Updates in the Cryptocurrency Market

Updates in the Cryptocurrency Market

The situation with the Mt. Gox case is still ongoing and it is uncertain when it will be resolved. However, as long as the cold wallet containing over 160,000 bitcoins remains untouched, there is no need to worry about the market.

Hong Kong's Securities and Futures Commission has granted a license to OSL, allowing them to trade selected security tokens such as bitcoin and ethereum. This signals a positive development for investors as more cryptocurrency exchanges may seek refuge in Hong Kong.

Chicago Board Options Exchange plans to launch cryptocurrency-related indices in 2021 which could pave the way for ETFs.

The market shows increased interest in ETH as evidenced by a 50x increase in open contract options since the beginning of the year. ETH 2.0 deposit addresses have also risen to 1.77 million.

The circulating market cap of bitcoin continues to hit all-time highs, supported by the backing of major investors such as BlackRock.

Tether has slowed down their printing of new coins.

The Greed and Fear Index remains high at 92. Grayscale holdings have remained relatively stable.

Market Analysis:

Bitcoin

Bitcoin has been rejecting corrections at high levels and may experience an explosion before Christmas. Holders should continue to be patient and wait for new highs as the probability of upward momentum increases while short-term pullbacks weaken.

ETH

Continues to fluctuate with Bitcoin, and its trend will not be weaker than the big pie.

XRP

The trend of independent decline continues, and should not be participated in. Consider buying in only if there is a significant downward acceleration on the daily level.

LINK

Mainly oscillating, with insufficient individual upward momentum.

BCH

Logic for upward rebound still exists; the callback volume today is not significant and is expected to continue to rebound.

LTC

Continues to oscillate.

ADA

Mainly oscillating with pullbacks.

XMR

Continues to trend upward, with holding dominating.

DOT

Rebound is expected to continue, so hold on for now.

UNI

The previous rebound had no volume, and its current progress is not great. Reducing holdings would be advisable.

YFI

Short-term rebound is expected.

The market is still in an oscillation cycle but is now poised for a possible explosive move. Be prepared at any time, as the bull market is far from over.

Note: Those who reduced their holdings do not need to worry, as management fees are charged on a daily basis divided by 365 days.