01
Cryptocurrency News Interpretation
Grayscale Bitcoin Trust (GBTC) rose more than 12% on Friday after BlackRock submitted an application for a Bitcoin spot ETF last week. In addition, according to data from YCharts, the "GBTO discount" hit a monthly low of -36.61%. The discount refers to the difference between the stock price and the net asset value (NAV) of Bitcoin held by GBTC. It is reported that Grayscale's flagship product GBTC enables investors to trade trust shares that hold a pool of Bitcoin. Each share is designed to track the current price of Bitcoin, allowing investors to invest in Bitcoin without actually buying and holding the asset itself. Previously, the founder of MorganCreek said that BlackRock applied for a Bitcoin redeemable trust, which may compete with GBTC. It is not yet known whether the ETF applied by BlackRock will be approved. If it is approved, it will inevitably have a positive impact on the market. If it is not approved, the market will still fluctuate and fall at its own pace.
Important news overview:
1. The IMF is developing a central bank digital currency platform:
2. EU legislation on digital euro is on hold:
3. FTX paid nearly $120 million in consulting fees in 3 months:
4.Balancer may integrate AuraFinance and Arbitrum;
5. UK cryptocurrency and stablecoin laws approved by the House of Lords;
6. Osmosis updates the token economics model and reduces the token inflation rate by 50%;
7.BNBChain launches Laver2 network opBNB testnet based on OPStack
02
Cryptocurrency Trading Tips
Mental training
In the investment market, success rate is always a topic that cannot be ignored, especially in contract trading. For example, if you win 7 out of 10 bets, but lose 3 times more than you win 7 times, you have a 70% success rate. But what is the use of such a high success rate? Sometimes, even if 5 out of 10 trades are wrong, but you stop loss and take profit reasonably, the result is profitable. Which one do you want?
Therefore, the success rate is a false proposition. The charm of contract trading is to make a small investment for a big return. With a stop loss of four or five hundred points, you can get a profit of three or four hundred points. It is a joke to want to make money in the trading market with this success rate.
The more you pursue success rate, the more you lose profit rate, and the more you pursue profit rate, the lower your success rate. The profit of gambling in the market is not the number of times you are right, but how to increase the stakes when you are right and make the right run, and how to stop the error from spreading when you are wrong. The financial market is never about old people making money from newcomers, but about wise people making money from fools!
03
Cryptocurrency market analysis
U.S. stocks fell overnight, and Bitcoin rebounded in three stages as expected to reach a new high.
In the 30-minute trend, the rise since 24781 is a three-wave structure. The expectation of building a falling center in four hours or daily lines remains to be verified, which raises questions.
The third stage of the rebound strength is equal to the first stage, and the downward trend has been temporarily reversed. Yesterday, we proposed "the reference level of 27500, if it is broken, we need to be alert to the daily big positive rebound." This has been verified!
The sign of the end of the third rebound can only be judged by the 15/30F center in five minutes of sideways trading. The end will not be considered before the strength weakens.
In terms of operation, if the price goes down, you can consider pulling back once, and wait for the situation to become clear in the short term before considering whether to continue to bet on long or to go short.