Bitcoin continues to fluctuate between small groups, and breakthroughs still need confidence and volume to cooperate

According to a report by Coin Metrics, an encryption market research firm,318 whale addresses hold at least $1 million worth of stablecoin USDT, accounting for 80% of the global USDT supply.

This reflects theUSDT's chip concentration problem, Longhash data also shows that several popular stablecoins on the market, including USDT, GUSD, PAX, USDC, etc., are controlled by several exchanges, as shown in the following figure:

therefore,

therefore,Using the rise and fall of the USDT premium as the basis for market conditions is logically problematic. But in the currency circle, there are too many similar logics of imposing causality. The currency circle does not have a set of mature market evaluation and analysis tools similar to the stock market. current immaturity.

For the digital currency market, stablecoins play a very important role.USDT currently occupies more than 80% of the stablecoin market, but has been outside the supervision, becoming a hotbed for money laundering, market manipulation, false transactions, etc., and it is difficult to effectively supervise, which is caused by historical reasons. Now it is facing an investigation by the New York Attorney General's Office (NYAG), the impact of Facebook's Libra stable currency, and the future checks and balances of the central bank's digital currency.

Recently, the central bank stated that the research and development of electronic payment tools with digital currency characteristics has made staged progress. In addition, people familiar with the matter revealed that the central bank may issue licenses related to the central bank's digital currency. This is an influential event for the currency circle. becauseCentral bank digital currency can completely replace the use of stable coins such as USDTOperation suggestion:

Operation suggestion:

BTC: Stimulated by the good news last night, the digital currency market ushered in a slight rebound. BTC closed a positive line at the 4-hour level, breaking through the 9,800-10,240 USD range in the past few days. In the short term, the overall market, including mainstream currencies and altcoins, shows signs of recovery. The market is expected to continue to rebound after maintaining stability.

The only thing that needs to be paid attention to is the volume energy. It fell from 12,000 US dollars to 9,500 US dollars in early August and then stopped falling, and then rose to around 11,000 US dollars along the upward trend line. The lack of rising volume caused the market to fall. This time it stopped falling around 9800, and then rose slightly, which is very similar to the previous trend. In theory, the increase can reach around 11,300 US dollars, but the premise is that the short sellers do not smash the market.From the perspective of the market, short-term bulls have insufficient energy. Once the rise appears weak, it is easy to be suppressed by the shorts and cause the market to fall. The market should not be overly optimistic. Generally speaking, it is still in the range of 9800-10000-10540-11000 US dollars to consolidate the trend.

ETH: Still sorting out the market in the range of 180-200 US dollars, short-term test of the support of 190 US dollars, strong pressure at 200 US dollars, short-term bargain hunting and a small amount of positions.

LTC: The range of 70-76 US dollars fluctuates. The decline in currency prices has caused three Litecoin mining machines to face shutdown prices, which has a certain degree of pressure on the market, and it is not recommended to catch up in the short term.

BCH: The market fluctuates slightly, with $300 as short-term support, and the range of $290-330 is for low buying and high selling.

EOS: Following the decline of the broader market for a short period of time, the price range of 3.4-3.8 US dollars is consolidated, and the probability of independent market is low.

XRP: 0.26-0.29 US dollars range consolidation trend, shrinkage consolidation, short-term intervention is not considered.

TRX: The small range of 0.016-0.0185 US dollars consolidates the trend, and the volume is insufficient. It is mainly to wait and see before returning to 0.02 US dollars.

Platform currency: Judging from the daily trend, it has peaked in the short term. It is difficult to have a big market under the background that the direction of the market has not yet continued to rise. In the short term, pay attention to the stop loss points of each currency, BNB is at 25 US dollars, HT is at 4.4 US dollars, OKB is at 2.5 US dollars, and GT is at 0.8 US dollars.

Altcoins: Some currencies rise for a short time, and the amount released can be large, but it is not recommended to chase higher, the key point is toPay attention to the retracement of the currency price after the volume can be greatly enlarged, whether the 4-level and 24-hour level MA60 moving average can form a strong support, and the situation of market selling pressure. It is not recommended to cast a wide net in the short term, and focus on the recent popular currencies, new currencies, and heavy-volume currencies. In addition, if you have any currency you want to analyze, welcome to ask questions in the message area.