【Today's Analysis】
The market has experienced a sharp correction, BTC fell below 6.5w to 6.42w; ETH was even more severe, with the lowest price reaching 3.18k; altcoins generally fell by 5-10%.
The market is still the same as the club's previous analysis. BTC will definitely pull back after breaking through 6.8w, which has been confirmed. But where the pullback will be is the focus of our attention next. It is predicted that BTC's stop point should be around 6.32, and then it will gradually rise with the convening of the BTC conference.
In addition to the pressure reasons analyzed by the club, there are also the following factors for this decline:
1. The US stock market fell, evaporating 10,000 US dollars
The US stock market and BTC trends are linked, so if the US stock market falls, BTC will also fluctuate
2. Mentougou compensation
Mentougou transferred 2,361 BTC to the Bitstamp exchange yesterday. At present, the Mentougou address has sent 50,000 BTC, and the account now has 85,000 BTC. In the current situation, it doesn’t matter whether these BTC will be sold or not. As long as there is an abnormal movement in the Mentougou address, it will cause a panic drop.
3. Grayscale sells ETH
Yesterday, Grayscale’s two funds outflowed a total of 7,273.15 ETH. The reasons for the sale are: on the one hand, it is due to high custody fees; on the other hand, it is arbitrage.
Since Grayscale’s BTC and ETH are locked, they can only be redeemed after ETH goes online, which leads to Grayscale smashing BTC when BTC ETF goes online; Grayscale smashing ETH when ETH ETF goes online.
In terms of operation, there is no need to buy the bottom at will, wait for stability before making plans for the next step.
