HashKey Jeffrey Ding: The timing of this Bitcoin conference is surprisingly similar to that of 2021, and may trigger a new round of market enthusiasm
PANews reported on July 24 that in response to the upcoming Bitcoin conference in Tennessee, the United States, Jeffrey Ding, chief analyst of HashKey Group, believes that the timing of this conference is quite similar to the "Bitcoin 2021" conference held in Miami in 2021, and may replicate or even surpass the crazy market in the second half of 2021. Specifically, first of all, the market sentiment before this conference is more optimistic. In 2021, the market triggered the "5.19" market due to the negative events of China's domestic policies; this year, similar wash operations were carried out using the German and Mt.Gox events. However, the market tended to be stable before the 2021 conference, and the market consolidated for several days after the conference, and it began to rise after confirming two bottoms; before this conference, due to the impact of the "Trump" incident, the market had achieved a "V-shaped" reversal before the conference, rising from the bottom, and the mood was more optimistic. Secondly, the guests of this conference are expected to be more important. Participants in 2021 include American politicians, Crypto industry insiders or celebrities. The most important event is undoubtedly that the President of El Salvador announced that Bitcoin is the local legal currency and reserve asset, and has been purchasing it. This year's conference attracted a more important guest because of the US election: Donald Trump! Whether the former president is for 50 million American crypto voters or to support the Crypto financial system to break the financial monopoly of Wall Street, it will bring huge benefits to the industry. At the same time, "Iron Man" Musk and the new Democratic candidate Harris may also attend the conference, although the latter's main purpose is to win the support of crypto voters. Most importantly, the expectations of macro-monetary policy are more friendly. At the beginning of 2020, the United States started the "helicopter money" mode due to the epidemic. At that time, the expectation of interest rate hikes began, and the market was eager to complete the market before the official rate hike. Now, the Fed's interest rate cut is imminent, which may be implemented in September this year or after Trump takes office. This will enhance the liquidity and risk appetite of the market, and the market will therefore last longer.
