The proportion of BTC market value fell below 50%, and Huobi Asset Management released a virtual asset investment fund
Today's market news is more complicated, with mixed results, which is in line with the current ups and downs of Bitcoin.
Last night, Bitcoin started to dive while the U.S. stock market was trending well and gold rose simultaneously. There was no warning. In fact, there was no obvious negative news last night. The only news was that Coinbase was suspended from trading on the Deutsche Börse .
According to Bloomberg News, platform operator Deutsche Börse said that Coinbase will suspend trading on Deutsche Börse because the company lacks a required legal identifier. Coinbase provided a so-called Legal Entity Identifier (LEI) when it listed on Xetra and on the Frankfurt Stock Exchange, but the identifier proved to be unrelated to the listed entity.
It seems a bit far-fetched to say that this news caused Bitcoin to plunge to $3,000. After all, no matter what the reason is that Coinbase has problems on individual exchanges, it will at most affect the stock price of Coinbase itself, and then transmit it to the cryptocurrency market. Justifiably so.
In any case, the price of the currency still fell, and the market once fell below $53,000 today, which also made the market value of Bitcoin officially fall below 50%, reaching 48.8%. For this situation, there is actually a certain degree of Danger exists.
The main reason for the proportion of Bitcoin’s market value is that Bitcoin continues to fall or no longer rises, while other currencies, including altcoins, have been rising to increase their proportion. Once the proportion of Bitcoin is small enough, it will There is a situation of being unable to support the market, that is, after other altcoins are carnival and profit-seeking flees, a large number of altcoins will cause a chain reaction when the price drops. The party involved will follow the decline, which is the danger.
At present, the most important thing for Bitcoin is to increase its market value. The most effective way is to increase the price of Bitcoin. Otherwise, if other altcoins fall, there may be uncontrollable factors. The safest bull market trajectory is always Yes, Bitcoin rises, fluctuates at a high level, and then other currencies follow suit. If this trajectory cannot be followed, then the market will have a spontaneous adjustment mechanism. It will really cause heavy losses to retail investors.
Let’s talk about the good news. Huobi Technology Holdings Co., Ltd. announced that its wholly-owned subsidiary Huobi Asset Management (Hong Kong) Co., Ltd. will issue 4 fund products from now on. It includes 3 funds that invest 100% in virtual assets, namely Bitcoin tracking fund, Ethereum tracking fund and actively managed multi-strategy virtual asset fund, as well as a private equity fund related to blockchain mining. These 4 fund products are only available to professional investors (as defined in the Securities and Futures Ordinance and the Securities and Futures (Professional Investors) Rules).
This virtual asset fund is more like a grayscale trust. Investors can invest in digital currency through legal and compliant channels, but there are requirements for participants. Only institutional users with more than a certain amount of assets can participate. For retail investors, it’s still close, but it also means that if there are institutions in China that are interested in digital currencies, they can directly invest in cryptocurrencies. Listed in Hong Kong, we can still look forward to it.
Back to the market, today’s market bottomed out at the opening of the market. At around 10:00 in the morning, the market once fell below 53,000 US dollars, but then a needle appeared in the rapid rebound, and it returned to above 53,000 US dollars. At one time, it was close to 55,000 US dollars. Pullback to $54,000.
This time the pullback situation is really not very good. In the previous two pullbacks, the market rebounded quickly after bottoming out, and it rebounded quickly when it was close to Boll’s lower track, but this time it has been hovering for many days. Without an effective counterattack, it does seem more pessimistic than the previous two.
For example, after the previous two market declines, they have been accelerating the market pull, just to prevent too many people from successfully copying to the bottom, and they are currently hovering at this position. There may be a possibility of accumulating chips, and then they will be wiped out all at once. Therefore, at present Our suggestion has been made very clear, intervene in batches when stepping back again, each time the position should not be too heavy, and secondly, it must be spot stock, if it is a contract, a pin may be gone.
ETH: Today’s rise is still relatively strong. It was close to 2,500 US dollars at one point, and it can break new highs if it rises a little more. It is in obvious contrast with the market value of BTC. Therefore, it is always right to believe in ETH when necessary.
Platform currency: At present, the three major platform currencies are still relatively suppressed by the market. After continuing to rise yesterday, they were still suppressed by the market. BNB, in particular, has a 10% callback at every turn. At present, the platform currency sector may have short-term combat opportunities, namely funds There is a sudden influx, a slight pull and then immediately sold, you can pay attention to the rhythm a little bit.
Uni: In the past two days, Uni has been relatively tidy. After telling everyone that you can stock up on it two days ago, it has increased by almost 20%. For this type of currency, the cycle is very strong, and sometimes it may take a long time It’s not your turn, but it will always be your turn in the end, and the performance is not bad after the turn. At present, the bigger risk is on the side of BTC. If BTC continues to fall, then ETH and Uni may pull back in a short time .
DOT: The cycle is relatively strong. It is recommended that holdings can be used for value investment, and don’t be affected by other skyrocketing currencies.
