U.S. Senate submits stablecoin bill, long-term positive for cryptocurrencies
Recently, the U.S. Senate submitted a proposal called the "Stablecoin Network Sharing and Bank License Enforcement Act", which is mainly aimed at the issuance of stablecoins in the current market. Before circulation, a banking license is required and subject to a series of regulations.
This is undoubtedly a huge impact on the stablecoin market in the circle, especially the stablecoin with the largest share in the circle—USDT.
From the end of last year to the beginning of this year, the market was very concerned about the issue of Tether’s continuous issuance of USDT. However, with the “312” plunge and the subsequent rise in the market, the issue of additional issuance of USDT was gradually covered by market hotspots. During the subsequent bull market, Tether has not given up issuing additional USDT. Taking November as an example, Tether only printed more than 2.4 billion USDT in that month, and its total market value exceeded 19 billion US dollars.
The previous doubts about Tether have not been dispelled.
Tether's previously questioned transparency and whether it is one-to-one against the US dollar have only a few third-party audits and certifications that have no legal effect, and the so-called 100% reserve is not convincing enough, so sometimes Tether wants to issue additional As far as additional issuance is concerned, it is a relatively big hidden danger to the market. The current total market value of Usdt is 19 billion U.S. dollars, but the outside world does not know how much Usdt has reserved. If one day, there is news that Tether’s issuance of USDT is like the issuance of QQ Landlords. As simple as happy beans, it will trigger the collapse of stablecoins in the entire market.
But currently Thther has actually become a certain "symbol" of the currency circle. After all, in the past few years, various regulatory measures in the United States have not brought down Usdt, and various so-called regulatory news have not affected the value of usdt. Currently, Usdt Perhaps it has become the "dollar" of the cryptocurrency market, and Tether has clearly become the "Federal Reserve" of the currency circle.
This is the important reason that forced the Senate to take tough measures. Only the government can have the right to mint coins. At present, Usdt has become a climate. If it is a 1:1 reserve, it is okay to say, but if the reserve ratio only depends on Tether’s own words, then in the future, not only Only the "Federal Reserve" in the currency circle will not only have a scale of only 19 billion US dollars in the future. It will issue additional coins at any time and mint coins at any time, and its status is equivalent to that of the real Federal Reserve.
Many authorities in the circle expressed their indignation about this bill. The core opinion can be summed up as "only banks can issue currency to end the discriminatory and predatory behavior of banks", which is a typical congressional political logic. In fact, according to our current logic, it is true that only banks designated by the country can issue currency. USDT is not an ordinary currency. It is a currency directly against the U.S. dollar. Although it cannot exercise the rights of legal tender, it has the value of legal tender .
At present, most investors in the circle cannot do without Usdt. If they are really worried about Usdt, they only need to hold cryptocurrencies such as Bitcoin and ETH. If one day Usdt and other stable coins really appear Problem, that won't affect the value of cryptocurrencies, even good for cryptocurrencies.
Going back to the market, the market in the past two days has been relatively calm, with the overall amplitude running around 700-800 US dollars, and it is moving around 19,000 US dollars, which shows that the current level of Bitcoin value of 19,000 is not locked.
It is currently a relatively comfortable rhythm. Yesterday it was a callback first and then a rebound. Today it is still a callback first and then a rebound. Yesterday it stepped back on the 10-day moving average, and today it is already stepping back on the 5-day moving average. Although the rhythm is relatively slow, you can see Step by step upward steadily.
Today’s market has rebounded relatively well so far. It temporarily broke through the pressure level of 19,350 US dollars that was called back when it encountered the previous two encounters, but the decisive price is still 19,500 US dollars. Dollars are not difficult either.
For this situation, contract investors should still be careful, any key breakthrough may bring about more fierce smashing.
ETH: stood at $600 within the day, and the current overall rhythm still follows Bitcoin, but the following rhythm is relatively strong compared to other currencies. Pay attention to whether it can stand at $600 within the day, and the upper target after standing firm is 635 The previous high of the dollar.
LTC: It hit $90 at its peak yesterday, but unfortunately it did not stand firm. Today’s rebound is still aimed at stabilizing $90, and the lower support is first at $85.
BCH: Since the bullish atmosphere in the market is not strong, it did not deliberately perform, and the trend is weak. The support level is at $280, and the pressure level is at $300.
XRP: Although the current volatility is small, once the market starts, the volatility will definitely not be small, so the lower support level focuses on $0.6, while the pressure level looks at $0.68.
Platform currency: Although HT is around $4, it is not stable. Pay attention to the support of $3.9. As the amplitude further narrows, the short-term target of OKB is $5.4, and the lower support level is $5.2. BNB support is at $30 and resistance is at $31.
