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Golden Observation | $4.6 billion Bitcoin futures were liquidated, how will the future market go?



On the morning of April 18, cryptocurrencies such as Bitcoin experienced a crash.

According to the data, based on the calculation of the 24-hour rise and fall on April 18, Bitcoin plummeted 17%, Ethereum plummeted 20%, Binance Coin plummeted 17%, Ripple Coin plummeted 26%, Dogecoin plummeted 19%, and Litecoin plummeted 28%. %, wave field plummeted 25%, grapefruit coins plummeted 29%. In addition, "Bitcoin fell below $52,000" was on Weibo's hot search-zce list.

Subsequently, cryptocurrency-related Asian stocks fell. On Monday, the Bloomberg Galaxy Encryption Index fell 10%, the largest drop since February 26; cryptocurrency-related stocks in Japan and South Korea also fell.

This weekend’s market turmoil triggered some 864,000 cryptocurrency futures liquidations, a new single-day record, according to data compiled by The Block. About 70% of these liquidations (approximately 613,000) occurred on the cryptocurrency exchange Binance. Of the total value of liquidations, $4.6 billion was Bitcoin futures.

Squirrel Miner has received strategic investment from Honeycomb, Flash Mining, Jinse Finance, and Coinin: Recently, SMINER, a graphics card mining machine manufacturer, has obtained strategic investment from Honeycomb, Flash Mining, Jinse Finance, Spider Pool, Donghong Technology, Coinin Strategic investment of Yin, Pcoin, Mobuyi and Yuan Dawei, founder of Kushen Wallet.

SMINER, a mining machine manufacturer for "joint mining", its headquarters, design and R&D are located in Taipei, and its operation, sales and production are located in Shenzhen. It is mainly engaged in ETH graphics card mining machines, self-developed and produced graphics cards Compared with mainstream brand graphics cards, the computing power is 2% higher and the power consumption is 10% lower. The two co-founders of Squirrel Mining Machine, Wang Junren Johnny and Lin Nianlong Jackey, both came from ASUS ASUS. Johnny was the general manager of ASUS Open Platform China. Lin Nianlong is the co-founder of Honeycomb and the founder of FlashMining, a mining financial service provider. , has worked in the mining circle for many years and is good at mining hedging financial services. [2020/10/13]

Additionally, the market crash caused Bitcoin transaction fees to soar to $47, with nearly 130,000 transactions waiting to be confirmed on the blockchain, according to Johoe-Hoenicke. Bitcoin’s average transaction fee is currently at a four-month high of $46.88, up more than 200 percent from an average transaction fee of $15.56 on April 4.

Jinse Finance Market Report|BTC fluctuated after rising, and the center of gravity of the platform moved down: According to the Huobi market, BTC reached a low of 8,841 USDT yesterday and then began to rebound and rise. It reached a high of 9,191.09 USDT in the early morning of this morning, and then maintained a slight shock. The average MA5 on the daily chart constitutes a suppression, and the platform is partially built around 9130USDT. However, compared with the previous platform built around 9400USDT, the center of gravity has shifted downwards. This situation is particularly evident in the weekly chart, and it has started a downward trend since the end of May. The moving average MA5 in the 4-hour chart constitutes support, and a short-term upward channel has not yet ended. The 1-hour chart has local slight fluctuations. With the help of yesterday's upward trend, there may be a possibility of hitting 9200USDT again. As of 10:00, the specific performance of the mainstream coins on the Huobi platform is as follows. [2020/6/29]

However, the market crashed on the afternoon of the 18th and there was a pullback. As of press time on the 19th, the price of Bitcoin has returned to 570 million US dollars.

Analysis | Golden disk: THETA/USD short-term pull-up is blocked: comprehensive analysis of the golden disk: The top of THETA/USD is heavily locked up, and the rise is blocked, pay attention to the risk of callback. [2018/8/17]

Many market voices believe that excessive market leverage is the main reason for the violent fluctuations in the cryptocurrency market. Analysts pointed out that the recent rise and fall of Bitcoin has been very fast, which is the result of leverage. However, a drop is also a good thing, which can make the market more stable and solid.

It is worth mentioning that the uncertainty of regulatory policies in various countries also brings risks to the encryption market, but the regulatory policies of various countries are also on the agenda.

According to market news, as the possibility of illegal activities such as money laundering and fraud using cryptocurrencies (virtual assets) such as Bitcoin increases, South Korea will strengthen the monitoring of illegal virtual asset transactions. The South Korean government has decided to crack down on illegal trading of encrypted assets from this month to June. According to the National Affairs Coordinating Office on the 19th, the government made relevant decisions at a virtual asset-related meeting held on the 16th.

Jinse Finance reported live that the launch of the Huobi public chain will create a next-generation self-financial system: Jinse Finance reported on the spot on June 6 that at the "Financial Chain Change-Huobi Group Global Brand Upgrade Conference", the Huobi Ecological Division Chen Guang, the project director, announced that the Huobi public chain was launched today, and the Huobi public chain will create a next-generation self-finance system. Self-made systems will gradually replace corporate organizations. This is a trend, and Huobi will be the forerunner to create this new world with new financial infrastructure. Self-made, secure, scalable, and manageable systems will become typical features. [2018/6/6]

When talking about the regulation of cryptocurrencies, Li Bo, deputy governor of the People’s Bank of China, responded that it is necessary to ensure that speculation in such assets does not cause serious financial risks. Li Bo said that encrypted assets are an investment option, not a currency itself, but an alternative investment. Therefore, we believe that encrypted assets should play a role in the future, as an investment tool or an alternative investment. If it is used as an investment tool, many countries including China are also studying, that is, what kind of regulatory environment should exist for such an investment method. Although this regulatory rule is the minimum regulatory rule, there are still regulatory rules.

As the price of Bitcoin fell below $52,000 on April 18, the funding rate for Bitcoin has fallen to its lowest level since September 2020, according to data. Quant trader and analyst Lex Moskovski said it was a sign that fear had returned to the market. According to data from Glassnode, the average bitcoin futures funding rate across all exchanges fell to around -0.03% on Sunday. It is reported that bitcoin futures exchanges use a mechanism called "funding" to achieve market balance. If there are more longs or buyers in the market, the financing rate will rise and vice versa. Therefore, when the funding rate turns negative, it means that most of the market is shorting Bitcoin, which indicates that there is concern in the market.

Analysts in the CoinDesk article said that while the decline looks typical of a bull market pullback, the decline could extend further if the price finds validation below the 50-day moving average.

Although there are voices of concern in the market, there are not a few people who are optimistic about the market outlook.

On-chain data analyst Willy Woo said Bitcoin is currently in a "halfway" state before bursting out with a potential gain of up to 733%. During this bull market cycle, his target price is constantly changing, starting from $300,000. The longer this bull market lasts, the higher the target, which is now on track to surpass $300,000, Woo said.

Billionaire investor and former hedge fund manager Mike Novogratz believes that the price of Bitcoin has been rising continuously and is currently only the tip of the iceberg, as he believes that Bitcoin will continue to rise significantly in the next few years. The amount of growth we're seeing in this space is staggering, and we're just getting started, Novogratz said.

In terms of data indicators, analyst K God pointed out that there was a sharp drop over the weekend, the lowest spot price fell to around 51,000 US dollars, the contract directly fell below 50,000 US dollars, and the market liquidated more than 40 billion yuan. The sound of the end of the bull market came again, and the bull market has ended up?

But looking at the long-term weekly trend of BTC, it can be found that this downward weekly line just stepped back on the long-term 3.618 Fibonacci support line that was broken in the previous period and then quickly rebounded, with a point around 52,000 US dollars. Compared with the previous bull market, in 2017 BTC broke through and stepped back on the long-term 2.618 support line, which was around 3,160 US dollars. After finishing, it rose all the way to the bull top of 20,000 US dollars. Let’s compare the bull market in 2013. BTC also broke through and stepped back on the 1.618 support line, and the point was about Around US$192, it rose all the way to the 13-year bull top of US$1,200. The first two rounds of the bull market all broke through the key positions of the week and ushered in a retreat. After the market wash, the mad bull market in the market outlook started.

At present, BTC has broken through the 3.618 position and has not fallen below again. It is obviously unreasonable to directly judge the end of the bull market. It is more likely to be a strong wash. The weekly line in the picture is also a long-term upward channel, and has broken through the long-term suppression of the middle track. There is a lot of space, and it has been reminded many times in the early stage that a sharp drop in the course of the bull market is an opportunity to buy low in the trend. If you do not break the key support, hold it patiently, and leave the market if it peaks. For now, BTC is also expected to usher in a new trend after finishing this area, so don't be blindly bearish at the moment.


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