attention to market risks.
ETH: The pin rebound trend, reconfirming the short-term support near 200 US dollars, you can do a small amount of long at this point, and the upper pressure is in the range of 220-240 US dollars.
LTC: The rebound potential is too weak, and there are obvious signs of shipments. The short-term weak support is 84 US dollars. It is recommended to reduce positions on rallies.
BCH: Following the trend of the big pie, $290 is the short-term support, the pressure is $325, and the market fluctuates in a range.
EOS: The amount released by the pin market is relatively large. Among the mainstream currencies, the price fluctuates the most. The short-term support is 3.95 US dollars. The upper pressure is still in the range of 4.8-5 US dollars. You can buy low and sell high.
XRP and TRX: The trend is weak, follow the fluctuations of the market, there is no independent market, pay attention to the short-term support of XRP 0.3 US dollars and TRX 0.022 US dollars.
Platform currency: There is no independent market for a short time, the decline is limited, continue to hold.
