At present, all indicators in the market are pointing to Bitcoin is still in a bull market cycle, This is not because the currency price has risen, because the blockchain is completely transparent. We can see all the large capital positions at a glance. If we judge bulls and bears based on this, the accuracy will naturally be higher.
Now that Bitcoin has exceeded 50,000 U.S. dollars, people who bought bottoms under 40,000 in the past few months will definitely feel very comfortable.
Although the bull market will continue, we still have to guard against the statement made by the chairman of the US Fed at the Jackson Hole Annual Meeting in September. This is one of the most uncertain events next month. If Bauer directly implements the August reduction in debt purchase expectations, it will obviously have a shock to the market. However, I think that no matter how the Fed expresses its position, it will be difficult to tighten the currency in the next 2-3 years. The bull market in the crypto market will not be affected by short-term policies. We are in a stagflation cycle. This cycle cannot be changed by the Fed.
Fidelity’s head of macro said that the current trend of Bitcoin is very similar to that of gold in the 1970s. He also gave a picture, which is quite useful for reference. You can do a simple study, and the conclusion is that it will continue to rise in the future:
According to a data website, the adoption rate of Bitcoin in Afghanistan has risen sharply since the Taliban took control of the Afghan regime, Afghanistan’s cryptocurrency adoption index has become the highest among Central Asian countries, precisely because banks are facing cash shortages, there have been runs, and countless withdrawals and remittances have been blocked. Everyone has adopted cryptocurrencies for cross-border transfers, These are all important drivers of this round of bitcoin prices.
There is also more important information. Upbit has become the first compliant exchange in South Korea. The exchange accepts Korean won deposits and withdrawals. Later, they must fulfill their anti-money laundering obligations and report suspicious transactions. This is the most important news that Bitcoin can successfully break through 50,000. South Korea has become the main force in the market. The sentiment is expected to continue to ferment and the market rise is expected to continue.
Paypal launched a cryptocurrency service in the UK, allowing users to buy, sell and hold four cryptocurrencies on the platform, namely BTC, ETH, LTC, and BCH. Paypal acts as an exchange, expands its overseas footprint, and enables British investors to participate in the crypto market in compliance.
Iran’s cryptocurrency mining ban will be lifted on September 22. First, summer is about to pass, and electricity consumption is reduced. Second, Iran can see the future prospects of the crypto market and does not want to miss it due to resource problems.
Defi's lock-up volume exceeded US$157 billion, a record high. Recently, multiple chains have risen. Ethereum (ETH), BSC (BNB), Terra (Luna), Polygon (Matic), Solana (SOL), HECO (HT), Avalanche (AVAX) (ranked by lock-up amount) lock-up amount is at a historical high, and together contribute to the bull market in the currency circle. And Bitcoin's anchor currency lock-up volume has exceeded 13.4 billion U.S. dollars, which once again hit a record high. Most of these anchor coins are locked in these agreements across chains.
The Big Four accounting firm Deloitte surveyed more than 1,000 financial professionals from multiple countries. 76% of financial professionals believe that digital assets will become a substitute for legal tender in 5-10 years. This is the cognition from professionals. This 5-10 year bonus period is worthy of our firm grasp.