5.27 Morning News
Inner Mongolia is at the forefront of the round of “mining circle” siege after the senior management clearly proposed to crack down on bitcoin mining and trading, and issued eight measures to crack down on virtual currency “mining” on May 25, which fired the first shot of local action after the Finance Committee meeting. On May 25, the Inner Mongolia Development and Reform Commission issued a report on the “Eight Measures of the Inner Mongolia Autonomous Region Development and Reform Commission on Resolutely Combating and Punishing Virtual Currency “Mining” (Draft for Comments)”. This is the first specific local rule to combat bitcoin mining after Vice Premier Liu He, director of the Financial Committee, proposed to resolutely prevent and control financial risks and emphasized the crackdown on bitcoin mining and trading on May 21. After the central government’s first clear proposal to “clean up” bitcoin mining, the entire “mining community” began to panic, and some of the top institutions took action, announcing that they would stop providing services such as hosting for mining machines for clients in mainland China. Jiang Zhuoer, the founder of B.TOP, issued a statement on social media, deciding to stop providing mining machine hosting services for customers in mainland China. In this regard, Jiang Zhuoer said that the new policy of the Financial Stability Development Commission of the State Council will have the most obvious impact on large mining farms. on May 26, BitDeer also announced that it will block IPs in mainland China, and its official website issued an announcement saying that recently, in order to actively cooperate with the regulatory spirit of relevant countries and regions and support the development of compliance in the mining industry, BitDeer BitDeer will make upgrades and adjustments, and since 2021 Beijing time From 22:00 GMT on May 26, 2021, BitDeer will block all IPs in mainland China to further ensure that the platform does not provide services to residents of mainland China. In the mining circle, BitDeer’s excessive energy consumption will hinder the achievement of carbon emission reduction goals, is one of the heavy reasons for the introduction of this round of regulation. 2020 China first proposed: “China will improve the country’s independent contribution, take more powerful policies and measures, carbon dioxide emissions strive to peak before 2030, and strive to achieve carbon neutrality before 2060. ” This year’s two sessions, “carbon peak” and “carbon neutral” were written into the government’s work report for the first time, and further became a network buzzword, into the public eye. But this round of regulation doesn’t just stop at the high energy consumption of virtual currencies. The Financial Committee meeting emphasized “resolutely preventing the transmission of individual risks to the social sector” and maintaining the stability of the financial order. Chinese regulators have repeatedly stressed the need to prevent financial risks in the virtual currency sector. in September 2017, to implement the spirit of the national financial work conference and prevent and resolve financial risks, the central bank and seven other ministries and commissions jointly issued the “Announcement on Preventing the Risks of Token Issuance and Financing,” which started a wave of regulation in the virtual currency sector and shut down several major domestic exchanges.
At an oversight hearing held by the House Appropriations Committee on Wednesday, SEC Chairman Gary Gensler told Democratic Congressman Mike Quigley, “There are a lot of crypto tokens that do fall under the jurisdiction of the securities laws.” Gensler also said the SEC has been consistent in its communications with market participants that those using initial token offerings to raise funds or engage in securities transactions must comply with federal securities laws. Asset managers who invest in unregistered securities may also be subject to the securities laws. During the hearing, Congressman Mike Quigley (IL) asked Gensler about the possibility of creating new regulatory categories for cryptocurrencies. Gensler said the breadth of the field makes it difficult to provide adequate consumer protections, noting that the SEC has filed only 75 lawsuits despite thousands of token programs. He argued that the best place to implement consumer protections is on trading venues. Tokens currently on the market as securities may be offered, sold and traded in violation of federal securities laws. In addition, no exchanges that trade crypto tokens have yet registered as exchanges with the SEC. Overall, this significantly reduces investor protection and correspondingly increases the opportunity for fraud and manipulation compared to traditional securities markets. the SEC has prioritized token-related cases involving token fraud or significant harm to investors. This is not the first time he has identified cryptocurrency exchanges as the biggest consumer protection gap. At a May 6 hearing before the HouseFinancial Services Committee, Gensler said the lack of a dedicated market regulator for crypto exchanges means there are not enough protections against fraud or manipulation.
5.27 Morning Breakdown
From the four-hour chart, BTC gradually stabilized after a sharp decline and came out of a strong rally on Monday to break the upper resistance of the downward channel after the market turned long. From the plate to see yesterday’s upturn after the completion of backpedaling counter-pressure line action to confirm the support below, this week is expected to continue to attack the 42000 pre-resistance position, yesterday’s market oscillation upward to maintain the overall rebound pattern. Concerned about the chart horizontal resistance 42000 and yesterday’s 40500 rebound pressure position. The lower concern is near 35000.
From the 30-minute chart, BTC broke the uptrend support short term bias, the trend is biased towards retracement. From the plate look at the morning rally near 39500 pressure, short term market upward momentum, the market has the possibility of further adjustment. Concerned about the chart horizontal resistance 39500 and 40500 two line position. The lower support is near 36500 and 35000.
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 adjustment. 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 broke down the short term short-side, the overall pressure near 2900. From the plate, the morning trend reversed the counter-pressure line position and then fell back. Intraday attention to the lower support 2650 position, where if broken, the next defensive position in the previous low near 2400. Concerned about the chart level resistance 2900 position. The lower support is near 2650.
From the four-hour chart, LTC continued to rebound after the second bottom this week, breaking the downward channel after the market turned more. The rebound trend is still continuing on the plate, the fall adjustment stabilized near 170 again up to maintain high oscillation. Intraday attention to the upper resistance 220 near the suppression. The lower support concern 170 and 130 two line position
From the 30-minute chart, LTC showed a shaking downward trend in the morning. The intraday look trend is pressured by the upper channel resistance oscillating back down trend is short. Intraday attention to the upper resistance 200 and 220 near the suppression. Lower support concern 190 and 180 two line position
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/regulatory-alerts-have-not-dissipated-the-market-is-under-pressure-to-enter-consolidation-again/
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