Bitcoin Market Analysis (August 25, 2022)

[Yesterday's review] Minneapolis Fed President Kashkari said that his biggest concern is that the Fed has misjudged the upside and duration of inflation, and in order to effectively control inflation, the Fed needs to raise interest rates more aggressively. At present, Kashkari is already the most hawkish of the 19 Fed policymakers. He expects the Fed will need to raise its policy rate by the end of 2023, by 2% on top of the current 2.25%-2.5%.

Joseph Stiglitz, a Nobel laureate in economics, said central banks raised interest rates too aggressively to curb supply-driven inflation risked exacerbating price increases. "Raising interest rates won't solve the supply-side problem, and it could even make it worse because what we need to do now is invest more in supply-side bottlenecks, but raising interest rates will make those investments more difficult." Stiglitz said, "How will rate hikes bring more food, more energy, and solve the chip supply problem? Not at all, they won't solve the basic root cause of the problem, the real risk is that things will get worse. bad."

In the past two days, I have been seeing screenshots of emails of accounts frozen by Binance from various communities. In fact, Binance has cooperated with the police to handle cases and frozen accounts for a long time, but it has become frequent recently. I have observed that many of them are small places. In the police station, in the past, everyone went to the police station to report the case and did not file a case for you. Now it is better. Everyone is more positive. It is hard not to let me guess that these people in small places are for income generation or personal interests, so everyone Be very vigilant. But don't panic. According to Binance's explanation, Binance's frozen account is not indefinite. According to the law, it is basically about 6 months. If there is no specific legal document after 6 months, Binance will unfreeze it. .

Binance Original: As the world’s largest exchange, the protection of users has always been the highest principle. For accounts and funds involved in investigation cases, Binance has the responsibility and obligation to assist law enforcement agencies in their investigations. At the same time, Binance also has strict internal standard operations. This is the consistent attitude and practice of Binance around the world. Regarding the recent rumors and remarks about the security of Binance in the community, please do not take it lightly. The user's funds in Binance are guaranteed. If there is no further effective judgment from the law enforcement agency, the assets and accounts will be unlocked within a limited time (the cycle varies depending on the specific case). If you find that your account is under risk control, please contact customer service for assistance in a timely manner, and Binance will explain the situation to users on a case-by-case basis. At the same time, it also reminds users again, please be careful to receive assets from unknown sources through OTC transactions. Once black property is involved, your account may be subject to assisted investigation and risk control. It is recommended that users conduct transactions (especially deposit transactions), please be sure to Choose formal platforms and merchants, avoid risks, and do not lose the big because of the small.

To say a few more words, in fact, it has been said on Twitter before that everyone must try to avoid such a thing from happening. The main thing is to put a large amount of funds in a hardware wallet or on the chain, and you can save the private key yourself. Large wallets should not interact frequently or authorize signatures frequently, you just keep them. After the large amount is settled, it is best to set up an overseas KYC account, and usually use an overseas KYC account for transactions, so that you do not have to worry about being frozen, because those people do not have the right to freeze your overseas account. If you need a domestic account to withdraw money, it is best to withdraw it separately, and transfer the money after the withdrawal.

The total value of stolen NFTs between July 2021 and July 2022 exceeds $100 million, with an average of $300,000 per scam, according to a new report from blockchain analytics firm Elliptic. The report says 23% of all NFTs stolen in 2022 will come from social media platforms, such as phishing messages sent to members via Discord. The blue-chip NFTs that are most concerned by fraudsters include: Bored Apes, Mutant Apes, Azuki, Otherside and CloneX, these five digital collections together account for more than two-thirds of the total value of stolen NFTs, of which the value of Bored Apes stolen NFTs is 43.6 million US dollars, accounting for the largest proportion. Of the single stolen NFTs, the most profitable was CryptoPunk #4324, which netted fraudsters $490,000.

The official website of the Ethereum Foundation released the latest "Mainnet Merger Announcement" of the protocol support team, in addition to confirming the upgrade of Bellatrix and Terminal Total Difficulty at 11:34:47 am UTC on September 6, 2022. The trigger is expected to be on September 10, 2022. Between September 20th and 20th, the Ethereum Foundation also announced that it will quadruple the original bug bounty incentive program to $1 million, aiming to encourage the community to discover potential problems and problems in The Merge by September 8th. Bugs. Additionally, the Ethereum Foundation reminds node operators that both execution layer and consensus layer clients must be running in order to function properly on the network during and after The Merge.

[Bitcoin market analysis] The market has reached its current position. If you want a deterministic signal, you must look at the strong support signal at the daily level. If the daily level continues to be weak, then the strength of the short-term level will be meaningless. Since the daily level fell on August 19, it has entered a trend of weak consolidation. There is currently no strong support signal, so the current position continues to maintain the recent judgment, and may continue to test downward for support, so the daily At the line level, everyone must be prepared. If the daily line level again recovers the decline since August 19, then this worry can be cancelled.

At the 4-hour level, it entered the stage of shock adjustment, and there was no sign of stabilization.

[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.