Analysis of hot events on May 9, 2024
1. Grayscale withdraws its application for Ethereum futures ETF and the US House of Representatives vote
Event overview: Recently, Grayscale withdrew its application for Ethereum futures ETF, a move that has sparked widespread speculation and attention in the market. At the same time, the US House of Representatives passed a resolution to vote to overturn the SEC's announcement on cryptocurrency accounting standards, which requires banks to record customer crypto assets as liabilities, sparking controversy and concerns in the industry.
Impact analysis: Grayscale's withdrawal of its application for Ethereum futures ETF may be paving the way for the approval of Ethereum spot ETFs, or it may be used to create some kind of legal dispute with the SEC. The resolution of the US House of Representatives shows the attention and controversy that cryptocurrencies have received in the US political environment, which may have an impact on future cryptocurrency policies and regulations.
2. Analysis of cryptocurrency market trends
Price trends of Bitcoin and Ethereum: At present, the prices of Bitcoin and Ethereum are both in the low-absorption range, and they rebounded quickly after the pin, showing the resilience of the market and investors' confidence in cryptocurrencies.
Investment strategy: Investors are advised to invest fully this month, hold on to their chips, control their positions, and wait for the market to take off. At the same time, investors are also reminded to pay attention to market risks and maintain rational investment.
3. Wall Street call options and the US presidential election
Wall Street institutions' bullish expectations for cryptocurrencies: Wall Street institutions hold 5 billion call options and expect the price of Bitcoin to reach 100,000u in September. This expectation reflects Wall Street's optimism and confidence in the cryptocurrency market.
Impact of the US presidential election: The US presidential election will be held on November 5. According to historical experience, June to August in the presidential election year is usually three months of strong market performance. This may have a certain positive impact on the cryptocurrency market.
4. Recommended mid- and long-term currencies for bottom-fishing Recommended currencies: For investors who want to bottom-fish for the mid- and long-term, it is recommended to pay attention to currencies such as ONDO, SSV, TRU, and BOME. These currencies have certain market potential and long-term investment value. I have posted the specific entry points on the planet
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