🏆 May 9 Ghost Valley Morning Report 🏆
I. What happened in the crypto market yesterday? Why did the E-Guardian ask me to speak more politely?
1. okx ido @doodles 250u over-the-counter directly 1500 oil!!!
2. Binance $STX airdrop of 120u pork rice for 150 minutes.
3. Trump concluded the meeting, BTC broke through $100,000 for the seventh time, and the E-Guardian welcomed a glimmer of hope as ETH surged by 20 points.
4.@kaitoAI's imitation platform fan went live, confirming what we previously said, that the black slave platform may become more numerous.
5. @LuffaMessage new generation encrypted chat social product, very comfortable experience.
6. Coinbase plans to acquire Deribit for $2.9 billion, facilitating the options ecosystem.
7. On May 7, New Hampshire became the first state in the US to pass the 'state-level BTC reserve law'.
How much BTC will New Hampshire buy?
The government will use 5% of public funds (about $180 million) to buy BTC, with limited purchasing power but significant symbolic meaning. Other states are likely to follow suit.
The Texas BTC reserve bill has entered the final voting stage. Texas has the largest single Bitcoin mining center in North America and aims to attract businesses and investments with BTC, planning to buy $250 million worth of Bitcoin, with a final goal of accumulating $50 billion (quite ambitious).
II. On-chain Data Analysis
On May 6, stablecoins saw a significant inflow into exchanges, and on May 7, there was a slight outflow of stablecoins, but the overall trend is still a net inflow. Bitcoin has continuously flowed out of exchanges for a month, and it’s not far from breaking $100,000. I have reminded everyone many times that the trend of Bitcoin is already very clear. For those brothers who haven't bought Bitcoin yet, it's advisable to allocate a little bit.
III. Market Analysis
BTC once broke through $100,000, congratulations to the brothers holding BTC.
3 major news
(1) Federal Reserve meeting, Powell said 'let's wait and see' 11 times.
In May, the interest rate will remain unchanged, and it is very likely that there will be no rate cuts in June either.
Not favorable for the crypto market. Just when some brothers were disappointed and sold their BTC, BTC surged again, mainly due to two major news.
(2) The Texas Bitcoin reserve bill has passed.
But the Texas legislature still needs to enter the final full vote stage.
The news of whether it will pass will be announced within three weeks.
The probability of Texas passing it in 3 weeks is greater than 70%.
In yesterday's analysis, we mentioned.
New Hampshire becomes the first state in the US to pass a strategic BTC reserve law.
Other states in the US are following suit, as long as five states join.
That's $5 billion in buying power every year.
These forces will push BTC to break through $200,000.
(3) Trump will announce a trade agreement with the UK.
This is the news that came out early this morning. An agreement has been reached, and it is now interpreted as favorable.
However, if the agreement shows that tariffs are too high, it will turn unfavorable, which we must guard against.
Currently, negotiations are advancing on trade tariffs, and even positive signals have emerged between China and the US, with plans to meet in Switzerland for negotiations; on the other hand, in terms of domestic tax cuts, the White House and Congress have strengthened cooperation and plan to pass new tax and spending bills in early July. Tax cuts are favorable for the capital market and BTC.
If the tariffs in the agreement reached by Trump are not high, then there is hope for BTC to break through $110,000 in May. It is recommended to patiently hold coins: mainly BTC (over 50% position), with altcoins as a supplement (under 30% position) while waiting for BTC to break through.
#BTC
