Shen Wanyuan: When 312 comes again, can the sword of Damocles hanging over the head of the currency circle break through the sky with one sword?

特邀专栏作者

2021-03-12 08:20

This article is about 1821 words, reading the full article takes about 3 minutes

312 Coming again, can the sword of Damocles hanging on the head of the currency circle break through the sky with one sword?

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312 Coming again, can the sword of Damocles hanging on the head of the currency circle break through the sky with one sword?

On the previous Wednesday, the market fluctuated upward after revisiting 53,000, and the lowest fell back to around the 54,100 line. On Wednesday, an operation suggestion was given at the 53,100-53,300 line to enter the market, and the first target was 5533-55,500. The highest point on Thursday morning was near the 55,600 line, perfect Hit the first stop profit target, successfully stop profit of 2000-2500 points, then the market fluctuated upwards, and this morning gave the highest point to test the historical high line of 58000 again, and now it is blocked and falls back and fluctuates in the small range of 56000-57000 line.

Bitcoin (BTC) operation suggestion:

1.53200-53600 enter the market with multiple orders, default stop loss, target 57800-58000

Ethereum (ETH) operation suggestions:

The market falls below 1730 and enters the market to place an empty order, the stop loss defaults, and the target is 1650-1680

Bitcoin Cash (BCH) Operation Suggestions:

1.526-532 entry layout with long orders, default stop loss, target 564-560

Wright (LTC) operation suggestion:

1. 215-210 entry layout empty order, default stop loss, target 193-194

2.193-194 enter the market with multiple orders, default stop loss, target 210-215

Friendly reminder: enter the market with light positions, don't be greedy, and you will be safe. Pay attention to controlling risks! (For empty orders, remember to do what you can, don't carry orders)

The Sword of Damocles on Bitcoin

During Trump’s tenure, he proposed a new set of regulatory rules for the encryption industry, requiring financial service companies to record and submit the identity and transaction information of some cryptocurrency holders to curb money laundering or other illegal activities of cryptocurrency.

The U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) is still pushing ahead with the set of rules after Trump lost the election. Even, FinCEN once wanted to compress the consultation period, which usually lasted several months, to 15 days, in time to launch the policy before the Trump administration leaves office at the end of January.

The move sparked a flood of negative commentary from the crypto industry, a cryptocurrency trade group even filed a lawsuit in court, and under pressure, FinCEN announced a last-minute delay to the policy release. The new Treasury Secretary Yellen took over the job, and finally the consultation period for the policy was extended until the end of March 2021.

There are two highly controversial proposals for encryption regulation introduced by FinCEN:

Requires banks and cryptocurrency services firms, including cryptocurrency exchanges, to report to the U.S. Treasury Department when customers transfer more than $10,000 worth of cryptocurrency to non-custodial wallets. To put it simply, when a customer wants to withdraw $10,000 in cash, the platform will send a report. The technical difficulty with this move is that non-custodial wallets are mostly offline, making them difficult to track.
Requires banks and cryptocurrency services firms to keep records, including the counterparty's identity, when customers send more than $3,000 worth of cryptocurrency to someone else's non-custodial wallet. But for cryptocurrency exchanges, the move can lead to significantly higher costs of doing business, and it is sometimes impossible to verify the identity of counterparties at all.

This set of policies will threaten the core "decentralization" function of cryptocurrency. According to analysis by industry insiders, if this set of regulatory rules is formally implemented, it is likely to cause the price of cryptocurrencies to plummet.

When it comes to cryptocurrencies, the Biden administration seems to be on the same page as the Trump administration.

Last week, Yellen said at an online event hosted by The New York Times:

I don't think Bitcoin can become a widely used transaction mechanism. I worry that (bitcoin transactions) are often used for illicit financing.

The new U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler said on Tuesday that the SEC will ensure that the cryptocurrency market is "free from fraud and manipulation" under his supervision.

Crypto exchange Coinbase, which is seeking a listing, also recently received an administrative subpoena from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), requiring it to disclose certain transaction information.

According to Bloomberg, "K Street" ("lobbying a street", gathered a large number of think tanks and lobbying groups) and many heavyweights on Wall Street are trying to lobby FinCEN to withdraw the new regulations, such as the American Chamber of Commerce, Fidelity, venture capital firm Union Square, etc. Ventures, the Winklevoss brothers, co-founders of the "Gemini" exchange, blockchain protocols, and Coinbase, among others.

The U.S. Chamber of Commerce has said the rule would have "unintended long-term consequences" for the virtual currency industry.

ETH

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