Content source: Weibo (Kuang Ren Daobi Dao)
Madman said
The market is volatile as expected. Europe and the United States are entering the weekend, and the volatility will continue. For us, we can only find some speculative opportunities. It is not worth participating in large positions in the short term. For medium and long-term investors, this position has entered an excellent entry opportunity. As long as it is spare money, there is no problem with a little more allocation. Although it may not rise immediately, after a period of time, you will find that the current position belongs to the few super opportunities in history. As CZ said at the Swedish Binance event today, after the bad 2022, the industry is in a healthier state, and there will be better situations in 2023. FTX is a Ponzi scheme, but it does not mean that FTX has exploded and the entire industry is bad. Indeed, every time a crypto crashes, many traditional people will shout "crypto is dead". Since 2010, every time crypto is pronounced dead, it will thrive more rapidly, and I believe this time will be no exception.
In the first week of the World Cup, the sales of fan tokens exceeded 1 billion US dollars, and the sales in November exceeded 7 billion US dollars. This means that not only did the fan tokens usher in the peak of speculation before the start of the game, but a large amount of new funds continued to pour in after the start of the game, which is likely to bring new opportunities for the sector to rise. The speculation logic will be related to the performance of the World Cup stars. The emergence of national team stars will bring about an increase in the potential value of the club. Fans who love football should find such investment opportunities from their own understanding of football. The certainty is much higher than participating in football lottery.
Israel's Tel Aviv Stock Exchange is establishing a cryptocurrency trading platform, and another national-level crypto exchange is preparing to go public. Cryptocurrency trading is entering the mainstream market from some less financially developed countries, giving the feeling of the countryside surrounding the city. Will the bottom-up decentralized market once again usher in a great victory?
Hong Kong will launch a new licensing system for crypto asset service providers. The Hong Kong government believes that crypto assets have become an unstoppable financial innovation, and the government has put forward a vision to embrace the industry. It must be said that Hong Kong has reacted quickly this time. Choosing to embrace the industry under the comprehensive ban in the mainland is also an excellent way to prevent the outflow of talent. Otherwise, these web3 talents in China would be sold cheaply to Singapore and Dubai, resulting in heavy losses.
WBTC/BTC depegging has aroused doubts from the crypto community. After analysis, WBTC depegging is mainly due to Alameda being the largest minter of WBTC. Due to its bankruptcy, WBTC panic selling occurred, resulting in a short-term depegging. The on-chain reserve proof shows that WBTC is still supported by BTC 1:1, which means that everyone can arbitrage the current depegging, but the price difference is only $100, about 0.6% arbitrage space, which is very simple, just buy an equal amount of WBTC and an equal amount of short BTC, and wait for it to return to the anchor. It is expected that it will not take too long.
Panic 22, extreme panic.
Bitcoin: Continue to see volatility and is accumulating bullish power.
Ethereum: Continues to be stronger than Bitcoin, in line with expectations, and is expected to continue to drive the market stronger.
REN: It is rumored that CZ will acquire the REN project. A rumor can drive the price of the currency to the sky. What does this mean? It means that the funds in the market are already hungry and eager. They dare to rush in as soon as there is a little news. It shows how aggressive and eager they are. This also means that once a fuse appears in the future, the market will be fully launched. Refer to April 1, 2019, which is very similar to the current situation. REN has overdrawn this positive news in the short term, and the price has returned to the previous shock platform. There is no value in chasing high prices.
DOGE: Dogecoin also rose due to rumors. A founder said that Vitalik and Elon Musk will work together to develop Dogecoin. Just this piece of news has raised the price by more than 10%, which shows the bullish power quietly accumulated in the market. 0.095 is a strong pressure and it is difficult to go up.
That’s about it. Short-term opportunities will still be in the World Cup sector, that is, fan coins. Other tokens that are used to push up prices are likely to be short-lived and difficult to sustain.
