Regulation or wanton manipulation, which would you choose?
Recently, Musk's remarks have caused the cryptocurrency market to jump up and down, and the market has also fluctuated violently. The market has also questioned this. Musk’s frequent remarks on Twitter have involved manipulating the market, but the current imperfect supervision of the cryptocurrency market has allowed Musk to still have no scruples.
However, with the actions of the chairman of the US SEC, this situation may be improved.
US SEC Chairman Barry Gensler reposted a tweet about Musk today and said: Unstable fixes and tweets will cause HAVOC in the entire market. We need to think about sound regulation of new asset classes. When Bitcoin (currency price) is manipulated, the domino effect will also affect Doge, ETH, ADA, LTC, BNB, VET, ETC, HBAR, SHIB, DOT, LINK, XLM, XDC, UNI, PAC, CSC and other tokens .
This is almost a statement of the fact that Musk manipulates the cryptocurrency market by name. Although there are currently no very obvious regulations that can stop Musk, the attitude of the chairman of the US SEC must also restrict Musk to a certain extent.
At the same time, the recent frequent occurrence of this kind of situation may speed up the supervision measures of the US regulators on encrypted currency assets. According to the past, most people in the circle hold a relatively repulsive attitude towards supervision, but according to the recent situation, If there really is no supervision, it will only make some more famous and influential public figures manipulate the market more recklessly. Therefore, if that day really comes, be supervised or be manipulated, which one will you choose? ?
Speaking of supervision, there seems to be signs of this in China recently, for example, an article published by China Securities Journal.
China Securities Journal published an article today, "The Chaos of the Digital Asset Trading Platform". According to the article, recent surveys have found that digital asset trading platforms have been mixed for a long time, and chaos occurs frequently: some trading platforms regard the elderly as "harvesting objects", and "drainage" routines are suspected of pyramid schemes; "Cooperation, after investors "take the bait", they use technical means to damage investors; and trading platforms are reduced to cross-border "money laundering" tools to evade foreign exchange supervision and so on. Experts interviewed by reporters from China Securities Journal pointed out that these trading platforms have seriously damaged the rights and interests of investors, and it is imperative to strengthen supervision.
Investors in any circle will fully support the supervision of trading platform chaos. The question is whether to adopt different regulatory measures for legitimate cryptocurrencies such as Bitcoin and Ethereum. The most sensible approach, the environment in the past two years has shown that blocking may not be possible, it is better to try to unblock.
Just like the recent remarks at the Boao Forum for Asia, Li Bo, the deputy governor of the central bank, said that he is studying the regulatory rules for Bitcoin and stablecoins. Some of the existing regulatory measures in overseas developed economies are worth learning from. For example, the franchising license method adopted by many economies has achieved good regulatory effects.
Back to the market, this morning the market reached the bottom again, and then started a continuous rebound. The current market has returned to above 45,000 US dollars again, and the rebound effect within the day is still good.
It can be seen that the current rebound position is officially the high point of yesterday’s rebound, and yesterday’s high point has also become today’s resistance level. At present, the pressure level still exists, and it has been suppressed again after it has the intention of breaking through. However, If the market wants to develop further, this position must be broken through.
From the current point of view, don’t expect too much for a rebound in a short period of time. After the market falls, the first goal is always to stabilize first, and then you can look forward to the next trend. Just like the current market just returned to 42,000 US dollars, you want to immediately It is still relatively difficult to get back above $50,000.
At present, the main method is to operate. When the situation is unclear but the general direction is optimistic, it is recommended to enter the market in batches and not to take heavy positions at one time, otherwise it will be more uncomfortable in the subsequent shocks or even bottoming out. Although today’s opening will be recorded , but it does not rule out the possibility of a pullback in the evening market, so we try to be conservative. The support level is still at $42,000, and the short-term pressure above is in the range of $46,000-47,000.
ETH: During the bottoming out last night, ETH almost broke a new low, but in the end it managed to support the pillar and is currently back above $3,500. Although it follows the trend of the market, it is also one of the mainstream currencies leading the rebound.
Platform currency: The support still exists when it bottoms out again, and the strength when it rebounds is also good. OKB and HT can be properly stocked when they pull back.
DeFi: The DeFi sector should be the most brilliant in the past two days. Yesterday AAVE bucked the trend and rose, and Sushi’s trend was also very strong. Today, both rose by nearly 20%. This is also the best-performing currency we pushed in the early stage. There is no need to worry if Uni has not yet exploded. The leader is the leader after all, and there will still be performance opportunities in the later stage.
DOT: The trend in the past two days has been relatively average. Of course, there are opportunities for DOT to perform in the later stage. However, according to the previous performance, it may be relatively cyclical. If you mind this, you should consider it when entering the market.
