Crypto market on the sidelines as South Korean regulation hits

BTC post-market tends to be in a wide range of oscillation.

Following the domestic regulation of the crypto market, South Korea has also started to regulate the crypto market. The governor of the Bank of Korea, Lee Joo-yeol, said that individual leveraged cryptocurrency trading in South Korea threatens the country’s financial system. In addition, the National Energy Administration’s Sichuan Supervision Office issued a notice on holding a research forum on virtual currency “mining”, which also generated some panic in the market. Currently, the crypto market is in a wait-and-see mood.

From the data on the chain, the number of BTC holdings has increased, and the amount of BTC lock-ups in DeFi has increased, so overall, the support below BTC has been strengthened. However, over-the-counter market attention has decreased, and the buying power and signs of capital plunging in the field have weakened, and the market sentiment is slightly pessimistic.

BTC’s upward attack was blocked by MA13 and MA200, and the buying power was weakened to a certain extent, BTC was supported by MA5 below, and the market tended to shock and adjust.

Abstract

  1. Following the domestic regulation of the crypto market, South Korea also started to regulate the crypto market.

According to OKEx, BTC’s upward attack is blocked by MA13 and MA200, and the buying power is weakened to a certain extent.

  1. From the accumulative data of miners’ production and selling, we can see that miners’ production has increased and selling has decreased, miners have accumulated -7 BTC net in 24 hours, which shows that miners are still selling as a whole, but the selling sentiment has shown signs of weakening.
  2. the number of BTC holding addresses has increased, and the amount of BTC lock-in in DeFi has increased. overall, the support below BTC has increased.
  3. The market attention has decreased, the buying power in the field has weakened, the sign of capital plunging also appears to weaken, the market wait-and-see sentiment is strong.
  4. The contract market is slightly dominated by long positions, and the ratio of long to short positions in BTC has rebounded in the short term, and BTC is expected to move higher in the short term.
  5. The mainstream crypto index in the crypto market today is generally up, the small-cap mainstream index is down the most, and the buying power has weakened.

I. Macro Market and Cryptocurrency Highlights
Following the domestic regulation of the crypto market, South Korea has also started to regulate the crypto market. Lee Joo-yeol, governor of the Bank of Korea, said in a speech at a press conference that individual leveraged cryptocurrency trading in South Korea threatens the country’s financial system. The central bank and financial institutions need to work closely together to solve the problems related to cryptocurrencies. In the short term, the market is in a wait-and-see mood, and trading should be plunged with caution.

II. Technical Analysis
According to OKEx quotes, BTC’s upward attack is blocked by MA13 and MA200, and the buying power has weakened to a certain extent, BTC is supported by MA5 below, and the market tends to shock and adjust.

III. Miner Accumulation Indicators
According to bytetree data, from the miner production and selling accumulation data, we can see that miner production has increased to a certain extent, and selling has decreased to a certain extent, miners accumulated -7 BTC net in 24 hours, which indicates that miners as a whole are still mainly selling, but the selling sentiment is showing signs of weakening.

Crypto market on the sidelines as South Korean regulation hits

IV. On-chain indicators
According to Oklink data, by observing the number of held addresses, we can see that the number of BTC held addresses has rebounded and the market bottom support has strengthened. As of 16:00 today, the locked position of BTC anchored assets in DeFi is 241530 (238310), and the net increase of BTC locked position in DeFi is 3220 BTC. From a comprehensive point of view, the number of BTC held addresses has increased, and the locked position of BTC in DeFi has increased, and overall, the support below BTC has been strengthened.

V. Panic Index and Buy/Sell Strength Indicators
According to alternative.me data, today’s panic and greed index is 27 (22 yesterday), the market panic sentiment index has slightly rebounded. According to Baidu search index, bitcoin search volume declined and market attention fell back. According to the Toronto Exchange data, BTCC volume copies were 561,242 (1,039,952) throughout the day, a big decrease compared to yesterday; the gray GBTC premium was -12.0% (-11.0% yesterday). According to coincoin data, as of 16:00 today, BTC current funding rate -0.028% (+0.01% yesterday), the funding sentiment is obviously weakened; the current bitcoin RSI 14 (buying and selling relative strength index) is 36.9 (40.55 yesterday), the buying power in the field has weakened. Overall, the market attention has decreased, the buying power in the field has weakened, the signs of capital plunging also appeared to weaken, the market wait-and-see sentiment is strong.

Contract Indicators
According to coincoin data, as of 17:00, the ratio of long and short positions on the whole BTC network is 50.26% long and 49.74% short, with the long positions slightly dominant. According to OKEx contract data, on the hourly chart, the BTC long-short position count ratio rebounded in the short term, and the market’s short-term bullish sentiment increased. Overall, the contract market is slightly dominated by long positions, the number of BTC long and short positions than the short term rebound, BTC short term is expected to tend to shake higher.

Seven, mainstream assets and popular coins
According to Chainext data, the mainstream crypto market crypto index is generally up today, and the small-cap mainstream index is down the most, and the buying power has weakened. Currently, among the top 100 coins in the 24-hour period, the top five gainers are: ENJ (48.3%), CHZ (22.4%), STX (15.8%), MANA (12.1%), and NEXO (9.7%).

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/crypto-market-on-the-sidelines-as-south-korean-regulation-hits/
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