Bitcoin has once again become a “Ponzi scheme”, you run, I’ll take the back!

Hedge funds and custodians bought about 77,000 bitcoins between 30,000-35,000 last week, which indicates that some institutions are buying bitcoin on the sly as they continue to change hands with retail investors.

Bitcoin has once again become a "Ponzi scheme", you run, I'll take the back!

In the market, it’s hard to make our own money relying on other people’s perceptions because no one is 100% right and everyone is trying to do their own probability events, for example, maniacs will argue that the cryptocurrency bull market is not over yet this year and logic says many times that the main thing is that supply and demand has not changed. And the short-term fluctuations are based on different trends every day, giving analysis and predictions. Regardless of the long and short term trends, the market is the market, and we can do nothing but admit our mistakes and be in awe, so when the market trend is inconsistent with what we think, we should reflect on it in time and not let the short-term fluctuations in the market affect our emotions. As long as the overall general logic does not change, everything should be executed according to the plan, unless one day The market has essentially changed, that time we must promptly change the strategy, at present, from the various data, the maniacs will not change other than to adhere to their own views.

Biden will present a $6 trillion budget proposal, the big release is still going on, the so-called interest rate hike is not expected to advance, the U.S. finances are now difficult to turn back, there is no choice but to keep printing money. So the macro side of bitcoin is still very healthy, and demand for safe-havens and stores of value remains strong, as does gold.

The governor of the Bank of Japan said bitcoin is mainly used for speculation and is highly volatile.

Official media Xinhua quoted the president of the China Development Research Institute as stating his stance: “Bitcoin has very limited practical application scenarios, and the price spike is a typical speculative bubble, similar to the 17th century tulip bubble, and can even be described as a Ponzi scheme.

Billionaire Bill Ackman similarly believes bitcoin is a speculative item and will not invest in it.

Overnight, the industry began to be suppressed by various mouths again. This situation is deja vu, some people are not optimistic about him because they are really not optimistic, while some people are not optimistic in order to take advantage of the market panic to suppress the price to buy low, such as the following two.

Goldman Sachs CEO says: I’m very cautious about bitcoin, buyer beware!

JPMorgan CEO says: People are advised to stay away from cryptocurrencies.

These two have been shouting the loudest before, but now they are becoming bearish. These bigwigs on Wall Street are also the masters of the ass-deciding head. Everyone is doing things for their own benefit, which is very understandable when you think about it.

For example, the founder of SkyBridge Capital believes that bitcoin should be part of a retirement plan and will be the best asset for the next decade.

Sister Wood and Zhao Changpeng, on the other hand, believe that no one can shut down Bitcoin. ARK founder Sister Wood points out that the fact that many institutions have suspended buying Bitcoin because of Musk’s green campaign and seeing some major European shareholders being very sensitive to the event is the biggest reason for Bitcoin’s recent pullback.

Convenience store giant Sheetz will start accepting Bitcoin, Ether and other payment methods. The cryptocurrency development process is irreversible.

Tiger Securities intends to lay out an overseas cryptocurrency license to offer cryptocurrency-related transactions. It’s obviously not quite right that the traditional industry is now frantically grabbing the cake while we’re panicking and selling off.

Reports show that hedge funds and custodians bought about 77,000 bitcoins between 30,000-35,000 last week, a position where institutions and retail investors are constantly changing hands, suggesting that some institutions are buying bitcoin on the sly.

Just now, another 13,500 bitcoins flowed out of Bitstamp, and with fewer and fewer coins, the market is going to have a very easy time going up in the future.

Purpose’s Bitcoin ETF added 898 bitcoins to its holdings last week, which isn’t a huge amount to buy, but the continued inflows could also indicate that demand is still outpacing supply.

Wisdom Tree filed an application with the SEC for an ethereum ETF. Bitcoin has not yet been approved, and the ethereum application is back, and ethereum will become a mainstream asset in the future.

Panic 21, which belongs to extreme panic, and maniacs expressed extreme greed.

Market Analysis

BTC.

After 4 days of rising, today’s pullback gives you an opportunity to get on board, according to the original plan, near 36000 is a good opportunity to add positions on the right side, the other maniacs do not want to go on to say more, right or wrong, to time.

ETH.

The drop compared to bitcoin, the gap is not too big, after the market rebound will still be stronger than bitcoin.

DOT.

Today’s high drop, down with some volume, short-term linkage rally dominated.

XRP.

No volume at the pressure level, fell straight back, weak rebound dominated.

LINK.

Retracement volume is not too large, limited sustainability, can consider participating.

ADA.

Today also did not resist the market decline, but the retracement volume is not large, indicating that the chip lock is relatively healthy, there are not too many profit-taking disk shipments, the market continues to look good.

XMR.

Retracement without volume, and so on the rebound.

ETC.

Recent rebound strength is not bad, the fall back should also belong to a good opportunity to get on board.

DOGE.

Getting harder and harder, weak linkage pie.

MATIC.

Brought down by the market, personally, I think you can continue to hold.

UNI.

Defi before most of them hit the pressure level, so today’s pullback belongs to the normal trend, after all, the bottom plunger profit are more than 1 times, smashing a smash is also very healthy.

The market has been very volatile lately, participation requires a big heart, if you do not have a good mindset, it is advisable to lie down and play dead and do not move, waiting for the light after the giant shock.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-has-once-again-become-a-ponzi-scheme-you-run-ill-take-the-back/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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