LOEx Market Research Report on June 19: BTC rose and fell, $35,000 support is in sight

[Hot Tips]

1. [Portugal granted an operating license to a crypto exchange for the first time]

According to CoinDesk’s news on June 19, Banco de Portugal licensed two cryptocurrency exchanges for the first time. In an official statement, Banco de Portugal announced the recognition of Criptoloja and Mind the Coin as “virtual asset service providers.” This is the first time the exchange has obtained operating permits since the new law on cryptocurrency trading platforms took effect earlier this year.

2. [Vitalik Buterin: Compared with the ideal Merkle tree, the Verkle tree can reduce the proof size by 6–8 times]

Vitalik Buterin published an article today explaining the Verkle tree. The article stated that Verkle trees are becoming an important part of ETH’s upcoming expansion and upgrade. The key feature provided by Verkle trees is that they are more efficient in terms of proof size. If a tree contains one billion pieces of data, the proof in the traditional binary Merkle tree will require about 1 kilobyte, but the proof in the Verkle tree will require less than 150 bytes. This reduction is sufficient to make stateless clients finally feasible in practice.

3. [Fed Kashkari: The Fed’s benchmark short-term interest rate should remain unchanged at least until 2023]

According to JIN10 news, the Fed Kashkari stated that the Fed’s benchmark short-term interest rate should remain unchanged until at least 2023.

[Market analysis]

Bitcoin (BTC)BTC began to pull back late last night. After falling to 35123 USDT in the early morning, it stopped falling and stabilized and began to oscillate. BTC is currently trading at 35620 USDT on LOEx Global, a drop of 2.00% during the day.

The news of Sichuan’s mine clearance is clear. Strictly implement national policies and shut down Bitcoin mining farms within a time limit.

El Salvador requested the International Monetary Fund that for the time being, Bitcoin is still unable to act as a legal currency to replace USD.

Hackers ransacked the Binance Smart Chain, and the stablecoins have returned to zero. The innovations based on these ETH smart contracts continue to cause problems. There are many bad news. Western institutions have Musk starting to wait and see, and the United States and other countries have begun to supervise. All the bad news is about to materialize. Facing the last drop of BTC, we are imminent. At present, the market has risen and fallen. The last drop has already begun. We don’t have to guess where it can fall. In your personal eyes, you should have a plan for the ideal point of bargaining. When this threshold is reached, the more you fall, the more you buy, which is the execution of the plan. Don’t think about buying at the lowest point. That’s what the gods do. As a small retail investor, we just need to operate as planned.

Operation suggestions:

Support level: the first support level is 32,000 points, the second support level is 30,000 integers;

Resistance level: the first resistance level is 36,000 points, the second resistance level is 38,000 points.

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