On Friday, Bitcoin also jumped during trading, breaking through $62,000 at one point, rebounding more than $3,000 from its intraday low and away from the two-month low set after falling below $57,000 on Wednesday.
Despite a slow start after the launch of Bitcoin and Ethereum spot ETFs in Hong Kong, the weekly inflow of nearly $300 million is a huge achievement worldwide. According to SoSoValue data, the two-day trading volume of the three Bitcoin spot ETFs in Hong Kong exceeded $9.7 million.
CZ was sentenced to four months in prison. What impact will this have on Binance?
On Tuesday (April 30), in the U.S. Federal Court in Seattle, Binance founder and former CEO CZ officially accepted the verdict and was sentenced to four months in prison for violating anti-money laundering laws.
The former leader of the world's largest cryptocurrency exchange previously admitted to violating the Bank Secrecy Act in the operation of his platform.
For the crypto industry, this case not only reflects the U.S. Department of Justice's strict attitude towards enforcing the law on cryptocurrency exchanges, but may also have a far-reaching impact on the global cryptocurrency market.
Although CZ left the CEO position of Binance, Binance’s market position has not been significantly affected and it remains the world’s largest cryptocurrency exchange.
According to data from Coingecko, Binance's 24-hour trading volume remains above US$16 billion, with monthly visits reaching 101 million, steadily leading the world.
Especially from November last year to date, trading volume has not shown a downward trend due to legal events, and there has not been any panic outflow. On the contrary, in March this year, driven by the bull market cycle, trading volume soared to US$68 billion, setting a new historical record.
Tell us about your feelings about the recent market situation. How long will the volatile and boring market last?
This wave of decline has been brewing since March. According to past market conditions, a round of small increases basically ends from November to March of the following year, starting a 3-4 month decline adjustment and then entering the next rising cycle. It begins to stabilize and rise after June and mid-July each year.
After experiencing the last bull market, we can clearly feel that this bull market is different from the previous ones. The pace of the bull market has accelerated. Breaking the previous high before halving is the best proof. It can be inferred that the pace of restarting the market after halving will also be advanced. The driving force behind all this is ETF, which has accelerated the pace of the bull market.
According to the expectation of accelerating bull market pace, we choose to adjust positions instead of reducing or clearing positions. At present, we judge that there are two time points for stabilization and opening a new round of market, mid-May and late June. If it opens in mid-May, it proves that the overall rhythm of this round of bull market has indeed accelerated. If it opens at the end of June, it is a normal rising rhythm (it has always been the case in the past).
If a new round of rise begins in mid-May, this bull market may reach its peak ahead of schedule. It may not be the 25-year phenomenon of all coins rising together. It will only cause more serious differentiation of funds. The strong will always be strong, and the weak will be weak. Some cottage industries may not even react before the bull market ends. Of course, the entire crypto market value is still small at this stage, with a market value of only 2 trillion.
Now is not the time to be afraid, but the time to be greedy. The downward trend is limited, but the upward trend is unlimited. Do not predict the next market trend, just wait for the new round of market to start (already fully invested, not surprised by ups and downs), but choose stronger projects that are in this round of narrative, continue to hold, and wait for the stage climax to gradually sell. Many people are still shouting when the bull market will come, but they don’t know that the bull market is already halfway through, and accelerating to the top will definitely trap more people.
Talking about the rebound in the past two days:
First, we need to know that in the Bitcoin bull market, any adjustment of more than 20% is an opportunity to give away money. Therefore, when the market panics, it is the time for us to enter the market.
Looking back at the position of altcoins on April 14, if there were no black swan events, they would have basically reached the bottom. As long as the big cake stabilizes, the rebound of altcoins may reach 20 or 30 points.
Second, meme coins took the lead in the rotation of sectors in this bull market, and meme coins such as PEPE and WIF rebounded significantly. This also shows that market hotspots are constantly shifting, and we need to pay attention to market changes and seize opportunities.
Third, I want to say that those who only talk about technology are hooligans, and those who have funds to pull the market and can operate are the kings. It is not wrong to buy more strong currencies such as ONDO, JTO, BONK, OP, etc. when they fall.
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