Bitcoin breaks through the 50,000 mark! Bull has been unstoppable

Bitcoin breaks through the 50,000 mark! Bull has been unstoppable


After Bitcoin's strong pull last Friday, after two days of shock adjustments over the weekend, Monday saw another wave of rising market value. The global cryptocurrency market value rose to 2.2 trillion US dollars, a new high since the "519" plunge and gradually approaching historical highs. 2.55 trillion US dollars. At present, the market value of BTC accounts for 43.5%, and the market value of ETH accounts for 17.4%.

The price of Bitcoin has broken through the $50,000 pressure mark, setting a new high since 5.19.

Currency friends who do day trading should pay special attention to the situation of Bitcoin's break, as well as the trend pattern and technical indicators after the break. Before there is an obvious retracement trend, short positions have no advantage. Data shows that Bitcoin is currently The net short positions reached the lowest level since 312 last year. This shows that the vast majority of investors and institutions in the market are generally optimistic about Bitcoin bulls. This also means that as long as there is no major news impact, Bitcoin is more likely to move upward in the future.

Good market conditions, naturally there is no shortage of good news for stablecoins.

Since August 10, USDT has issued an additional US$2.1 billion in stablecoins, but USDC has been converted into US dollars, which has reduced it by US$1 billion. USDT has been issued continuously. Although 1 billion USDT is issued each time, the number is small, but the frequency is relatively fast. Whether the market is strong or not, the issuance of stablecoins is an important predictive indicator.

Yesterday, Circle, the issuer of the US dollar stable currency USDC, announced that taking into account the sentiment of the community, its commitment to transparency, and in order to meet the requirements of the ever-changing regulatory environment, it will convert USDC reserves into holdings entirely in the form of cash and short-term US Treasury bonds.

what does it mean? The meaning is very clear. The USDC, which is anchored to the US dollar asset, can be purchased and used with confidence. It is a proper 1:1 exchange ratio with the US dollar!

In order to compete for the stable currency market, USDC is also struggling to challenge USDT. After all, the old stable currency USDT is currently not as open and transparent as the former, and it does not have the highly liquid reserve assets like USDC. It seems that it is too early to draw conclusions now that the stablecoin in the currency circle can claim the title of Central Plains.

I don’t know if it’s to keep up the craze. The payment tycoon PayPal announced yesterday that it is expanding its encryption service to the UK, allowing customers to buy, hold and sell four cryptocurrencies on its platform, including Bitcoin, Ethereum, and Litecoin. And BCH.

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