On March 26, the crypto market was affected by the strong market demand in the United States. The price of BTC rose more fiercely than previously expected by Dameng. While breaking through the US$700 million mark in one fell swoop, it also dispelled the worries of investors caused by last week's market decline. gloomy mood.
Although before the deadline, the market surged, it fell back due to the unprecedented strengthening of supervision in the Nigerian region of Binance Exchange. In the short term, the market may experience huge fluctuations, but based on historical experience, such turbulence will soon be alleviated. Before the deadline, BTC rose by about 0.65% to $70,240.
According to market news, Binance’s business in Nigeria has been suspended. One of the two leaders was arrested and the other “escaped.” Judging from the official statement of Nigeria, it has basically confirmed and grasped evidence of Binance's operating violations, and is filing four tax evasion charges against Binance.
Affected by this, some panic selling and currency transfers occurred on the Binance.Nigerian exchange chain. In addition, the crisis encountered by Binance exchange in the Philippine market may be more serious.
According to market news, this week the Philippine Securities and Exchange Commission asked the country’s telecommunications regulator to block Binance, a move that caused users to start withdrawing funds from the cryptocurrency exchange. Merchants on the Binance P2P market are said to be offering discounts of 5 to 7 For selling Tether’s USDT, retail customers also face “huge” on-chain transaction fees.
Dameng believes that short-term market panic is inevitable, but it seems that this is not a cause for concern, because similar things have happened many times in our country's early years.
The purpose of regulatory intervention is to eliminate the negative impact of local "fraud incidents", money laundering transactions and capital outflows on the country's economy. Our country has also made these efforts, but the end result is "repeated prohibitions." Da Meng believes that the Philippines will not do better than us.
At present, except for a few countries, the "global consensus" on crypto assets has basically been reached and will not fall apart due to the will of one or several countries. Entity companies are joining the track every day, especially after the issuance of the BTC spot ETF. There is no doubt that this will increase the scarcity of BTC and continue to push up the price of BTC.
It is worth noting that an unconfirmed market report last year showed that some countries that did not want to disclose their identities were using physical companies to purchase crypto assets such as BTC for international trade payments...
At present, we can basically confirm that as the BTC ETF global market gradually liberalizes, the number of BTC available for circulation will continue to decrease. And the market expects that with the emergence of more derivatives (options, ETNs, etc.), more funds will flow into crypto assets.
Glassnode chief analyst James Check showed a chart on Monday that compared Bitcoin’s price action over the past three years to other Bitcoin eras after hitting their respective all-time highs.
According to the Check metric, Bitcoin is actually in the same position it was in December 2020. At the time, the asset had just surpassed its all-time high of $19,600 set on December 12, 2017 (after a 36-month wait), and surged to $64,000 in just a few months.
