The proportion of Bitcoin market capitalization has hit a new low, and the market may face adjustments in the short term
On April 30, most listed companies in the United States released their financial reports, including MicroStrategy, a Nasdaq-listed company and a business intelligence software company that currently owns the most bitcoins. According to MicroStrategy’s financial report for the first quarter of 2021, its In the first quarter of 2021, a total of about 20,857 bitcoins were purchased for US$1.086 billion, with an average purchase price of US$52,087 each. As of now, MicroStrategy holds a total of about 91,579 bitcoins.
Although the cost of these more than 20,000 bitcoins is as high as US$52,087, with the addition of more than 70,000 bitcoins, the average cost is only more than US$240,000, and the overall profit margin is still relatively large.
It is worth mentioning that, apart from Bitcoin, MicroStrategy's main business is loss-making. According to its published financial report data, MicroStrategy's net loss in the first quarter of 2021 reached 110 million US dollars.
It's no wonder that MicroStrategy CEO Michael J. Saylor said, "MicroStrategy's first-quarter performance clearly shows that our two-pronged corporate strategy of developing our enterprise analytics software business and acquiring and holding Bitcoin is creating considerable returns for our shareholders." value."
He also stated, “We continue to be pleased with our Bitcoin strategy.” “We leverage our thought leadership in the cryptocurrency market to demonstrate how organizations can integrate digital assets into balance sheet management. In seeking to create In the process of creating more value, we will continue to acquire and hold more bitcoins." In a word, as long as we have money, we will continue to buy and buy.
Pay attention to another piece of good news. The official Coinbase blog stated that from April 30, 2021, American users only need to have a Paypal account, and they can immediately trade on Coinbase without adding a bank account or card number to Coinbase. Trading cryptocurrencies on Coinnase, simple and easy.
Friends who have an impression should still remember what we revealed in the interview with the Paypal CEO some time ago. At that time, he said that users on Paypal have an increasing demand for cryptocurrencies, so the current cooperation between Paypal and Coinbase is no different. The currency circle has brought a wave of new users and new funds, which can be viewed from a positive perspective.
The last one is what everyone is most concerned about recently. The market value of Bitcoin has reached a new low again. Recently, as the price of Bitcoin has remained unchanged, the prices of other currencies have risen slowly, causing the market value of Bitcoin to reach 47.54. %, this figure is a new low since August 2018. Judging from the experience of 2017-2018, the decline in the price of Bitcoin and the increase in the price of Ethereum and altcoins are similar to the end of the bull market.
If in the short term, the probability of impact is relatively high, we have analyzed this before, and the market will adjust accordingly, but will it lead to the end of the bull market? This is really not certain. Because the current rising factors in the market are different from those in 2017, as mentioned above, many listed companies and other institutions have begun to own Bitcoin, which is equivalent to an extra layer of protection for the currency price.
History is certainly worthy of reference, but it does not mean that history will repeat itself. It is possible that it is still in the first round of historical process. After all, the history of Bitcoin is too short. All in all, based on the market value of Bitcoin. Adjustments are possible, but the probability of a complete reversal is unlikely.
Back to the market, after the opening of the market today, the market first bottomed out, and then continued to rebound. At present, the market has returned to above $54,000, and today's rebound looks good.
At present, it seems that whether it can stand firm in the range of 56,000-57,000 US dollars is the primary problem to be solved this week. Only when it stands firmly in the range of 56,000-57,000 US dollars, the market is expected to further launch an offensive, and this position was the first time when the market fell before. , also stayed for a short time, but in the end it did not stand firm and fell. It is the first time it has rebounded, and it is normal to have pressure.
It can be clearly seen that the trend of the day before yesterday was close to the high cross star, which was verified by the decline yesterday, coupled with the suppression of Boll's mid-rail, it is a relatively obvious short-term head shape, and in addition to the fact that the holiday is about to enter, we still need to be cautious, and at the same time As we said about the low market value of Bitcoin, if the market adjusts, there is a high probability that Bitcoin will fall and other currencies will fall more.
Focus on the $56,000 pressure level within the day, and $52,000 on the lower support.
ETH: It went up again yesterday, but as we said, the atmosphere is a bit overheated. Be careful of the probability of a callback in the short term. The current profits can be pocketed, and the May Day holiday is still relatively a rest.
DeFi: At present, the price of cake exceeds that of Uni. Although there is still a gap in market value compared with Uni, from the market point of view, Cake’s entry into the top ten seems to be a sure thing, but it is recommended to start paying attention again. Every time BSC seems to be in full swing It seems that there will be problems in the end of the project, so there is no need to worry too much about Uni and the Ethereum public chain.
Platform currency: In recent days, HT and OKB have performed well, all because of the obvious benefits that are rising. BNB is relatively weak, but if BNB continues to break through, it will be very different, so the current pressure is also great. will be bigger.
DOT: It took a little hard work yesterday, with an increase of close to 6%, and it rose against the trend. The performance is not bad. Now it depends on when the activity will come back.
