$SOL updates
We saw that SOL started to decline at 4:30 this morning, and it took 3 and a half hours to stop "bleeding".
Now buyers have entered and are fighting tenaciously with sellers. Buying pressure and selling pressure form a triangle âł that we often see. This is very critical moment, because we will soon see who will win and who will lose.
That is, SOL may have two possibilities, possibility A, a strong retracement to the price of 145 US dollars;
possibility B, continue to fall to around 140 US dollars, and then rebound to around 145 US dollars.
Which route do you think SOL will choose ?
{future}(SOLUSDT)
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Why Does the NYSE Have a $20 Trillion Valuation When U.S. Money Supply is Only $6 Trillion?
Understanding Market Capitalization vs. Money Supply:
Market Capitalization: This is the total value of all shares traded on the NYSE. For example, if IBM has 1.8 billion shares priced at $111 each, its market cap is $199billion. With thousands of companies listed, this totals around $20 trillion.
Money Supply: The $6 trillion figure represents the M3 money supply, which includes physical cash and other liquid assets in the economy. It is the actual money available for transactions.
Key Differences
Paper Value vs. Actual Cash: The $20 trillion is a theoretical valuation of assets, not actual cash. Market capitalization fluctuates with stock prices, reflecting potential value rather than actual cash flow. The $6 trillion is the real amount of cash in circulation.
Representation of Value: Cash is used for transactions and simplifies buying and selling. Market capitalization represents the total value of investments if all assets were sold at current prices.
Conclusion:
The disparity between the NYSE's market cap and the money supply highlights the difference between theoretical asset value and actual cash. Market capitalization reflects potential worth based on stock prices, while the money supply shows the real cash available in the economy.
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$BTC
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$DOGE
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Enforcement Directorate Cracks Down on Crypto Extortion RingâŒïžâŒïžâŒïž
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Shailesh Bhatt, a Gujarat resident, has been arrested by the Enforcement Directorate (ED) for his alleged role in a âč1,232 crore ($150 million USD) cryptocurrency extortion scam linked to the notorious Bitconnect Ponzi scheme.
The ED alleges that Bhatt and his associates used the Bitconnect platform to extort money from investors, promising unusually high returns. After Bitconnect's shutdown in 2018, the ED investigated and found that the accused had laundered the extorted funds through various cryptocurrencies and bank accounts.
In connection with the case, the ED has seized assets worth âč1,232 crore. This crackdown highlights the agency's efforts to combat cryptocurrency-related fraud and extortion in India.
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**News Flash: Crypto Kidnapping Drama in India**
Indiaâs law enforcement has arrested Shailesh Babulal Bhatt, accused of kidnapping two individuals linked to the defunct crypto platform BitConnect. Bhatt allegedly took this drastic step to recover his lost investment in BitConnect Coin, which authorities have labeled a global Ponzi scheme.
- Bhatt and his accomplices reportedly extorted 2,091 Bitcoin, 11,000 Litecoin, and $1.7 million in ransom.
- The Enforcement Directorate (ED) has recovered assets worth $52 million.
- Bhatt was arrested under the Prevention of Money-Laundering Act and remains in custody.
- BitConnect collapsed in 2018, affecting 4,000 people across 95 countries.
The investigation continues.
đš Flash Services PMI Report
On August 22, the Flash Services PMI report will offer key insights into the U.S. services sector's performance. The latest data reveals that the S&P Global U.S. Services PMI was revised lower to 55 for July 2024, from an initial estimate of 56, and down from 55.3 in June. Despite the slight easing, the reading continues to indicate robust expansion in the services sector.
The report highlights that new business increased for the third consecutive month at a solid pace. Notably, new business from abroad also rose for the first time in six months, although the increase was marginal compared to overall new orders. This growth in new business has led firms to expand their workforce. However, input cost inflation accelerated, and companies raised their selling prices at a slower rate due to competitive pressures.
Service providers maintain optimism for future business activity, although confidence has eased to an eight-month low. Factors supporting this optimism include increased marketing efforts, potential reductions in interest rates, and improved demand following the Presidential Election.
With the Services PMI decreasing from 55.30 in June to 55 in July, and expectations for a further decline to around 54.00 points by the end of the quarter, this report will be critical in assessing the sector's current trajectory and its potential impact on broader economic conditions.
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Bitcoin $BTC is currently trading at $58,567.64, down 1.41%. The price faced resistance around $62,745.14 and is now testing the support near $58,000. If it holds, a rebound is possible; otherwise, a further decline towards $54,000 may occur. Watch for volume spikes to confirm the next move.
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đšFrom $0 to $5000k: My Crypto Journeyđš
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I'm excited to share my knowledge with you on how to navigate the cryptocurrency market and maximize profits. In this post, we'll cover the basics of technical analysis (TA), market manipulation, and risk management.
đŽUnderstanding Market Cycles
Cryptocurrency markets, like any other, follow cycles. Each bull run begins and ends similarly, yet many investors fail to recognize this pattern, leading to significant losses. To succeed, it's essential to understand market dynamics and technical analysis.
đŽTechnical Analysis (TA) Fundamentals
Charts reflect market emotions and are not random. Market makers often manipulate the crowd, making it crucial to understand how to read charts effectively.
đŽKey TA Concepts:
1. Trends: Identify bullish (higher highs and higher lows) and bearish (lower highs and lower lows) trends.
2. Support and Resistance: Recognize levels with 2-5 touches, which often break after 4-5 touches.
3. Fixed Range Volume Profile (FRVP): Utilize this indicator to identify peak trading volumes and support/resistance levels.
đŽRisk Management
Trading requires consistency, discipline, and risk management. No one wins every trade, and claiming otherwise is a sign of a scam. To succeed, you must take calculated risks and manage them effectively.
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$KLAY /USDT
### Understanding Support and Resistance in Trading
In trading, support and resistance are critical concepts that help traders make informed decisions. Support refers to a price level where a downward trend tends to pause due to a concentration of demand. As prices fall towards support, buyers become more interested, creating a "floor" that prevents further decline. On the other hand, resistance is the opposite; itâs a price level where an upward trend starts to slow down due to an increasing number of sellers, forming a "ceiling" that prevents the price from rising further.
Identifying these levels is crucial for predicting market movements. When the price approaches a support level, traders often look for buying opportunities, expecting the price to bounce back. Conversely, when the price nears resistance, itâs common to consider selling, anticipating a potential reversal or at least a slowdown in the upward trend.
It's important to note that support and resistance levels aren't absolute; they can be broken. When support is broken, it can turn into resistance, and vice versa. Understanding these dynamics helps traders set better entry and exit points, manage risks, and improve their overall trading strategies.#LowestCPI2021 #BinanceLaunchpoolTON #MarketDownturn #SahmRule #BlackRockETHOptions
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#USDT DOMINANCE ANALYSIS
USDT.D is trading within a symmetrical triangle, with the price currently facing rejection at the Ichimoku Cloud resistance. The 200-day Moving Average is acting as support beneath the current price, suggesting a possible bounce if the price reaches this level.
However, a break below the 200MA could indicate a decline in USDT dominance, which may lead to an upward trend in the broader crypto market, as USDT.D typically moves inversely to overall market trends.