The market trading volume is still low, and the current wait-and-see mood is mostly, and no one is in a hurry to make a move, which seems to have returned to the embarrassing situation of last week. Judging from the market, a wave of decline in the early morning just reached the expected position of 28,800, which is also a small wave! At present, the support at the position of 29,000 is not very strong, and there is nothing worth paying special attention to for the time being!
CRV, which everyone was concerned about earlier, is now reported to have its funds returned after being hacked, which has also brought it a wave of positive sentiment. However, this time CRV suffered losses from the attack, and the project team has been selling tokens to remedy the situation. Although the outcome is good for the time being, its reputation has been hurt the most!
At present, Coinbase has begun to dismiss the SEC's lawsuit. This duel has attracted much attention. A victory similar to the Ripple case may have a direct impact on the future ETF application process. As a platform with strong capital and political background, Coinbase's confrontation with the SEC, a strict crypto regulator, will determine the direction of the US domestic crypto market. If Coinbase wins, the SEC's previous lawsuits against many crypto companies may be overturned, but it may also lead to the SEC's stricter review of future ETFs. On the contrary, if the SEC wins, regulatory policies may be stricter and the ETF application process will be full of uncertainty.
The recent increase in market uncertainties has made it difficult for traders to easily deal with market conditions and trade. Institutions and whales have also begun to invest in many altcoins. The recent positive news about altcoins has been deliberately released, and the overall liquidity of the market is low, making the positive pull-up phenomenon appear unusually dazzling. Under the influence of human factors, the free trading of market sentiment has turned into a confrontation between retail investors and market makers, resulting in retail funds being continuously absorbed by the market, trading volume gradually decreasing, and liquidity further declining. This situation may eventually lead to a bear market, that is, the market bottoms out and pulls back.
The current view is still to short at high levels, but it is not recommended to place orders on weekends, so wait and see! The spot is still like this, it is not time to take action yet, hold steady!