China and the U.S. regulate digital currencies at a faster pace, the market still needs to pay attention to the support area
Bitcoin price did not fluctuate after the introduction of the Inner Mongolia policy, but that does not mean the end.
- On the evening of May 25, according to the official public number of the Inner Mongolia Development and Reform Commission, it was proposed that in accordance with the deployment requirements of the 51st meeting of the Financial Stability Development Committee of the State Council on combating bitcoin mining and trading, the strict implementation of the “Inner Mongolia Autonomous Region on ensuring the completion of the “14th Five-Year Plan” energy consumption double control target tasks of a number of safeguards”, further Clean up the virtual currency “mining” behavior, strengthen the crackdown and discipline, build a long-term regulatory mechanism, maintain market order, big data industry environment and prevent financial risks, we organized the drafting of the “Inner Mongolia Autonomous Region Development and Reform Commission on the resolute crackdown and discipline virtual currency “mining” behavior “eight measures of behavior (draft for comments)”, is now open to the public for comments. Inner Mongolia is the first to issue a document, related to the previous consistent attitude of cracking down on mining. Compared with the content issued by the Inner Mongolia Development and Reform Commission in February, it is significantly more detailed.
Inner Mongolia is the most aggressive in combating mining due to the pressure of carbon neutrality and energy anti-corruption. The policy issued by Inner Mongolia could potentially mean that Beijing is letting localities and ministries issue their own policies with their own landings according to the situation, rather than being ordered by the NDRC/Energy Bureau.
At the central bank level, it is not expected to deviate from the content of the previous three associations: China Internet Finance Association China Banking Association China Payment Clearing Association Announcement on Preventing the Risk of Speculation in Virtual Currency Transactions. Bitcoin price did not fluctuate after the introduction of the Inner Mongolia policy, but that does not mean the end. On the one hand, it was because of the shouting effect brought by Dalio, and on the other hand, the market has digested the 521 panic last weekend. However, subsequent policies from the central bank, the Ministry of Public Security, Sichuan and Xinjiang are of more concern.
- According to the Washington Post, the Biden administration, lawmakers and central bankers are grappling with the new challenges posed by cryptocurrencies. Earlier this month, U.S. Treasury officials have briefed the White House on the risks posed by cryptocurrencies, two people familiar with the matter said. The White House is examining potential “gaps” in oversight related to the crypto market, such as whether it can be used to fund illegal or terrorist activities, the sources said, and they also discussed whether ordinary retail investors who buy cryptocurrencies need some protections.
Meanwhile, central bank officials and members of Congress are increasingly talking about policies that would significantly change the cryptocurrency market. The House has passed and referred to the Senate bipartisan legislation directing federal regulators to study and clarify cryptocurrency rules. Lael Brainard, a member of the Federal Reserve Board of Governors, published an article Monday highlighting the potential benefits of having a central bank create and manage digital currencies. A government-provided digital currency could provide a more secure alternative to instant digital transactions, thereby cutting into the market share of cryptocurrencies. The cryptocurrency market is particularly volatile, which has unnerved investors and highlighted to policymakers the potential dangers of this fast-growing industry.
Bitcoin, the most popular cryptocurrency, has plunged more than 50 percent from its previous peak amid a broader cryptocurrency sell-off. Musk’s statement that Tesla will no longer accept bitcoin as a payment method and Chinese officials’ proposal to impose new restrictions on financial firms associated with cryptocurrencies appear to have unsettled the crypto market. Recent market instability has fueled concerns about cryptocurrencies, including the environmental impact caused by bitcoin mining. Government officials also argue that cryptocurrencies make it easier for criminals to move money undetected.
Looking at the four-hour chart, BTC gradually stabilized after a sharp decline, and on Monday came out of a strong rally to break the upper resistance of the downward channel after the market turned long. From the plate to see yesterday’s upward movement after completing the backstep counter-pressure line action to confirm the support below, this week is expected to continue to attack the 42,000 pre-resistance position, if the lower broken support again run the channel then the market turns short. Concerned about the chart horizontal resistance 42000 and the previous 40000 rebound pressure position. The lower side is concerned about 35000 near.
From the 30-minute chart, BTC oscillation upward short term bias, the overall extended channel operation. From the disk to see the morning trend has continued to attack intentions, the channel lower rail support is also the key position of the short term long-short conversion. Concerned about the chart level resistance 40000 position. Lower support in the vicinity of 37800.
From the four-hour chart, ETH overshoot rebounded after a sharp decline over the weekend, and successive dips constituted a double-bottom structure. From the disk, the market rebounded strongly, and the overall trend is strong running at a high level of oscillation and correction. The main concern above the horizontal resistance suppression 2900 a line, the bottom concern 2400 and 1900 two line position.
From the 30-minute chart, ETH oscillation upward short term bias, the overall extended channel running. From the plate, the morning trend is expected to be strong to attack the 2900 line, the channel lower rail support 2580 is also the key position of the short-term long-short conversion, where if broken, the next defensive position in yesterday’s low near 2400. Concerned about the chart level resistance 2900 position. The lower support is around 2580.
From the four-hour chart, LTC continued to rebound after the second bottom this week, breaking the downward channel after the market turned long. The plate looks like the trend is strong, falling back to adjust stabilization near 170 still maintain strong. Intraday attention to the upper resistance 220 near the suppression. The lower support is concerned about 170 and 130 two line position
From the 30-minute chart, LTC broke the downward trend line in early trading and turned long in the short term. The intraday look trend back to test the counter pressure line to test the support after the intention of upward attack. Intraday attention to the upper resistance 195 and 220 near the suppression. The lower support is concerned about the 180 and 170 line position
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