USDT continues to be issued, like in 2020, is the bull market coming again?

hot spot

Last night, the old and the United States announced the July ISM non-manufacturing index data. The data value was 56.7, exceeding the expected 53.5 and the previous value of 55.3. This data represents the busyness of the non-manufacturing industry and is also an important indicator of the US economy. Yesterday’s data also indicated that the U.S. economy has not completely fallen into recession. According to historical backtesting, the probability of this data rising more than expected is 78.5%. Last night, the U.S. stock market also opened higher and moved higher. The S&P 500 rose 1.56% within a day. However, the performance of the crypto market is flat. The current currency market is showing signs of decoupling from U.S. stocks. In addition, the WTI crude oil futures have continued to fall in the past few days. I remember that last week, the trend of flat cake and crude oil were reversed, which indicates that the currency market Currently in an independent market​.

Another important data, USDT issued an additional $1 billion on the TRON network last night. This is the 4th additional issuance of stablecoins such as USDT after the decline for 3 months, and these 4 times happened after last Friday. Friends who have experienced the bull market in 2020 before should have the impression that this round of bull market started with USDT printing money every three to five after 312, and major institutions almost all entered the market at this time, so if stablecoins can continue to grow, then One wheel of the bull market is turning, and the second wheel is the TVL data of DEFI, which is also an important factor in this round of bull market. At present, there is no sign of this wheel being started. The reason is that some series of thunderstorms caused by the LUNA event It’s time for institutions, so this will take a while, but the good thing is that the current top DEFI protocols are entering stablecoins, such as AAVE and Curve, and over-collateralization in the context of the bear market can at least drag the market down.

The solana wallet theft incident has already made preliminary progress. It is said that 30% of people use Slope, and this slope actually submits the user's private key and mnemonic and other sensitive data to the centralized service provider Sentry, so the slope This part of the wallet was stolen by hackers, and the other 60% of the stolen users used the Phantom wallet. Although the Phantom wallet also used the sentry service, Phantom did not submit the user's private key to sentry, so these users were The reason for the theft has not yet been found out. SBF also expressed his opinion on the matter. He believes that the theft is not a problem of the SOL network. SOL is still safe. Of course, SBF is SOL's dog house. To be honest, SBF’s speech is very inappropriate until the reason why the SOL wallet was stolen is not identified. In addition, the unknown reason is the most terrifying, so everyone must be extra careful when using the wallet. It is very dangerous to store private keys in places such as cloud disks.

Minneapolis Fed President Kashkari made another hawkish remark, saying that the Fed's actions to curb inflation in 2021 were too slow, and the possibility of cutting interest rates next year is very small. We are focused on reducing inflation. The more likely scenario is that we raise interest rates and then leave them there. It may take several years to bring inflation back to 2%.

Blockchain data analysis company Chainalysis recently released a report saying that so far in 2022, the amount of cross-chain bridge hacking incidents accounted for 69% of the total amount of stolen cryptocurrency, and the loss reached 2 billion US dollars. So far, 13 cross-chain bridge attacks have occurred, including the recent Nomad cross-chain bridge attack that lost $190 million, and the Ronin cross-chain bridge attack that cost $624 million in March this year.

Southeast Asian capital is entering the crypto market. It is said that Siam Bank of Thailand has established SCB 10X, a financial technology investment department, which specializes in investing in encryption and web3. It has previously participated in the $34 million Series A financing of Spruce, a digital identity authentication company, and institutions. Crypto custody provider Fireblocks' $550 million Series E funding round.

Fairfax County Retirement Systems, a $6.8 billion pension fund in Fairfax County, Virginia, has recently won board approval to invest some of its funds in DeFi protocols for yield. Chief investment officer Katherine Molnar said the sector has become attractive as many users have stopped making money from DeFi. It seems that this old man wants to come to the currency circle to buy the bottom. No wonder the recent DEFI projects have been rising very well.

Brother Sun really wants to participate in all hotspots. This time, Brother Sun threatened to support the POW fork of Ethereum, and Poloniex, the exchange owned by Brother Sun, will launch two potential forked futures Tokens and related trading markets on August 8. . It seems that what I thought was right before. Although large exchanges may not list ETH forked coins, there will definitely be second- and third-tier small firms that force the listing for traffic, so the forked coins have hype value, but ETH's current market value relies on network effects. Forked coins do not have an ecosystem, so you don't have to put too high expectations on forked coins, just sell them when you get them.

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BTC: Bitcoin is still in an adjustment trend, and there is no obvious support signal in the current trend. We might as well pay more attention to the ETH merger event. At the 4-hour level, Bitcoin’s lower support is around 22,000, and its upper resistance is around 24,000.

ETH: eth is the same as yesterday's prediction. It has not maintained a rebound trend in the short term, but the support near 1600 is still very obvious, and the point of the downward pin is gradually rising. If it can stand on the 5-day moving average again in the past few days , then there is still a great chance for ETH to counterattack a new high, and in the medium and long term ERTH is expected to be positive for mergers and forks, so the spot is worth continuing to hold.

​OP: OP’s lock-up volume continues to break new highs, currently over $1.2 billion, and the price is also hitting new highs. However, considering that OP’s FDV has exceeded $8.5 billion, the circulating market value is only $430 million. Circulation only accounts for 5% of the total, so don't underestimate the selling pressure brought by the OP's subsequent unlocking. In the short term, it is very uneconomical to chase high, so it is not recommended to continue.​

[Disclaimer] The above content does not constitute any investment advice. According to the relevant documents of the "Risk Warning on Preventing Illegal Fund Raising in the Name of [Virtual Currency] [Blockchain]" issued by the China Banking and Insurance Regulatory Commission and other five departments in August 2018, please Look at the blockchain rationally, and don’t blindly trust others. The digital asset market is extremely volatile and risky, and you need to be highly cautious when entering the market.

[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.