618 Big Crash! 190,000 people liquidated 478 million US dollars in 24 hours! After the halving, the mining machine was turned on. On June 18, a terrible crash took place in the currency circle. Group members said: "I didn't expect that the altcoins would also catch up with the 618 discount! I woke up and it was liquidated again." This month, the crypto market has frequently seen a plunge, and the long defense line collapsed. Looking at the long-term trend, since Bitcoin hit an all-time high of $73,775.9 in March, Bitcoin has entered a volatile downward channel, and the decline has exceeded 10% so far. But compared with the 70% retracement from the high point on 618 in 2020, this is nothing. According to Coinglass data, virtual currency contracts liquidated nearly $478 million in 24 hours, affecting 190,000 people, of which the largest single liquidation was as high as $6.4371 million. Cryptocurrency enters darkest hour

The cryptocurrency market has entered a phase that coincides with the deepest and darkest bear market cycle in the past, and the fundamentals of on-chain transaction volume are further deteriorating.

There are many different opinions on the reasons for the decline in the market. There are many factors that affect the recent downward trend. One of the main factors is the reduction in the Fed's expectations for interest rate hikes. For the virtual currency market, this means that there is no new capital entering the market, and the continued decline in the price of the currency is a reflection of this. In the case of a delayed interest rate cut, then June will definitely be a negative decline, and the market may only usher in a turnaround in July, because the leverage will be almost cleared in June, and the positive will be slowly released from the end of July. At that time, it will also be an opportunity for the layout of the cottage. Referring to the last 5.6, it basically fell back to the starting point

Mining machines lose money when they are turned on

Miners who rely heavily on the price of coins after the production cuts have also suffered heavy losses, and many people in the mining circle are "crying out in pain".

With the plummeting price of virtual currencies, the shipments and operating income of mining machine manufacturers have been greatly affected.

Bitcoin is the issuance guarantee of many other virtual currencies, so other virtual currencies will inevitably suffer a chain reaction and fall sharply. In addition, the situation in the mining industry is still unclear. It mainly depends on the actual cost of mining for miners. When miners are unable to make ends meet, the mining industry will stop production.

As Bitcoin falls below $65,000, according to the electricity fee of 0.5 yuan/kWh and based on the current mining difficulty, including Shenma M50, Antminer S19 Pro+ Hydro, etc., will lose money as soon as they are turned on.ETHW, LTC, ZEC, DASH, etc. are basically no longer profitable.

Traders will not be able to sleep well tonight. Bitcoin and Ethereum have been fluctuating in a certain range for ten days. Perhaps these ten days of fluctuations are waiting for the announcement of the Federal Reserve’s interest rate decision tonight.

Look, the data released by SolanaFloor on the X platform says that the altcoin market has been sluggish, but Bitcoin's market value has reached a new high in the entire cryptocurrency market. The data shows that it accounts for 58.47% of the total market value, which is the highest level since April 2021. Is Bitcoin's dominance in the cryptocurrency market getting stronger and stronger?

[BlackRock: Bitcoin's characteristics may make it a hedging tool for risks that traditional assets cannot cope with]

BlackRock released the report "Bitcoin: A Unique Diversifier", which analyzed the role of Bitcoin in the investment portfolio, especially emphasizing its potential as a unique asset for diversified investment. The main points are as follows:
1. Bitcoin is described as a "global, decentralized, non-sovereign asset with a fixed supply", which makes it fundamentally different from traditional financial assets. In its 15-year history, Bitcoin's adoption rate has continued to grow, but due to its high volatility and relatively short history, discussions about its role in investment portfolios continue.
2. Low-correlation assets: Bitcoin's long-term performance shows low correlation with stocks and bonds, which makes it attractive for diversified investment. Although in the short term, Bitcoin's price movements occasionally synchronize with traditional risky assets, these are considered temporary phenomena.
3. Volatility and risk: Bitcoin is considered a risky asset due to its high volatility and susceptibility to regulatory changes, market sentiment and technological development. However, these risks are unique to Bitcoin, whose decentralized nature shields it from many of the macroeconomic forces that affect traditional assets.
4. Long-term value: The article emphasizes that the value of Bitcoin may grow as global monetary instability, fiscal sustainability, and geopolitical tensions increase. Its fixed supply and decentralized, borderless nature may drive future demand.
5. Impact on portfolios: When Bitcoin is included in a portfolio at a moderate proportion, it has shown the potential to enhance diversified investment. However, a larger proportion of allocation may significantly increase the volatility of the portfolio.
The report's conclusion reiterates that Bitcoin's unique characteristics may make it a hedging tool for risks that traditional assets cannot cope with, especially in the context of increased geopolitical and economic uncertainty.

Wow! Patrick McHenry, chairman of the U.S. House Financial Services Committee, and Tom Emmer, the House Majority Whip, wrote to SEC Chairman Gary Gensler on Tuesday!

They accused the agency of manipulation and urged it to clarify its approach to cryptocurrency airdrops. The letter said the SEC is manipulating regulation and preventing American citizens from shaping the next generation of the Internet by creating a hostile regulatory environment, making assertions about airdrops in various cases, and constantly warning of more enforcement actions!

The lawmakers also cited cases where the SEC has addressed airdrop issues, such as the one against Tron founder Justin Sun. The agency said in a footnote to its 2019 "Framework for the Analysis of 'Investment Contracts' for Digital Assets" that airdrops can be considered "sales or distributions of securities." Emmer and McHenry said developers are forced to prevent Americans from receiving cryptocurrencies in airdrops! Emmer and McHenry also wrote that the SEC is preventing cryptocurrency users from fully benefiting from blockchain technology by prohibiting Americans from participating in airdrops.

The two asked Gensler a number of questions, including how the agency plans to distinguish between airdrops and airline miles or credit card points. They want Gensler to respond by September 30. #币安上线NEIRO

International News
1. California governor signs two bills to prevent unauthorized AI from creating deep fakes.
2. Bitwise’s CIO says Ethereum’s poor performance is not fatal, and there may be potential for betting against it.
3. FTX’s auditor Prager Metis has reached a settlement with the SEC because it did not do a good job in the FTX case.
4. The chairman of the U.S. CFTC warns of the risks of election gambling and says it is paying close attention, which may have an important impact on the ownership of regulatory control.
5. Swiss Syz Private Bank turns artworks into tokens through the Taurus platform.
6. The chairman of the U.S. House of Representatives Financial Services Committee believes that the Crypto Market Structure Act may be approved by the end of the year.
7. Former Alameda CEO Caroline Ellison will be sentenced on September 24.
8. JP Morgan Chase’s CEO admits that blockchain has value, but still does not believe in cryptocurrencies.
9. The Reserve Bank of Australia says it will consider wholesale CBDC first.
10. The president of CoinW believes that payment will be the next entry point to bring in traffic.
11. US congressmen wrote to Gary Gensler, urging him to clarify how the SEC handles crypto airdrops.
12. Trump said he is getting more protection from the Secret Service.

In 1929, a prostitute in the United States predicted that the economy was about to enter a recession because her income that year was 70% less than the previous year.

Then the Great Depression broke out in the United States in 1929, and many countries around the world were affected. Don't think this is a joke. Many indicators of the pornography industry are more accurate than economists' predictions.

When do you predict that China will have an economic crisis?

JPMorgan Chase allowed hundreds of thousands of dollars to be transferred out of scammers’ accounts after being warned of fraudulent activity?

Is it true that Massachusetts-based Baystate Health filed a new lawsuit saying that they fell for an email scam in November 2022 and wired $700,000 to a fraudulent JPMorgan Chase account?

Baystate says it notified Bank of America of the fraud, and Bank of America contacted Chase to warn about the accounts in question?

Did Chase really allow the scammers to withdraw at least $205,542 after Bank of America warned them?

Is it reasonable for the defendants to allow the criminals to withdraw funds from the fraudulent accounts when they were informed that Baystate’s funds were fraudulently wired to accounts controlled by hackers/criminals?

Did the defendants really not deny that funds were being withdrawn from the fraudulent accounts after being informed by the BOA that the accounts were controlled by hackers/criminals?

Did the defendants not have an obligation to delay and/or prevent any withdrawals from the fraudulent accounts?

After the incident, the authorities recovered some of the lost funds, but Baystate claimed that about $420,000 of the funds were still missing, and Chase did not provide a clear explanation. What should be done?

Baystate asked JPMorgan Chase to compensate it with $420,000 plus interest. Will JPMorgan Chase agree?

Before Trump was assassinated again, he said on social media that he would deport illegal immigrants and suspend refugee resettlement.

Before Trump was assassinated again, he said on social media that he would deport illegal immigrants and suspend refugee resettlement. Trump said that if he was elected as the next US president, he would immediately end the invasion of immigrants into the United States, stop all immigration flights, end all illegal entry, revoke deportation exemptions, and suspend refugee resettlement. Trump also said that he would save Minnesota, Wisconsin, Michigan, Pennsylvania, North Carolina and cities and towns across the United States.

By mid-September, the price of Bitcoin was still at a high of more than $60,000, which shows that the cryptocurrency market is still quite resilient. Analysts have made the latest predictions on the prices of Bitcoin, Ethereum and Polkadot, which are valuable to investors because the Federal Reserve will decide on interest rates next week.

What will happen to Ethereum and Polkadot in the future? Ethereum is an important altcoin, and its current price is $2,413. It has fallen to $2,111 before, and is now slowly recovering, but institutions are not very interested in it. Lower transaction fees and reduced network activity have improved its inflation prospects. Analyst Crypto Tony said that if Ethereum can gain a foothold at $2,550, the price may rebound to $2,880.

For Polkadot, Crypto Tony thinks it may rebound to $4.90. His recent analysis said the target price is $5.60, and the key support level is $3.80. These views provide a reference strategy framework for investors who want to enter the Polkadot market.

What will happen to Bitcoin? Bitcoin has been performing quite steadily recently, with the closing price above $57,000, and there is no risk of falling below $53,000. Analyst Crypto Fella said that Bitcoin has broken through the first resistance level. The main obstacle in the future is $65,000. After the market comes out of the summer downturn, Bitcoin is expected to rise slowly. #美国大选如何影响加密产业？

When you are under so much pressure that you are about to collapse, don't tell others, and don't feel wronged. No one will feel sorry for you. In the dead of night, take out your heart, mend it yourself, and then wake up with confidence.

No matter if no one cares about you or your skills are not as good as others, you should try to calm down and do what you should do, instead of letting irritability and anxiety destroy your limited enthusiasm and concentration. The heart can be broken, but the hands cannot stop. Do what you should do and continue to move forward in the collapse. This is the cultivation of an adult.

Robert Kiyosaki's views are quite interesting.

He thinks that people should stop arguing about which is better, Bitcoin or gold. What matters is how much gold and Bitcoin you actually own.

He pointed out that the US debt of $35 trillion is a big problem, and the bond market is collapsing. He believes that the US dollar is not good, it is junk and fake money, and asks people to stop saving dollars and start saving "real money" such as gold, silver and Bitcoin. He also suggested that people can survive the economic crisis by investing in gold and Bitcoin.

He is so famous, and the book "Rich Dad Poor Dad" has been published in so many countries and sold so well. His views are still worth paying attention to. He emphasized that it is important to own physical assets such as gold and Bitcoin, and he does not want people to be entangled in which one is better.

Wow, I didn’t expect Ethereum to maintain a 35% share in the DEX market!

And despite the price pressure on Ethereum, it is still so strong in the DeFi field. What’s even more surprising is that competitors such as Solana, Arbitrum and BNB Chain are catching up quickly. Solana’s transaction volume has increased significantly, and Arbitrum and BNB Chain are also increasing their share. The competition in the DeFi field is too fierce!

Wow, Danny Ryan, a researcher at the Ethereum Foundation, has resigned!

He has contributed to the Ethereum ecosystem for seven years. He said on GitHub that he resigned for personal reasons and wanted to make room for new opportunities. He also emphasized that it was not because of any problems with Ethereum or the crypto industry. You know, he played an important role in key upgrades of Ethereum, such as the launch of Beacon Chain in 2021 and the implementation of the "merge" protocol. He has also been actively involved in the update of Ethereum Improvement Proposals. I didn't expect that he said that his experience working in Ethereum was so precious, but now he still decided to leave and find a new direction.

Interesting, what do you think?

Binance has demonstrated a high sense of responsibility and professionalism in crypto security!

In their blog, they promptly paid attention to the current global malware problem. You should know that this kind of malware that changes the withdrawal address during the transaction, especially "Clipper malware", has a very serious impact on cryptocurrency transactions. It specifically targets cryptocurrency wallet addresses and intercepts data in the clipboard. The Binance security team has actively taken a variety of effective measures to deal with it: they wisely blacklisted suspicious addresses, which successfully prevented multiple withdrawal attempts by potential victims, which is really amazing; at the same time, they also kindly notified users of relevant malware information and suggested that users check whether their devices have suspicious software or plug-ins; and proactively asked affected users to share the details of the incident in order to better identify and analyze malware and plug-ins. This proactive attitude is commendable; in addition, they continue to monitor new threats and continuously update security protocols. This unremitting spirit of security work is really admirable!

Several technical factors that affect the price trend of Bitcoin

Blockchain network performance

- Transaction speed
- The Bitcoin network can process about 7 transactions per second, which is relatively slow.
- When the network is congested, the transaction confirmation time becomes very long. For example, when there are many transactions, new transactions have to wait a long time to be confirmed. In this way, Bitcoin is not easy to use in daily transactions, investors will lose confidence, and do not want to buy or hold, and the price will be affected.
- Transaction fees
- The transaction fees of the Bitcoin network vary with the network congestion. When it is busy, the handling fees will rise very high.
- If the handling fee is too high, small transactions are not cost-effective. For example, if the handling fee is too expensive to buy a cup of coffee, no one will want to buy it with Bitcoin. In this way, the demand for Bitcoin in daily transactions will be reduced, and the price will be affected.

Technical upgrade and development

- Protocol improvement
- For example, the segregated witness upgrade.
- It separates the transaction signature data from the transaction data, allowing the block to accommodate more transactions and alleviate network congestion. This makes everyone feel that Bitcoin technology is improving, and confidence is enhanced, and the price will rise.
- Cryptographic algorithm security
- The security of Bitcoin relies on complex cryptographic algorithms, such as the SHA-256 algorithm.
- If there are major loopholes in the algorithm, hackers can steal Bitcoin or destroy the network. In this way, Bitcoin is not safe, and investors will worry about the safety of their assets and sell them in large quantities, causing the price to fall sharply.

Bitcoin is approaching key support levels in a bullish divergence, and the price has rebounded somewhat, showing signs of recovery, but the market is still quite cautious.

Analysts also say that Bitcoin has a three-day bullish divergence, and the price has also risen within 24 hours, and the trading volume has also increased significantly. There are also experts who have released market trend charts, pointing out key thresholds and possible market directions. Don’t these signs mean that the Bitcoin market is about to usher in big changes?

Did you know? Solana’s memecoin factory Pump.fun is making another big move!

Its fee account sold another 9,940 SOL tokens worth $1.33 million! From the beginning of this month to now, the total sales of SOL tokens it sold has increased from 274,313 to about $42.93 million, which is amazing! And it started selling SOL tokens in early September, and the price of SOL plummeted on September 3. On September 1, it sold the first batch of 254,074 tokens, worth $40.26 million. On September 11, its daily revenue reached 712,797 Sols, equivalent to $95.87 million, which is an increase compared to September 1, which is amazing!