According to CNBC, Coinbase Chief Policy Officer Shilzad said he believes that cryptocurrency legislation will advance in Congress "quite quickly" after Trump enters the White House. Trump was known for his well-known policy platform supporting cryptocurrencies during his campaign. He made these remarks at a time when two key cryptocurrency-related legislation are being advanced in Congress. One is the (21st Century Financial Innovation and Technology Act) initiated by the Republicans, which aims to establish a legal framework for digital assets. The bill was passed in the House of Representatives earlier this year. The other is the (Payment Stablecoin Clarity Act), which aims to establish a regulatory system to license stablecoin issuers-stablecoins are tokens pegged to the value of fiat currencies such as the US dollar. The stablecoin bill has not yet been voted on in the House of Representatives.
Last Friday, Ethereum's ETF saw a single-day inflow of more than $330 million, while Bitcoin's inflow on the same day was only $320 million. This was the first time in human history that the Ethereum ETF defeated Bitcoin, and it even became a hot topic. Therefore, the price of Ethereum reached a high of 3760, which can be regarded as a small compensatory rise. It is still a bit away from Ethereum's real outbreak. After all, Bitcoin has reached so many new highs, and Ethereum has not even returned to above 4000. It is more than 1000 points away from its previous historical high of 4800, which is much farther than Bitcoin's distance from 100,000. It can only be said that Ethereum still has a lot of room for growth.
Chu Yuechen: 12.3 Bitcoin ETH market analysis and trading reference
I talked to you in yesterday's article and gave you long orders in the range of 94500-95000. The point was just right, and it was given more than once. The stop profit of 2000 points was just right. At the same time, we also gave the current price order in the group. There is nothing to say about this wave. It was all arranged in advance and the plot was all in line.
Today, I still hold the same view. The market is also fluctuating. We just need to continue to trade in this range. As usual, we just need to wait for the market to break through.
Secondly, various data for December have been released one after another, such as ADP, non-farm, CPI, interest rate decision, and the giant Microsoft mentioned earlier will also decide at the beginning of this month whether to use Bitcoin as the company's reserve asset. If approved, it will undoubtedly increase buying power, but at the same time market volatility will also increase.
I have already talked about this with you before. In terms of spot trading, ETH can be appropriately supplemented. The price of Bitcoin is already very high, and the profit margin of spot trading is limited.
For the evening contract, you can continue to refer to the range of 94500-95000 to arrange long orders, with a stop loss of 1000 points and a take profit of 2000 points. For ETH, you can use 3530 as the stop loss to enter the long order.
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