It may take some time to digest the selling pressure. Regarding the future market trend, if you want to be bullish, the Fed's interest rate cut will be a key factor. The current market gains are mainly dominated by information, and the increase in macro liquidity is the most direct way to improve.
Another exciting factor is the US election. As the election day approaches, the cryptocurrency competition between Trump and Biden is intensifying.
Cryptocurrency has become an important issue for politicians to win voter support. Trump has frequently taken action, choosing cryptocurrency experts as campaign advisers and publicly supporting activities such as the Bitcoin Miners Conference. Biden has also participated in the Bitcoin Roundtable and contacted people related to the crypto industry. The competition between the two sides is obviously beneficial to the cryptocurrency industry, and the sudden approval of the Ethereum spot ETF also shows the benefits of competition.
In the long run, Jiaoliu (Jun Yang): BNB 000789, interest rate cuts and the US election are both positive factors for the cryptocurrency industry.
The market faces some uncertainties in the short term. Bitcoin has fallen to the shutdown cost of some mining machines, which usually marks that the market may have bottomed out. The current high premium of USDT shows a strong bottom-hunting sentiment, but in the short term, attention should still be paid to the digestion of selling pressure. For example, the compensation process of Mt Gox has just begun, and creditors may have to wait a long time to receive Bitcoin or Bitcoin Cash.
The launch of Ethereum spot ETF has not yet been finalized. If the future development is not as expected by the market, it may further suppress the market.
In the current downtrend, it may be possible to consider building positions in some mainstream cryptocurrencies with high certainty such as Bitcoin and Ethereum in stages. #非农就业数据即将公布 #德国政府转移比特币 3#VanEck提交首个SolanaETF #MiCA #美国首次申领失业救济人数超出预期 (Bitcoin and Ethereum early review strategy analysis from Monday to Saturday, long-term irregular recommendation of high-quality coins and live analysis)
