South Korea's largest game company allocates Bitcoin, and ETH will call back as soon as it hits a new high?
There were rumors in the market yesterday that Facebook may announce its holdings of Bitcoin today, mainly due to the rumors of several big names in the encryption community. Mira Christanto, a senior research analyst at Messari, believes that the current recovery of Bitcoin to above $53,000 may be due to Facebook bought Bitcoin, and the recent plunge below $48,000 was due to Tesla selling 10% of its BTC holdings. British entrepreneur and investor Alistair Miln said on Twitter that according to rumors on Twitter, Facebook has Bitcoin on its balance sheet and will reveal the news after its quarterly results report on April 28.
But Facebook didn’t wait, but waited for another big player—Nexon, the largest game company in South Korea. Classic games such as Kart Run, Dungeon and Warriors, and MapleStory were all developed by this company. It is a well-deserved game giant. . Nexon announced this morning that it purchased $100 million in bitcoin at $58,266 per bitcoin, less than 2% of its cash holdings.
Nexon CEO Owen Mahoney said in a statement: "Our purchase of Bitcoin reflects a disciplined strategy to protect shareholder value and preserve the purchasing power of cash assets. In the current economic environment, we believe Bitcoin provides long-term stability and liquidity while maintaining the cash value of our future investments."
As we said before, as companies like Tesla Meitu gradually use Bitcoin as their corporate asset allocation, it is only a matter of time before other companies get involved in Bitcoin. The atmosphere of cryptocurrency in South Korea is actually very strong, and it has been ahead of China for a long time. It is reported that there are more than 100 digital currency exchanges in South Korea. You can notice that the bitcoin purchased by Nexon is far higher than our current market price, because bitcoin Coins are at a premium in South Korea.
At present, Nexon is equivalent to taking the lead. It is expected that more and more listed companies in South Korea will start to allocate Bitcoin.
It is worth noting that Facebook’s quarterly performance report came out on April 28, and at present, this time should be in the United States, which also means that Facebook will announce its quarterly performance report when Americans wake up at night. It is still unknown that the company will not announce its holdings of Bitcoin in the company's statement. Therefore, you can still look forward to it at night, and maybe there will be a surprise tomorrow morning.
Let’s take a look at Ethereum, which has hit new highs recently. The trading volume of Ethereum is concentrated in non-compliant exchanges led by Binance and Huobi, and US-compliant exchanges led by Coinbase and Kraken. The number of new addresses in Ethereum, The number of active addresses and transaction volume have hit new highs recently.
In addition, with the strong rise of ETH in recent days, the number of new accounts depositing more than 32 ETH in ETH2.0 has also increased significantly. When ETH broke a new high yesterday, the number of new account addresses set a new record of single-day growth this year with 472. The pledged ETH cannot be redeemed until the second phase of ETH 2.0 goes online. The supply in the market has been greatly reduced, which has stimulated the price increase. Moreover, the high annualized rate of return targeted by ETH2.0 pledged mining is very attractive to currency holders, forming a good positive cycle. After the upgrade of EIP-1559 in July, some excavated ETH will be destroyed, which may stimulate the price of ETH to continue to rise.
Going back to the market, the market hit a new high this morning and then fell into a correction. In fact, it can be seen from yesterday's market that it is a bit difficult for Bitcoin to go up. After all, there has never been a decent correction in this wave. Moreover, it has also risen to near the middle rail of BoLL, and the callback is also a normal trend.
The reason why Bitcoin continued to rise yesterday was mostly due to ETH’s pull. However, the trend of ETH every time it dominates the market after hitting a new high is very strange. It can be seen that basically most of the time it hits a new high, and the first time Step back, and they don't continue to create new highs. Most of the time, they just break through the previous high, and then immediately start to fall. I have to say whether this is a place with metaphysics.
Of course, there is no need to worry about the overall rhythm at present. We have also reminded many times about the reasons for the rise of ETH and the supporting factors. It is a good target for value investment.
DeFi: Following yesterday’s rise, Uni hit a new high today, touching $42. Although it then fell back, it can be seen that under the influence of ETH, the desire to rise has been significantly strengthened. Now it depends on when the entire Defi sector will be Can be active. Also eye-catching is Cake on BSC, which has been hitting new highs every day recently. Of course, there are still things to be wary of. If DeFi on ETH rises, will it support and rise with DeFi on BSC, or will it form a competitive relationship? , this point may be that the projects on the BSC are more worried. Once the ETH problem is resolved, the name of the first public chain is not so easy to shake.
Platform currency: Recently, we should mainly look at BNB. BNB, which is not a cycle of platform currency, has rebounded to a certain extent due to the feedback of DeFi, and the rebound rate is not strong. As for the other two platforms, the main consideration is how to Make the public chain of your own platform, so that you can have opportunities for both the platform currency cycle and the DeFi cycle in the future.
DOT: As we said, if the position is too heavy to hold, you can divide the position into DeFi, and of course you have to choose an opportunity to enter. The cycle of Polkadot seems to be a little longer at present.
