There are two possible reasons for yesterday's surge:

1. Yesterday, there was a piece of news that broke out in the domestic and foreign wealthy circles. This news did not attract the attention of people in the currency circle. It was that China might be preparing to impose global taxes on overseas wealthy people [Figure 1]. The reason why these wealthy people go overseas is to "make money at home and spend it abroad, and not bring a penny home." It is even more uncomfortable for them to transfer their hard-earned money overseas and then pay taxes than to lose money on investment. So what kind of anonymous and decentralized means will these wealthy people use to avoid taxes on their assets?

2. Harris also expressed his clear support for cryptocurrency yesterday. It is basically understandable that no matter who wins the November election, it will be beneficial to Bitcoin. Of course, Trump will be more favorable. After all, he has stated that he wants to use Bitcoin as a US currency reserve asset.

3. Through several waves of manipulation by Ton and Sui, the project team of the currency circle has created a new Ponzi scheme, which is to first pull the market at a low level, and then sell it to institutions at a 60% discount (institutions gradually unlock it in N years), and then use the money given by the institutions to pull the market, and then sell it to institutions at a 60% discount at a high price OTC, and then continue to use the raised funds to pull the market OTC. If it rises, there will be an ecosystem, and if it falls, there will be no ecosystem. Who loses in this way? It’s really hard to say. Institutions will go to the contract for hedging after buying at a 60% discount, which is equivalent to arbitrage. If retail investors chase it, it depends on how to grasp the exit time. Before the large amount of institutional unlocking, and whether there is a bull market environment, it is still possible to make money. In the end, ignorant leeks and naive people who have illusions about the so-called ecology will take over. Sui, who has experienced 21 years, knows that it will eventually return to calm. Short-term operations must grasp the exit time and follow up on the unlocking of institutions in a timely manner.