The market has never stopped discussing the security and legitimacy of stablecoins. Every once in a while, you can see controversies about stablecoins, especially USDT, which has recently faced investigations by official agencies.
On July 19, U.S. Treasury Secretary Janet L. Yellen (Janet L. Yellen) convened a meeting of the President’s Financial Market Working Group (PWG), which discussed the rapid growth of stablecoins, the potential use of stablecoins as a means of payment and target users, On topics such as the potential risks of stablecoins to the financial system and national security, Yellen emphasized the need to act quickly to ensure that an appropriate US regulatory framework is in place.
On July 26, Bloomberg reported that the U.S. Department of Justice was investigating whether Tether had misled banks in terms of encryption business, and that Tether executives may face criminal punishment for bank fraud. Tether then responded to Bloomberg’s report, saying that Bloomberg “will Stale claims packaged as news, apparently designed to generate clicks."
A few days ago, Michael J. Hsu, acting director of the U.S. Office of the Comptroller of the Currency (OCC), said that regulators are investigating Tether’s commercial paper inventory to see whether each USDT token is really backed by a dollar equivalent.
Regarding USDT, the market has many concerns. Once USDT explodes, will it mean that it will become worthless? If USDT explodes, will it have a shocking impact on the existing cryptocurrency market. This is inevitable. Once the USDT explodes, it may depreciate against the U.S. dollar. At that time, users may withdraw a large number of coins, and the issuer will increase the difficulty of various withdrawals. But at the same time, for other cryptocurrencies. There may be a price increase. Therefore, every time USDT is under investigation, the safest way is to exchange USDT for other currencies, and wait until the limelight passes. I have read too many stories about the wolf coming. May be true.
Pay attention to the DeFi news again. At present, there are more than 3 million addresses on Ethereum DeFi. Among them, Uniswap is the only one with nearly 2.4 million addresses, accounting for nearly 80%. Addresses, 1inch has more than 270,000 addresses, and the rest are divided up by DeFi applications such as Sushiswap and Balancer.
Judging from these data, it is still a few old-fashioned projects that come out on top. This situation shows that when the market is bad, users are more willing to embrace less risky and safer projects. During the bull market, it will bloom everywhere, and the addresses will be more scattered at that time.
Therefore, I would like to remind everyone that if any new DeFi project announces how great data it has in the near future, everyone should be extra careful, because the current market situation is like this, and the enthusiasm of users has not yet become high.
It can be seen from the data of ETH that everyone has indeed reduced their actions recently, especially the actions of selling. Glassnode data shows that the number of ETH in CEX continues to decline. The current total is about 15.5 million, accounting for 13.4% of the circulating supply of ETH , hitting a record low.
Not surprisingly, most users have stopped selling ETH and started saving.
Going back to the market, it can be seen that the market still shows signs of going up today, but there is indeed a fairly strong pressure level at $40,000. Once it reaches $40,000, it will be suppressed immediately, and it is still a little entangled below $40,000.
From a technical point of view, there are several differences in this market, which are the first time since the market fell. First, since the fall of 60,000 US dollars, MACD has always been running below the 0 axis, even if the rebound is the highest It is also at 0 near the 0-axis but not across the 0-axis, and this rebound, there are signs of rushing to the 0-axis, and some have even rushed to the 0-axis.
The second is the first time that the market has seen Qi Lianyang (not counting today), and there are signs of starting to run along the Boll track, which is also the first time recently.
Therefore, the biggest concern at the moment is whether it can use this momentum to directly break through the previous high and stand above $42,000. If there is a sideways adjustment at present, the uncertainty will increase again. Although it is normal to digest it after such a long rise, according to previous experience, it may usher in a negative after the adjustment, which will make the recent big advantage Fall short, which is what the market does not want to see.
From my current personal point of view, there is still a chance within the day. If it breaks through 40,000 US dollars at a later date, market sentiment will help the market to break through 42,000 US dollars. This is purely personal speculation and cannot be used as an investment basis.
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