Hong Kong's new regulations on virtual asset supervision have been introduced, and the market continues to fluctuate

On November 6, the Hong Kong Securities Regulatory Commission issued the "Warning on Virtual Asset Futures Contracts" and "Position Statement: Supervision of Virtual Asset Trading Platforms". Many people have interpreted this, and I will also express my personal opinion.

First of all, these are just documents expressing attitudes, positions, etc., the purpose of which is toClarify the definition of virtual assets and the issue of jurisdictional boundaries, the specific reference standards are the Securities and Futures Ordinance and the Gambling Ordinance.

Second, the virtual assets targeted areVirtual assets with securities nature, that is, STO tokens. For cryptocurrencies like BTC, ETH, etc., there is no regulation because they are not securities, does not apply to securities-related regulations.

Thirdly, the license issued by the Hong Kong Securities Regulatory Commission is a virtual asset platform license, that is, a securities (STO) token trading platform license, and there is no plan to issue a digital currency exchange license, because these exchanges are not within its regulatory scope.

Finally, the warnings for virtual asset futures contracts are mainlyRemind investors of risks, and believe that virtual asset futures contracts have relatively high risks, operating a virtual asset trading platform may be illegal. Since the virtual assets it defines refer to STO-type securities tokens, the digital currency contract exchanges currently on the market, such as Okex, Huobi, Binance, etc., are actually not within the scope of its supervision and are not illegal (currently This area urgently needs to improve the legal provisions and clarify the regulatory agencies).

On the whole, the Hong Kong Securities Regulatory Commission's announcement is a continuation of the previous policies.The attitude towards virtual assets is more open, and the supervision is being refined and clarified, which is conducive to the development and promotion of blockchain technology in securities and asset transactions, which is conducive to the healthy development of the entire cryptocurrency industry and protects the rights and interests of investors.

As for the impact on the current digital currency market, it is actually minimal, because it is talking about two different dimensions of products and regulatory scope. but we can see thatThe future development trend of the supervision of virtual assets (in a broad sense, including digital currency), the supervision of the overall market is advancing in an orderly manner, and the wind vane of supervision is in line with the United States and Japan。

Another impact, I think it reminds the futures market of risks again,The futures contract trading market has insufficient liquidity, high price volatility, difficult valuation, high leverage, complex products, and potential market manipulation risks due to the existence of investment targets, investors need to be extra careful when trading.

Operation suggestion:

Operation suggestion:

BTC: At the hourly line level, the strength of the bulls is insufficient. After the failure of the heavy volume hit 9,500 US dollars the day before yesterday, the price of the currency fell back slightly after the rise was unsustainable. The DIF and DEA lines of MACD moved away from the 0-axis, gradually approached the 0-axis, and fell below the 0-axis, reflecting the short-term short-term power change, and the short-term power is gradually growing. The market as a whole maintains a volatile trend in the range of 9,200-9,400 US dollars, and there is a risk of continued adjustment. If the volume falls below 9,200 US dollars in a short period of time, there is a high probability that it will return to the bottom range of 9,000 US dollars for consolidation.

However, judging from the 4-hour and daily level trends, the MACD long and short lines are above the 0 axis, the MA60 daily moving average forms a strong support, and the volume is also gradually shrinking. In the case of not falling below the support, the overall market is still relatively stable, we continue to hold the currency and wait.

ETH: 4-hour line level, in the retracement arrangement after a small rebound, the upper pressure is in the range of 195-200 US dollars, hit this pressure range several times in the past month or so, but the volume cannot continue to lead to a fall. The short-term support is 185 US dollars. If the support is not broken, it is hoped that it will usher in a rebound trend again after consolidation, and the main currency is held.

LTC: Short-term high-level consolidation trend, 60-67 US dollars is the daily line-level consolidation range, if it can break through in a large amount, the disk is expected to rebound to the 80-100 USD range, the short-term disk support is strong, continue to hold currency.

BCH: 4-hour line level, the overall trend is in a shock and rebound. If it can stand firm at $300 in the near future, there is hope to continue to rebound. It should be noted that the power struggle within Bitmain may have a certain impact on the market, and the short-term strong support is at 280 US dollars.

EOS: Hourly line level, the currency price has retreated slightly, and has fallen below the MA60 moving average, and the bearish momentum has a slight upper hand. Pay attention to the support around $3.5.

XRP: In the early morning of this morning, it once rose and broke through the recent strong pressure of 0.3 US dollars, but failed to stand firm. The currency price retreated sharply in a short period of time. In the short term, continue to pay attention to the finishing trend near 0.3 US dollars.

ETC: 4-hour line level, fluctuating upward along the MA60 moving average, the overall market trend is relatively stable, does not break the support of the moving average, and continues to hold currency as the main currency, and the upper pressure is 5.5 US dollars.

Platform currency: The overall trend of shrinking and finishing is maintained, and the wait-and-see is the main focus. BNB continues to sort out in the range of 19-21 dollars, and the volume is not obvious; HT hits 4 dollars with a short-term heavy volume, pay attention to whether the 4 dollars range can stand firm, there is a probability to open up the upward space; To support USD 3.2, it is necessary to pay attention to the risk of insufficient volume; GT continues to fluctuate slightly around USD 0.6, and the market shrinks severely.

Altcoins: Except for individual currencies (ARPA, XTZ) that rebounded due to their own good news, most of the altcoins did not perform much, and they continued to wait and see as a whole. The recent domestic public chain currencies, except for the slight rebound of VET, continue to maintain a high sideways trend, the market has not yet ended, and the main currency is held.