Preface: Investment carries risks and caution should be exercised everywhere. This content is not intended as a recommendation and is for reference only
Preface: Investment carries risks and caution should be exercised everywhere. This content is not intended as a recommendation and is for reference only.
News flash:
1. Data: In October, the daily average trading volume of the Grayscale Bitcoin Trust Fund GBTC increased by 157%
According to TheBlockPro data, the daily trading volume of the Grayscale Bitcoin Trust Fund GBTC increased by 157% in October, dropping to $92 million. The spot trading volume of the Compliance Centralized Exchange (CEX) increased by an astonishing 55.2% in October, reaching approximately $291.2 billion. Last month, the spot market share ranking was: Coin On at 69.2%, Coinbase at 10.7%, BTSE at 5.8%, Kraken at 5.6%, and LMAXDigital at 2.9%.
2. Michael Saylor: "Unprecedented" Demand Will Boost Bitcoin by 10 Times
Michael Saylor, co-founder of MicroStrategy, told CNBC that he believes Bitcoin will soon experience the largest price increase in modern financial history. Firstly, a "halving" event will occur in April next year, with a 50% reduction in Bitcoin mining rewards, significantly reducing the number of Bitcoins sold by miners. Secondly, the first spot Bitcoin ETF is likely to be approved before Christmas, opening up cryptocurrencies for more mainstream investments.
Saylor stated: You will see the annual sell-off of $12 billion decrease to a natural sell-off of $6 billion, while products such as spot Bitcoin ETFs have increased demand for Bitcoin. That's why we are all quite optimistic about the next 12 months: demand will increase and supply will contract, which is unprecedented in Wall Street history. When banks and responsible custodians manage Bitcoin on Wall Street, the entire industry will start from there Moving away from the counterfeit coins that distract attention and destroy shareholder value, the encryption industry will move to a new level, and Bitcoin will be 10 times higher than it is now
3. US prosecutor: SBF thinks he can fool the world
Assistant Prosecutor Danielle Sassoon of the United States stated in court about SBF's actions that promising customers that "assets are safe" and then spending the money on himself and the company is not a reasonable business decision, but a fraud. Sassoon said that SBF's media blitz after the FTX collapse was "part of a credible effort to show that he thought he could fool the world.
It is reported that the judgment of the SBF trial may be made before the end of Thursday Eastern Time.
BTC Market Analysis:
The Bitcoin market closed a positive line yesterday, with its highest point at 36000 and its lowest point at 34300. Yesterday, it reached a new high in the near future, but it was not able to stand firmly above the 35000 level, and instead a retreat occurred. Although the strength of yesterday's negative k correction was significant, it is still relatively low compared to the previous day's positive k correction, and currently it is still a stage of horizontal consolidation. The MACD dual line is still above the zero axis, and the multi head energy column is also continuously increasing; The KDJ three lines form a dead fork and diverge downwards. So today's market is still dominated by low multiples.
Looking at it for an hour, in the previous few days, it had been fluctuating in the box range, and then yesterday morning there was a wave of rising and falling, a false breakthrough, and the white market currency price had been fluctuating, following a downward channel. At present, the MACD fast and slow lines are diverging downward in the early morning, and the bearish energy column is also continuously increasing; The KDJ third line forms a dead fork and diverges downwards. Overall, it is still in the stage of correction and volatility. As long as the subsequent market does not fall below the support of the box, it is still possible to be in a volatile market.
ETH Market Analysis:
The Ethereum market closed a negative K line yesterday, with its highest point at 1874 and its lowest point at 1784. Similar to the Bitcoin market, it has not been able to stabilize at the 1800 level and is currently operating around 1800. From a 4-hour perspective, the market was also operating in a box fluctuation range in the previous few days. Yesterday, there was also a wave of uplift, but it was also a false breakthrough. After reaching the 1847 front line, it fell back and is still in a volatile market. The support below the box also coincides with the lower track line, so we will see if we can fall below the box support in the future market, If it falls below, we can change our thinking and proceed with the subsequent layout. If it does not fall below, there is still a possibility that it is in a volatile market.
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