Let’s talk briefly about the recent market trends. The phenomenon of price breaking through levels is not very obvious, and coupled with the earlier analysis, the trend remains within internal fluctuations; overall, there isn’t much that needs to be pointed out to everyone. The recent growth is more driven by retail investors; whether it’s the technology sector or the end of the World Cup, both have brought a certain flow to the cryptocurrency space, and retail investors are starting to reconsider market investments. Today's theme revolves around Russia's cryptocurrency legislation. I believe everyone’s sentiments are similar to Old Cui’s; this year, the general outlook for the cryptocurrency space is optimistic, with a focus on the push this year, but the effect of that push has not been good. Only second-tier countries are actually starting to promote the cryptocurrency process. Particularly, the performance of Japan and South Korea has been particularly sluggish, which is also due to economic collapse. The yen experienced a sharp decline, followed later by the explosive growth and circuit breakers in the South Korean stock market, all competing with the cryptocurrency market. This has also led to Bitcoin hitting a new low for a time, and as of now, there is still the possibility of further decline.

Returning to the policies of a country like Russia, the gap from our ideal state is also vast. Everyone believes that the implementation of cryptocurrency legislation will deepen the application in the cryptocurrency space. Among the countries that have passed such laws, almost all are using legislation to lock in their domestic circulation. Whether it’s the EU or Russia and Korea, they are all pushing for their own platforms and networks. This situation will also deter capital, making decentralization completely mockable; even BN has not obtained a license, which indicates that everyone is still quite conservative about the idea of legalization. The Americans are clamoring for promotion, yet no regulations beneficial for cryptocurrency operations have emerged thus far. The typical expectations have not been met, prompting MicroStrategy to begin selling, shifting the focus away from the cryptocurrency space, which is not a favorable message. The focus of capital investment in cryptocurrencies is on stablecoins, not on the Bitcoin we invest in. Everyone is scrambling for pricing power, which is a significant test for Bitcoin.

So where is the real turning point for Bitcoin? A couple of days ago, Old Cui also posted a chart in the circle, illustrating the later trends, serving as a reminder for everyone. After the World Cup, Old Cui sees that the industry might experience a short-term reversal. However, the strength of this reversal is not intense; it can only be considered a mid-term or even short-term pullback from retail investors. The key factor for a true major market initiation lies in the American definition of cryptocurrency. Currently, there is no unified perspective on cryptocurrency in the market. Continuing to operate solo will not bring about spring for blockchain but will only drive prices lower. With over a month left until September, the conflict between the U.S. and Iran is still ongoing, oil prices remain unstable, and interest rates are still being pulled back and forth, the market will only remain turbulent, not improving. This year's reversal will take shape within this brief month.

Only by addressing these issues will the Americans have the energy to layout the cryptocurrency market; if they cannot resolve them, their focus will solely remain on the stock market. For everyone, a high rebound in the short term is not visible, which doesn’t mean that the long-term outlook is bleak. Most friends hold physical coins and feel very confused at this stage, especially in a state of loss, questioning not just the future of a single token but the future of the entire cryptocurrency space. Don’t overthink these issues; in Old Cui’s eyes, they are all internal friction. Old Cui is also in a loss state; aside from before the Spring Festival when gains were visible, during other periods the losses have only increased. The birth of the cryptocurrency space is to address the global currency circulation problem and also to challenge global regulatory systems. The era we live in is one of constant testing and tugging between regulation and the economy. Once a balance is found, the future will belong to cryptocurrencies, but the search may take time and require patience; investing is essentially a long-term calculation. This time, 68,000 can be touched for the rebound, and recalibration will be needed afterward.

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