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At present, the situation of Dog Coin (DOGE) seems not very optimistic. In the cryptocurrency frenzy of 2021, with the support of billionaire Elon Musk, the price of DOGE was once close to $1, but now faces the risk of falling to zero

Due to market expectations that the Federal Reserve will adopt more lenient policies, cryptocurrency prices have rebounded since the beginning of this year.On Tuesday (April 11th), Bitcoin prices broke through a critical level and reached their highest point since the accelerated decline last summer. With bulls once again dominating the market, prices may continue to rise in the short term.Bitcoin has risen 6% in the past 24 hours to $30100. For several weeks, Bitcoin has been trading sideways at around $28000, and prices have since risen again. Since the beginning of this year, Bitcoin has risen by 80%, sparking expectations of a possible new bull market.Naeem Aslam, Chief Investment Officer of ZayeCapital Markets, said: "The current price pattern is expected to attract a lot of attention, and investors will develop a 'fear of missing opportunities' mentality. At the time of the significant rebound in Bitcoin prices, many investors have already missed opportunities. Investors may make some profit taking at the current price level, but based on the upward momentum, prices are highly likely to continue to riseGoing out of the consolidation stage, Bitcoin may further riseSince a series of company thunderstorms shook the cryptocurrency industry in June last year, Bitcoin prices have not been able to exceed $30000. Therefore, for traders, breaking this psychological level now is a bullish signal. At present, bulls firmly control the situation, and in the highly liquid and speculative Bitcoin futures market, most positions are betting on further price increases, and many short positions have been eliminated.Many Bitcoin futures positions, including short positions betting on price declines, are built with borrowed money, and if the price trend contradicts the bet, traders may be forced to close their positions. According to Coinglas data, over $150 million in short positions have been forcibly closed since Monday. In addition, as closing positions usually triggers automatic buy orders, this will add upward pressure to the already rising Bitcoin market.Most of Bitcoin's recent gains have been due to its sensitivity to macroeconomic factors and correlation with the stock market, but Bitcoin's performance far exceeds that of the Dow Jones Industrial Average and the S&P 500 Index.去年加密货币面临的一个主要阻力是美联储大幅加息，加息抑制了对比特币等风险更高的投资的需求。Due to market expectations that the Federal Reserve will adopt more lenient policies, cryptocurrency prices have rebounded since the beginning of this year.Investors are waiting for the Consumer Price Index (CPI) released on Wednesday and the Producer Price Index (PPI) released on Thursday to determine the next steps of the Federal Reserve.James Lavish, executive partner of Bitcoin Opportunity Fund, pointed out that traders speculate that CPI data may prompt the Federal Reserve to suspend interest rate hikes, thereby boosting high-risk assets such as Bitcoin. Prices exceeding $30000 also release bullish signals, and Bitcoin is likely to rise further.But the future trend of Bitcoin will not be smooth sailing. In order to ensure that Bitcoin can continue to rise for a period of time, it must maintain its current growth rate and consolidate above the next technological level. In addition, people are still paying attention to Bitcoin's performance for the rest of this week.Katie Stockton, executive partner of Fairlead Strategies, a technology research firm, said, "Bitcoin is coming out of the consolidation phase. If we can confirm breaking through the consolidation phase above $28100 this Sunday, we will shift to a short-term bullish stance and suggest preparing for a second resistance level near $35900 in the price rangeIn addition to Bitcoin, Ethereum, the second largest cryptocurrency, rose 3% to $1920, while smaller cryptocurrencies also rose, with Cardano up 5% and Polygon up 3%. Dog currency increased by 3%, while Chaigou currency increased by 2%.Encryption companies flocking to Hong KongAlthough Bitcoin is currently heavily regulated by regulatory agencies worldwide, it is surprising that one financial center is moving in the opposite direction: Hong Kong, China. During the Bitcoin speculative frenzy from 2020 to 2021, Hong Kong, like mainland China, held a skeptical attitude towards cryptocurrencies, ceding its position as the center of cryptocurrencies in East Asia to its competitor Singapore. All of this has changed since the new Hong Kong SAR government took office.In February of this year, the Hong Kong SAR government announced a new regulatory template for cryptofinance, which includes allowing individuals to invest in "large market value" tokens. This is an all-encompassing and exceptionally detailed system, and it can be said that Hong Kong aspires to become a leader in the cryptocurrency market, "said Kishore Bhindi, a Hong Kong resident lawyer for Linklaters' financial regulatory groupThe Financial Secretary of Hong Kong, Paul Chan, announced that the SAR government has allocated a budget of HKD 50 million (approximately $6.5 million) for the development of the Web3 ecosystem. The Hong Kong Monetary Authority and the Securities Regulatory Commission plan to hold a roundtable meeting on April 28th to "promote direct dialogue" and "share practical experience" with the industry.The Hong Kong Securities Regulatory Commission stated that operators of virtual asset trading platforms (including existing platforms that have meaningful and substantial business in Hong Kong before June 1, 2023) that plan to apply for licenses should start reviewing and modifying relevant systems and monitoring measures to prepare for the new system. Cryptocurrency operators quickly responded. Industry consulting firm Holland& Marie's partner Claire Wilson said, "Related companies are flocking to Hong Kong, and some larger participants have a 'fear of missing out' mentalityWilson pointed out that unlike Singapore, which relies on its vast ports and related businesses, the financial services industry is very important to Hong Kong, accounting for nearly a quarter of its GDP. This is also why Hong Kong is actively welcoming the Web3 era.In the long run, Hong Kong may be more interested in the application of encryption technology in traditional financial services, such as tokenized bonds and tokenized securities, "said Bindi from Nianlida Law FirmMetalphaTechnology Holding, a cryptocurrency broker, pointed out that allowing individual investors to trade large market tokens on exchanges licensed by the Securities and Futures Commission was a major milestone, and those who had originally planned to go to Singapore changed their minds.Singapore's experience in trying to cultivate a trustworthy encryption business is not very encouraging. Angela Ang, who previously worked for regulatory agencies in Singapore and is currently a senior policy advisor for blockchain intelligence company TRMLabs, stated that when the regulatory system was introduced in January 2020, only 11 out of 169 encryption service providers operating in Singapore have met the licensing requirements so far. The collapse of Terra/Luna, headquartered in Singapore, has reduced local enthusiasm for the industry.Ang pointed out that the proposed regulations in Hong Kong are not significantly different from those in Singapore, and some companies wishing to enter Hong Kong may not be able to obtain permits.But Ang still maintains an optimistic attitude, saying, "The most important thing is not to forget the prospects of the underlying technology, even though it is experiencing growth pains. Hong Kong used to be a wait-and-see attitude, but now may have learned from the mistakes of other countriesCombining cryptocurrency with Hong Kong's strong financial infrastructure and the huge savings held by individual investors may create a global cryptocurrency center for an exciting new field, but of course, everything may once again "turn to ashes".Article | Jack Denton, Craig MellowEditor | Guo LiqunCopyright Notice:Original articles by Barronschna are not allowed to be reprinted without permission. The English version is reported on April 11, 2023 as' BitcoinSoarsPass $30000. WhePricesCouldKeepGoeingUp. '.(The content of this article is for reference only, and investment suggestions do not represent the tendency of Barron Weekly; there are risks in the market, and investment should be cautious.)