June 6, 2024 Grandpa checks in
Recently, exchanges such as BN, OK, and Gate have withdrawn their applications for trading photography in Hong Kong. It is reported that this is because the Hong Kong SFC requires all platforms to sign a letter of commitment, promising that no region can have mainland users. In this way, it is equivalent to giving up existing trading users and providing services to mainland users through new platforms in Hong Kong. I think no normal person would do this. The trading platform has been operating for so long, and both technology and services have already had a moat, because it is not easy for Hong Kong's compliant photography exchanges to break through, and things that are accustomed to will not change easily.
When I talked about Hong Kong before, I said that if the so-called openness is limited, it may not bring real benefits. At present, Hong Kong has two friendly policies, one is the opening of photo application, and the other is ETF. The former is dominated by platforms such as BN and Coinbase, and the latter has the capital channel of Wall Street and has no advantages at all. If Hong Kong wants to break the deadlock, it must rely on other things, such as lowering the threshold for the exchange of legal currency, and truly embracing mainland users. These are not so easy to implement, so it is also difficult to seize the market.
Speaking of BN, there is a new Launchpad, this time it is AI concept io.net, the slogan is to connect global GPU resources and reshape the future of machine learning. We don’t need to know too much about the project, because there are so many projects, and they are all high-market-valued, it is difficult for us to judge which is the real value project, so the best way is to hold BNB or Fdusd mining. Of course, if we talk about trends, AI concept coins are still worth pursuing, and if the market value of io is reasonable, we can consider taking some.
In terms of the market, Bitcoin reached a high of 71,700 yesterday, just a few points away from a new high, and also drove Ethereum to 3,880. Because it is a pressure point, it is impossible to judge whether it can be broken through. I can only say that the possibility of a slow breakthrough at this position is very low, so you can do some swings based on your own position. I continue to push the 4,000 call back. As for the recent surge in the Meme sector, if Bitcoin cannot break through the pressure at this position, it will definitely follow a correction. Although there is no special fomo in the market, I still recommend closing the profits first, except for long-term spot. Like $PEPE , $PEOPLE , etc., I have suggested that some friends take profits in batches, and those with a good sense of the market can do swings.
Thank you for your attention and likes.
