Bitcoin's rebound: Steady trend, expected to continue rising
Yesterday I said that Bitcoin's correction should come to an end, and it may continue to hit $100,000 this week. As a result, the rebound last night was really powerful! It rose from the low point of around 90,800 to more than $97,000, a single-day increase of more than $6,000. Although it slightly corrected during the day today, I think this is a normal fluctuation. The current trend is very stable, and I think it will continue to rise this week.
Ethereum follows up strongly: the rebound continues
What surprised me the most last night was not the rise of Bitcoin, but the performance of Ethereum. Even in this market, Ethereum kept up, reaching a high of $3,684, and the ETH/BTC exchange rate also rose all the way, breaking through 0.038. This shows that Ethereum's performance is very strong and has been catching up for a week.
Moreover, last night, the Ethereum ETF had inflows for the fourth consecutive day, with an inflow of $90 million. Although this was without inflows to BlackRock, the trading volume reached a record high of $480 million. If this trend continues, I predict that BlackRock's clients will begin to enter the market. The options market has also begun to be bullish on Ethereum, believing that its future explosive power may exceed that of Bitcoin. In addition, with the upcoming launch of Ethereum's pledged ETF, some pledged projects (such as ETHFI, EIGEN, REZ, LDO, etc.) have also skyrocketed, all of which are providing additional appeal to OTC funds. In general, I am optimistic about the subsequent trend of Ethereum, and even think that it will drive the outbreak of the entire altcoin market. We can look forward to it together.
Torn’s ruling: A loosening of regulatory environment in crypto markets
There was another big event yesterday. The court made the latest ruling on the Torn case. Previously, Torn was targeted by OFAC, the developer was arrested, and Torn was removed from major exchanges. For a time, it became the target of "everyone's condemnation". But yesterday, the court ruled that Torn is an immutable smart contract and does not belong to the assets defined by OFAC. OFAC's previous sanctions were overreaching. The court believes that although Torn provides convenience for hackers to launder money, it is not the responsibility of the entire agreement, and the illegal behavior is the responsibility of the hackers. This ruling caused the price of Torn to skyrocket 10 times in an instant.
From this verdict, it can be predicted that if Trump comes to power again, the regulation of the crypto market may become more relaxed. This "freedom unless prohibited by law" environment is great news for the currency market, especially for DeFi protocols such as Aave, Uni, dYdX, and GMX. It can be predicted that innovative projects will have more opportunities.
CZ returns: Guidance for the future direction of the cryptocurrency market
After CZ returned, he began to guide the currency market. He first criticized the chaos in the meme coin market, and then directed everyone's attention to the application level, especially AI applications. Recently, Binance launched the The project, which is a pure application project of the BNB ecosystem. Simply put, the better the ecosystem of this project, the higher the value of VE33. Before the launch, the market value of this project was only 20 million, which was in line with the small market value characteristics of Binance to create wealth effects. As soon as the announcement came out, the project soared 40 times, and the scene was very hot, giving people a feeling that Binance deliberately created a coin listing effect.
However, I personally think that although application projects like VE33 are good, they have not triggered an overall rise in the market sector like ACT and PNUT did before. Although Binance has recently launched Chillguy's contract, the effect of the futures market is still not as strong as the spot market. My prediction is that if Binance does not continue to promote strategies like NEIRO, ACT, and PNUT, the flow of meme coins may return to the chain. At present, several AI meme projects on the Base chain (such as Clanker, Virtual, and Sekoia) are still maintaining a strong rise. $1 rose to 0.08 yesterday. Although it has fallen back a bit today, it still remains above 0.05. This shows that the on-chain meme coin market is still active. I think that if you want to catch the next project like The, it will be more difficult than catching the next AI meme coin.
Today's article ends here. Welcome to the homepage to play together~
Investing involves risks. The above content is personal sharing and does not constitute investment advice!
