“Digital currency weekly review” bitcoin rose and fell by US $40000, a flash in the pan

Source: CICC The spot market summarized the trend of bitcoin this week. At the beginning of the week, bitcoin fell sharply from the high level of $40000 / piece, once approaching $30000 / piece. On Wednesday and Thursday, it continued to rise, breaking through $40000 / piece again. However, it failed to stabilize the level and then fell back. As of the time of issuance, it was still trading near $36000 / piece. This week, in addition to the intervention of institutions and retail investors, it was also affected by the financial stimulus in the United States. U.S. President elect Joe Biden announced a nearly $2 trillion aid package on Thursday aimed at alleviating the new epidemic and its economic impact, including $20 billion for vaccine distribution and $50 billion for testing. Biden’s proposal triples the amount of money allocated to state and local governments for vaccine distribution, compared with the $982 billion plan approved last December. It is good for digital currency. MS Lagarde also named bitcoin this week, saying it needed regulation. In fact, due to the craziness of bitcoin market, some trading platforms have to go out, saying that if there is another crazy market, it may be necessary to limit cryptocurrency orders, raise the margin threshold, and force closing positions. In terms of market value, the total market value of bitcoin remained well above US $600 billion, reaching US $675.09 billion before the issue, accounting for 66.03% of the total market value. Ethereum ranked second with a market value of about $141.734 billion, accounting for 13.86% of the current market value; usdt ranked third with a market value of about $24.379 billion, accounting for 2.38% of the current market value. The top 10 gains this week are as follows: Top 10 declines this week: Capital flow: net inflow Net outflow Transaction amount of this week: The contract market concluded that the turnover of several major exchanges fell, and bitcoin rose sharply when it broke through the $40000 mark at the beginning of the week, and then showed a downward trend in several trading days. In addition, we can see that the situation of stock market explosion also shows a downward trend. 1. Trusttoken and secret network have reached a cooperation to support tusd for private transactions. Trusttoken is the behind the scenes team of truefi’s mortgage free lending platform and stable currency agreement, including US dollar backed stable currency trueusd with real-time online audit function. Recently, the asset token platform announced a cooperation agreement with secret network, a public blockchain, which provides a smart contract for privacy protection. 2. Pantera capital’s three digital asset funds have all achieved triple-digit growth, and Pantera capital, an encryption investment company, has performed exceptionally well at the end of 2020. According to an investment statement shared with the block, the three digital asset funds of the investment company have all achieved triple-digit growth. The company’s ICO fund was up more than 300% earlier this year and more than 500% by the end of 2020, the report said. Meanwhile, its bitcoin fund is up 299% at the end of 2020. 3. Kim dotcom, founder of Megaupload, has officially joined the bitcoin cash BCH file sharing website. Kim dotcom, founder of Megaupload, tweeted that he had officially joined the plan to fund the development of bitcoin cash (BCH). In an interview with relevant media, dotcom expressed its recognition of TCD cash. He believes that BCH is far undervalued because it handles about 10% of bitcoin’s trading load, but its market value is only 1% of bitcoin’s. He also alluded to the low transaction costs of bitcoin cash, which is why he preferred the currency. 4. On January 13, 2020, visa announced the acquisition of Silicon Valley financial technology venture Plaid for $5.3 billion, in order to meet the growing consumer demand for financial technology applications and non card payment. 5. As bitcoin has cooled from its recent all-time high, HSBC, the banking giant, has imposed a new restriction on its customers: UK cryptocurrency traders and investors can no longer transfer their money from the digital asset exchange to HSBC. Bitcoin: bitcoin has repeatedly tried the $40000 mark this week, but many attempts failed to stabilize. At the beginning of the week, it fell sharply to close to 8500 US dollars, and then continued to climb in several trading days to test the $40000 mark again. However, in the future, if we continue to explore the $40000 barrier for the third breakthrough, it is expected to have a greater breakthrough. At the beginning of the week, the trend of Ethereum Ethereum showed a state of first restraining and then rising. At the beginning of the week, it also fell from the high level of 13000, and then ran all the way to test the $1300 again in several trading days. From a technical point of view, the overall upward trend remains unchanged. Once it breaks the $1300 barrier again, it is expected to soar again. The trend of Boca chain this week can be described as rising. After breaking through $10 on Thursday, it began to accelerate, breaking through the $11, 12, 13, 14, 15, 16, 17 and 18 to 19. The overall bull situation is strong, can not be bearish easily.

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