Xinhua News Agency came out to suppress the virtual currency, is Bitcoin really nobler than a Ponzi scheme?

Influenced by miners selling their coins, bitcoin has been in negative mode for the past two days, but from the line pattern, there is no obvious sharp drop or release occurring.

Xinhua News Agency came out to suppress the virtual currency, is Bitcoin really nobler than a Ponzi scheme?

Short-term (intra-day): up

Medium term (over two weeks): down

Talking about hot spots

The market has only been good for two days, and it’s not working again today, which again confirms what I’ve mentioned many times over the past few days, that the sanctions from above on the wave of virtual currency speculation are not over, and there is still a long way to go to get back to the bull market. Today’s punch comes from Xinhua, the official media at the proper ministerial level, which quoted the president of the China Development Research Institute as stating his attitude: “Bitcoin’s actual application scenario is very limited, 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. Subsequently many media of all sizes are suspected of following the trend, introducing the downside of virtual currencies from various angles, so from a policy market perspective, making a splash now is bound to lead to a killing, and today’s down market stems from that.

Of course today’s pullback is also related to the upcoming wave of domestic mines going to sea, you know that a lot of the miners can’t be taken away and can only purchase miners abroad, so the mines and miners are in need of cash, and where does the cash come from, of course you need to buy bitcoin, the negative drop that started yesterday, my guess is that there are miners in the shipments, but in fact, from the plate, the drop is still very mild, and the market sentiment is relatively normal The probability of causing a chain fall or stampede is still relatively low, and friends with spot don’t need to rush to run before the miners, in the long run, the negative impact of such events is negligible, so feel free to hold the coin.

Besides, the old U.S. side, President Biden proposed a $6 trillion budget, I do not know if it can be passed, and again to start pulling the plug on the feeling. The U.S. Treasury Secretary Yellen, the U.S. economy is still weak, do not believe that the Biden administration’s spending plans lead to inflation, two news together or a little interesting to see, many people worry about rate hikes, tapering, in fact, completely unnecessary, this year has been feeling less likely, rest assured that good.

Today, as the market is more frustrated, so the cottage market will not say much, and now not up and down, is not the time to layout cottage.

03 Orange reads the market

BTC: Affected by the miners selling coins, the big pancake has opened a negative mode in the past two days, but from the line, there is no obvious sharp fall or release phenomenon occurred, so the probability of stampede or panic decline in the market is not too big, the operation is still recommended to hold long mainly, because the long-term rise is certain, and short-term volatility may not be worth doing T.

ETH: Now too many traditional financial institutions have put their focus on Ether, so the short-term capital activity on Ether may be higher than the big pie, and the trend is also likely to be stronger, so other positions can be exchanged for some ETH in the short term.

BNB: Recently various attacks on BSC, according to statistics in May has lost $157 million, if such accidents on BSC continue to happen, it is also bad for the brand of BNB, this point should be noted. But from another point of view, hackers will shift the main battlefield to BSC also indicates that the BSC ecological scale has been large enough, so the fundamentals of BNB is still very good, long-term can continue to hold.

LINK: link one-hour macd top divergence retracement, and the retracement is limited, short-term LINK is still a strong coin, medium and long-term is also very optimistic about the leading effect of LINK.

DOGE: trend LINK big pie, Musk did not have much news, DOGE will not have an independent market.

ICP: continue to be negative, ICP’s two problems still exist, 1 is the circulation of less, behind the potential dumping pressure heavy; 2 is the lack of ecological projects, and the lack of killer ecological projects, always ICP still need time to verify.

FLOW: FLOW is quite hard today, the drop is small compared with the same level of public chain, so you can continue to hold the coin, and wait for the medium and long term various good landing.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/xinhua-news-agency-came-out-to-suppress-the-virtual-currency-is-bitcoin-really-nobler-than-a-ponzi-scheme/
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