Bitcoin Market Analysis (August 2, 2022)

[Yesterday's resumption] The US July IS M manufacturing PMI recorded 52.8, a good performance for 26 consecutive months, the US July ISM new orders index fell to the lowest level since May 2020, and the US July ISM manufacturing price payment index It fell to its lowest level since August 2020. The agency sees signs that the rate of new orders has fallen, as experts grow increasingly concerned about excess inventories and continued record delivery times.

After the data was released last night, U.S. stocks did not continue to rise, but closed down slightly. The Dow Jones index opened down 0.44%, the S&P 500 index fell 0.68%, and the Nasdaq index fell 0.6%. By the time the market closed, the Dow Jones closed down 0.14%, the S&P 500 closed down 0.29%, and the Nasdaq closed down 0.18%.

Cross-chain solution Nomad was hacked. WETH and WBTC are being transferred out at a frequency of $1 million each time, and there are still $126 million in the contract that may be at risk. The Nomad team, a cross-chain solution, announced on Discord that the official update now is that we are aware of this issue and are actively investigating it. The cross-chain solution Nomad announced in April 2022 that it had completed a $22 million seed round, led by Polychain, with a post-investment valuation of $225 million. Nomad aims to realize a non-traditional cross-chain communication that does not rely on a large number of external verifications through the Optimistic mechanism. This round of financing will be used to expand the team and product development.

It has to be said that the bridge in the currency circle has become a bridge for hackers to get rich. As far as the various technologies and implementation methods of the bridge are concerned, the risk is still far greater than the safety, but all the well-known bridges in the currency circle seem to have gone out. There are many security issues that have been stolen by hackers, large and small, so you must be careful when using it in the future, otherwise you will really lose money if it is stolen.

Aptos, a public chain project, stated that in the completed testnet 2, a total of 225 nodes participated in the test, distributed in 110 cities in 44 countries around the world. Aptos will issue Token rewards to participants in Incentive Testnet 2 who meet certain conditions. Aptos Incentive Testnet 3 will open for registration on August 19th and end on September 9th, after which the mainnet will be launched in the fall, and then the testnet 4 will be launched in the winter after the mainnet launch.

Aptos Labs is building a new layer 1 blockchain focused on security, scalability and upgradability. Want to create a rapidly innovating and adaptable blockchain to meet the needs of billions of people today and in the future. Expect significant improvements in user experience in terms of security and scalability. Make blockchain more applicable to ordinary users, especially non-crypto-native users, to accelerate the adoption of web3 by Internet users. Founded in 2021, Aptos is headquartered in Palo Alto, California, and its key leaders, Mo Shaikh and Avery Ching, were also the main builders of Diem (formerly Libra) and Novi (formerly Calibra). Meta (formerly Facebook) encountered many bumps in the field of encryption. Many projects were temporarily suspended. Many members left Meta and continued to devote themselves to the field of encryption. The same goes for Mo Shaikh and Avery Ching, who left Meta after Diem was blocked from launching, and got together with many core developers such as Diem and Novi's original creators, researchers, designers, and builders, working on the open-source Diem code A new network called Aptos is built on top of the library.

The SEC has not been idle recently. On July 22, the SEC listed 9 cryptocurrencies as securities. These 9 cryptocurrencies are AMP, RLY, DDX, XYO, RGT, LCX, POWR, DFX and KROM. , These are all the currencies listed on CB. On the one hand, the SEC is vague and has not clearly defined which securities are securities. On the other hand, the listing of CB in the past two years has become more and more eye-catching. The lack of clarity and the frequent listing of junk coins have caused CB to lose its former position in the industry, which can also be reflected from the stock of CB. However, Binance responded very quickly. Binance USA has already delisted AMP, and it is unknown whether it will be listed after that. I believe that as the policy develops and continues to mature, there will be clearer answers as to whether tokens are securities.

Do you still remember the concept of soul tokens mentioned by V God before? In fact, it should be a symbol of identity binding, and Binance will issue such a token. Binance will launch the Soul Bound Token Binance Account Bound (BAB). Users who pass KYC can directly mint BAB in their account, or they can choose other wallets to store the Token. Currently BAB will be used as a KYC certificate. In the future, it is expected that Binance will create more soul-bound Tokens and apply them to security and other aspects.

The official did not say whether this coin can be traded, whether it can be circulated, but from the current simple design, it is meaningless. I understand that Soulbound Token should be something similar to an international ID card. To prove your identity, you can also write your historical deeds and other information. At the same time, this information is highly encrypted. It can only be read and written once where it is used, and these reads and writes will not leave any traces. Now Binance Coming up with such a token is actually far from what V God thought.

Fan Token platform Socios.com announced a strategic and technical cooperation with FC Barcelona, and will support FC Barcelona in blockchain, NFT, digital assets and Web3 strategies. Additionally, Chiliz, developer of Socios.com, a sports and entertainment blockchain solution, will invest $100 million, or 24.5 percent, in Barça Studios. FC Barcelona has launched the Fan Token BAR on Socios.com in February 2020.

[Bitcoin market analysis] Bitcoin's 4-hour level has not stabilized yet. In the past, there was no clear support signal for this retracement. However, we have clearly analyzed it yesterday, and the rebound will continue from the perspective of large-cycle signals, so now Just wait patiently for the support signal at the short-term level, and the rebound will continue after stabilization.

At the 4-hour level, the lower support is around 22200 and the upper resistance is around 24000.

[Risk Reminder] Digital assets fluctuate greatly and the risks are extremely high. Please participate with caution, put an end to the full-cow stud, and refuse loan leverage.