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The cryptocurrency policy in Vietnam has undergone a series of developments and is currently showing a trend toward gradual regulation, specifically as follows:

Early Policies

• In April 2016, the Ministry of Finance of Vietnam announced in an official letter that it does not prohibit cryptocurrency trading, defining it as 'property' and liquid 'goods'.

• In July 2017, the State Bank of Vietnam explicitly announced that it does not recognize cryptocurrencies like Bitcoin as legal tender or payment methods, prohibiting the issuance, supply, and use of cryptocurrencies as currency or payment methods.

• In April 2018, the Prime Minister issued a directive requiring relevant departments to strengthen the management and control of activities related to cryptocurrencies like Bitcoin. In the same month, the State Bank of Vietnam instructed financial institutions to enhance measures related to cryptocurrency trading.

Recent Policies

• In October 2024, the 'National Blockchain Strategy 2024 - 2030' was released, promoting blockchain applications and emphasizing regulated experiments through digital asset sandbox pilot projects.

• In 2025, the Prime Minister of Vietnam instructed the Ministry of Finance and the State Bank to establish a comprehensive regulatory framework for digital assets. The Ministry of Finance is collaborating with the global exchange Bybit to develop a cryptocurrency sandbox program, which is planned to be officially launched in mid-2026.

• On June 14, 2025, the National Assembly of Vietnam passed the 'Digital Technology Industry Law', effective from January 1, 2026. This legislation classifies digital assets into virtual assets and encrypted assets, requiring the government to formulate specific business conditions, classifications, and regulatory mechanisms, while also stipulating cybersecurity and anti-money laundering safeguards.

Overall, Vietnam's cryptocurrency policy is shifting from a regulatory gray area to controlled experiments and gradual regulation, aiming to balance the development of the cryptocurrency market with risk prevention.

$BTC 以下是对比特币的分析：

价格走势

2025年比特币价格波动剧烈，曾暴跌至8.8万美元，后有所反弹，但整体波动仍较大。截至6月9日，价格在105700美元一线，处于前期快速下跌拉升后的盘整修复阶段。日线级别布林道收平，探底下轨后止步开启反弹，日线中轨是多头的生命线；四小时图来看，前期浪形回调结构完成后，若价格未能突破四浪高点，后续仍可能面临回调压力。

市场现状

暴跌后市场交易量初期急剧放大，随后有所回落但仍处较高水平。市场情绪复杂，部分投资者恐慌离场，部分则认为是抄底机会，多空博弈激烈。

影响因素

• 宏观经济环境：全球经济增长放缓、通胀压力增大，各国央行调整货币政策，加息使资金成本上升，投资者对风险资产偏好下降，比特币受冲击。

• 行业监管动态：一些国家加强监管，限制比特币交易和使用，如禁止金融机构参与相关业务，抑制了市场需求。

• 技术层面因素：比特币网络存在交易拥堵、手续费提高等问题，降低了其作为支付工具的吸引力，技术漏洞也引发投资者担忧。

• 地缘政治因素：如中东地区紧张局势加剧，会引发加密货币市场暴跌，6月13日比特币价格一度跌破103000美元/枚，日内跌幅超4%。

• 市场供需关系：2024年减半后比特币供应减少，但链上交易活跃度下降，需关注后续需求能否持续。

投资策略

短期投资者宜谨慎，可分批建仓，设置止损点，也可进行波段操作。长期投资者要认清风险承受能力，合理配置资产，若看好其长期发展，可适当增加持仓比例，但需定期关注市场变化，适时调整策略。

$ADA Consensus Algorithm: Uses the Ouroboros Proof of Stake protocol, which is the first academically proposed POS algorithm that has been adopted by the industry and can be proven to be secure and robust, excelling in scalability, sustainability, and security.

• Layered Design: Divides the blockchain into two levels: the settlement layer and the computation layer. The settlement layer is used for the circulation of ADA tokens and user transactions, where transactions are anonymous and serve as the foundation for payments and settlements; the computation layer supports functions such as smart contracts, identity authentication, and message communication, facilitating developers to create Dapps.

• Programming Language: The primary programming language is Plutus, a variant of Haskell, which better protects users' assets and sensitive data, making the network more secure and robust. However, the language's difficulty may hinder platform development.

Team and Community

• Development Team: Supported by three organizations: IOHK, the Cardano Foundation, and Emurgo. IOHK is a blockchain research and development company responsible for technical research and development; the Cardano Foundation is a non-profit organization dedicated to ecosystem expansion and core development; Emurgo is a venture capital firm based in Japan.

• Community Ecosystem: Cardano recently completed the Vasil hard fork upgrade, significantly enhancing smart contract functionality, with substantial improvements in scalability and energy efficiency. More than 100 high-quality projects have launched on the Cardano mainnet, covering various sectors such as finance, gaming, and social networking, forming a vibrant ecosystem.

The Cardano stablecoin proposal #卡尔达诺稳定币提案 was put forward by its founder Charles Hoskinson, aimed at enhancing the liquidity of stablecoins within the Cardano ecosystem and promoting the development of decentralized finance (DeFi). The main contents are as follows:

• Fund Conversion: It is proposed to convert $100 million worth of ADA (Cardano's native cryptocurrency) in the Cardano treasury into the Cardano-native supported stablecoin USDM. The Cardano treasury currently holds approximately 1.7 billion ADA.

• Partners: The proposal suggests collaborating with the major hedge fund Brevan Howard to enhance key activities within the ecosystem, such as increasing total value locked (TVL) and market-making.

• Revenue Model: This proposal includes a self-sustaining economic model that is expected to yield an annual return rate of 5%-10%. The earnings will be used to purchase ADA from the open market and return it to the treasury, expanding the treasury's size to provide ongoing support for the ecosystem.

• Attracting Investment: This liquidity strategy may attract large venture capital firms like a16z or Pantera Capital, with transaction sizes ranging from $25 million to $45 million, further enhancing the sustainability of the ecosystem.

Additionally, Hoskinson mentioned that Cardano plans to launch a privacy stablecoin to provide a cash-like anonymous payment experience, balancing privacy and compliance. It will adopt the Ouroboros consensus protocol, introduce zero-knowledge proof technology, utilize the privacy sidechain Midnight, and implement a governance model through a decentralized autonomous organization (DAO) to achieve privacy protection and compliant development.

$ETH Below is a multifaceted analysis of Ethereum:

Technical Aspects

Ethereum recently completed the Pectra upgrade, bringing significant changes. The account abstraction revolution was achieved through EIP-7702, greatly shortening transaction confirmation times, significantly reducing gas consumption, and making it universally applicable across the chain. The Blob storage upgrade (EIP-7691 + 7623) improved storage efficiency, increased the target number of blobs and data retention periods, reduced storage costs, enhanced data throughput, and decreased Layer 2 transaction delays. The staking system restructuring (EIP-7251 + 7002) improved the validator economic model, increased the staking cap for individual validators, shortened activation delays, optimized the exit mechanism, and reduced the volume of signed messages, hardware costs, and yield volatility for node operators.

Market Aspects

• Price Trends: Ethereum's price has been highly volatile. It broke through $2827 on June 10, reaching a 15-week high, and on June 11, the 50-day moving average officially crossed above the 200-day moving average, forming a golden cross. Some analysts believe that if it stabilizes above $2800 this month, the $4000 mark may be reached before the end of the month. However, it is important to note that the daily RSI reached 72, indicating it is in the overbought range, posing a risk of a pullback.

• Fund Flows: ETH spot ETF saw a net inflow of $428 million in one week, marking a new high for the year. At the same time, the DeFi ecosystem's TVL rose to $86.6 billion, with Layer 2 daily transaction volume surpassing 5.4 million transactions. The network's activity indicators hit a peak since 2023, showing a certain level of capital inflow and ecosystem activity.

Ecosystem Aspects

In the second quarter, the number of independent active addresses surged by 70%, reaching a historical high of 16.4 million on June 10, with the Base network accounting for most of the incremental market. However, network fee income plummeted by 90%, and staking annualized returns shrank to 3.12%, facing the issue of ecological value loss.

Risk Aspects

• Regulatory Risk: The SEC's regulatory pressure has led to a continuous net outflow of $369 million in Ethereum spot ETF funds over eight days, and the uncertainty of regulatory policies has impacted its market performance.

• Market Volatility Risk: Ethereum futures open interest has first surpassed the $40 billion mark, exposing the market to significant volatility risks. After reaching a new high in open interest, the probability of a black swan event occurring within three months is 68%.

The #加密圆桌讨论 Cryptocurrency Roundtable Discussion is a meeting format for in-depth exploration and communication regarding cryptocurrencies and related fields. Below are some relevant introductions:

Recent Related Conferences and Content

• U.S. Securities and Exchange Commission (SEC) 2025 Cryptocurrency Roundtable Conference: From April to June 2025, the SEC hosted four cryptocurrency roundtable meetings. The meetings covered core topics such as cryptocurrency trading regulation, asset custody, asset tokenization and integration with traditional finance, and decentralized finance (DeFi). The SEC proposed a "tiered regulatory" approach, implementing stricter capital and transparency requirements for centralized exchanges, while establishing a code of conduct for decentralized exchanges; it also introduced the concept of a "regulatory sandbox," allowing DeFi projects to test compliance solutions under certain conditions.

Industry Impact

• Accelerated Institutional Capital Inflow: Coinbase was included in the S&P 500 index, and fintech companies like Circle launched listing plans, showing traditional financial markets' recognition of the cryptocurrency industry.

• Wave of Real Asset Tokenization: Simplified standards for the issuance of security tokens, with institutions like Blackrock promoting the on-chain integration of assets such as real estate and artworks.

• Reshaping of the Global Regulatory Landscape: The SEC's regulatory framework is attracting cryptocurrency projects back to the U.S. market, while also prompting the European Union, Singapore, and other regions to adjust their regulatory strategies.

Hong Kong Cryptocurrency Finance Forum Roundtable Discussion

The third Hong Kong Cryptocurrency Finance Forum held a roundtable discussion on April 8, 2025, themed "Essential Infrastructure – Building the Blueprint for the Future of the Cryptocurrency Financial World." The discussion focused on how to balance compliance regulatory adaptability with technological scalability, with participants sharing their views on the importance of compliance, security guarantees, product development to avoid compliance risks, and the dynamic layering of compliance and regulation.

#实用交易工具 , Risk Control and Position Management Tools

• Excel/Numbers Spreadsheet:
Manually record the entry price, stop-loss price, and position ratio of each trade, and calculate the risk-reward ratio (e.g., stop-loss 5%, target profit 15%, risk-reward ratio 1:3).

• Position Calculator (Online Tool):
Input account funds, target price, and stop-loss range to automatically calculate a reasonable position size, avoiding full position risk (e.g., websites like 'online position calculator').

• Trading Log APP (such as 'Trading Notes'):
Record trading psychology and reasons for actions, analyze error patterns during reviews (e.g., frequently chasing high prices), and optimize strategies.

3. Information and News Tools

• CaiLianShe/Wall Street Watch (Real-Time News):
Push macro policies (e.g., central bank interest rate cuts), company announcements (financial reports, mergers), helping to avoid volatility risks caused by sudden news.

• LiXingRen/Radish Investment Research (Data Query):
Provide fundamental stock data (price-to-earnings percentile, ROE), industry research reports, assisting value investment decisions (e.g., screening undervalued blue-chip stocks).

• Yingwei Financial (Global Markets):
Track real-time trends of international indices (U.S. stocks, crude oil, gold), suitable for traders focusing on overseas market correlations (e.g., when A-shares are influenced by U.S. stock night trading).

#看懂K线 K Line (Candlestick Chart) is an important tool for reflecting price trends. Understanding K Lines requires starting from the basic shapes, components, and the combination of multiple timeframes. Here are the key points:

1. Basic Composition of K Lines

K Lines consist of 'body' and 'upper and lower shadows'. Different colors (usually red/green, bullish/bearish) represent price increases or decreases:

• Body: The range between the opening price and the closing price.

◦ Closing price > Opening price: Bullish line (often marked in red or hollow), indicating a price increase.

◦ Closing price < Opening price: Bearish line (often marked in green or solid), indicating a price decrease.

• Upper Shadow: A thin line above the body, with the highest point being the highest price of the day.

• Lower Shadow: A thin line below the body, with the lowest point being the lowest price of the day.

2. Key Shapes and Meanings (Taking a Single K Line as an Example)

1. Long Body Bullish/Bearish Line

◦ No upper or lower shadows, long body, indicates strong upward/downward momentum, with a clear one-sided market trend.

2. Doji

◦ Opening price ≈ Closing price, extremely small body, long upper and lower shadows, representing fierce competition between bulls and bears, possibly a trend reversal signal.

3. Hammer/Inverted Hammer

◦ Long lower shadow, small body (bullish or bearish), when appearing at low levels is called a 'Hammer' (possibly signaling a bottom reversal), when appearing at high levels is called an 'Inverted Hammer' (possibly signaling a top reversal).

4. Shooting Star/Inverted Hammer

◦ Long upper shadow, small body, when appearing at low levels may be a reversal signal (Inverted Hammer), when appearing at high levels may be a top signal (Shooting Star).

During the trading process, common mistakes mainly focus on operations, cognition, and risk control. Here are some typical types:

Operational Errors

• Input errors: For example, entering the wrong account number or amount when transferring, or mistakenly selecting the trading variety when placing an order (such as entering the wrong stock code).

• Misclicks or misoperations: During mobile trading, mistakenly tapping the 'Buy' or 'Sell' button due to screen mis-touches, or submitting without confirming transaction details.

• Network delays causing duplicate operations: Repeatedly clicking to submit after network lag, resulting in multiple orders, only to find out about the abnormal positions after execution.

Cognitive Errors

• Unfamiliarity with rules: For example, not understanding the delivery date of futures contracts or the limits on price fluctuations of stocks, leading to forced liquidation of positions or inability to stop losses in time.

• Blindly following the crowd: Trusting 'rumors' or mimicking others' operations without understanding the real value of the assets, leading to a price crash after buying.

• Confusing types of orders: For instance, mixing up 'market orders' and 'limit orders'; market orders may result in buying at a higher cost, while limit orders may fail to execute if the price is not reached.

Risk Control Errors

• Full position trading: Investing all funds at once without reserving capital to cope with price fluctuations, resulting in significant losses when downturns occur.

• Not setting stop-loss or take-profit: Being greedy and not taking profits during gains, or holding onto losses with false hope, ultimately leading to profit erosion or expanded losses.

• Over-leveraged trading: Using high leverage (such as futures or forex margin trading), where slight price fluctuations may trigger liquidation, resulting in total loss.

Other Common Issues

• Insufficient account funds: Not having enough balance when buying, leading to failed orders and missed trading opportunities.

• Ignoring market risks: Trading before major events (such as policy changes or earnings releases) without a prior risk plan, affected by sudden news impacting prices.

The key to avoiding these mistakes is: carefully verify information before trading, familiarize yourself with the rules, manage positions and risks well, and avoid impulsive operations. If you're a novice, it's recommended to practice through simulated trading first, then gradually participate in real trading.

The transaction fees of the #交易手续费揭秘 stablecoin are influenced by various factors, as detailed below:

• Network congestion: During network congestion, there is high transaction demand, and miners or validators have limited processing capacity, prioritizing higher fee transactions, leading to an increase in fees. For example, when the Ethereum network is congested, Gas fees can rise significantly, causing an increase in transaction fees for stablecoins based on Ethereum.

• Blockchain network: The transaction fees differ across various blockchain networks. For instance, stablecoin fees on ERC-20 (Ethereum network) are relatively high, usually ranging from several dollars to dozens of dollars, and can be even higher during congestion; whereas stablecoin fees on TRC-20 (Tron network) are lower, typically a few cents to a few dollars, with faster transfer speeds, making it suitable for small frequent transactions.

• Trading platforms: The fees on decentralized exchanges (DEXs) vary. For example, Uniswap charges a 0.3% fee per transaction, of which 0.25% goes to liquidity providers and 0.05% to the protocol; Curve, which focuses on stablecoin exchanges, has a fee of only 0.04%.

• Type and size of transaction: The more data a transaction contains and the higher its complexity, the higher the fee. For example, operations involving smart contracts, such as DeFi applications and NFT transactions, usually require higher Gas fees.

Taking USDC as an example, it is built on the Ethereum public chain, and each transaction requires miners to provide computational power to transfer assets, resulting in miner fees. However, apart from a fee of 50 USDC for rejected remittances, USDC itself generally does not charge other fees. Meanwhile, some stablecoins like JD - HKD launched by JD Chain Technology claim to have almost zero fees. However, in practical applications, there may be certain hidden costs due to factors such as the blockchain network of the exchange and the trading platform used.

#科技巨头入场稳定币 Tech giants entering the stablecoin market is an important trend in the current cryptocurrency field. Below is an introduction to the relevant situation:

Entering Tech Giants

• Abroad: Large tech companies such as Apple, X, Airbnb, and Google are in preliminary talks with crypto companies about integrating stablecoins. Meta is also restarting its blockchain layout, exploring the construction of a stablecoin-based payment infrastructure.

• Domestic: JD Group's JD Coin Chain Technology has launched the compliant stablecoin JD - HKD, building an industry benchmark compliance system under the framework of the Hong Kong Monetary Authority's "Stablecoin Regulation Draft."

Reasons for Entry

• Reducing Transaction Costs: Stablecoins can lower transaction costs in scenarios such as cross-border payments, improve payment efficiency, and optimize transaction processes.

• Expanding Business Areas: Tech giants hope to explore the stablecoin field to expand their businesses in fintech and related areas, uncovering new business opportunities and profit growth points.

• Enhancing User Experience: Providing users with a more convenient, fast, and stable payment method enhances their experience on the platform and increases user stickiness.

Possible Impacts

• Promoting Industry Development: Tech giants possess strong technological capabilities, user bases, and market influence. Their entry may promote technological innovation in the stablecoin industry, accelerating the popularization and application of stablecoins and enhancing the overall development level of the industry.

• Intensifying Market Competition: This will make competition in the stablecoin market more intense, prompting existing stablecoin issuers to continually enhance their competitiveness, which may also lead to industry consolidation and reshuffling.

• Attracting Regulatory Attention: The entry of tech giants may attract more regulatory attention, prompting regulatory agencies to further improve related regulatory policies and laws, and strengthen oversight of the stablecoin industry.

However, the entry of tech giants into stablecoins also faces some challenges, such as regulatory policy uncertainties, market acceptance issues, and how to ensure the stability and security of stablecoins.

$USDC USDC is a stablecoin pegged to the US dollar (USD Coin). Here is an introduction to it:

• Issuance and Regulation: Issued by Circle, it uses blockchain technology and has strict regulatory and auditing mechanisms to ensure its value maintains a 1:1 peg to the US dollar.

• Features and Advantages: It has stability, which effectively reduces the risk of price volatility in the cryptocurrency market; at the same time, based on the characteristics of blockchain, it offers advantages such as fast transfers and low costs, making it widely used in areas like cross-border payments and decentralized finance (DeFi).

• Market Position: It is one of the more mainstream stablecoins currently on the market, widely used in cryptocurrency trading, payment settlements, and other scenarios, with a high market share and liquidity.

However, USDC also faces some risks, such as regulatory uncertainties. When investing in or using stablecoins like USDC, it is important to fully understand the related risks and market conditions.

$BTC Below is a multi-faceted analysis of Bitcoin:

Technical Principles

Bitcoin is based on blockchain technology, utilizing a distributed ledger and a proof-of-work (PoW) consensus mechanism. Through computational power competition, nodes pack transactions into blocks and link them to the blockchain, ensuring data consistency and immutability, achieving a peer-to-peer electronic cash system and solving the double-spending problem.

Market Trends

• High price volatility: In 2025, Bitcoin's price fluctuated dramatically, plummeting to $88,000 at one point, while also exceeding the $100,000 mark. On June 6, Bitcoin fell below $101,000 per coin, with a daily decline of 3.55%.

• Multiple influencing factors: On the macroeconomic front, global economic growth is slowing, inflationary pressures are increasing, and interest rate hikes are raising the cost of capital, leading investors to have a lower preference for risk assets, impacting Bitcoin. In terms of industry regulation, some countries are tightening regulations, restricting Bitcoin trading and usage, which suppresses market demand. Additionally, technical issues such as transaction congestion and increased fees have also diminished its attractiveness as a payment tool.

Investment Risks

• Market risk: With high price volatility, short-term market fluctuations are intense, and uncertainty is high, posing significant potential financial losses for investors.

• Regulatory risk: Regulatory policies vary greatly and change frequently across countries; increased regulation may restrict Bitcoin trading and usage, affecting its market value.

• Technical risk: The Bitcoin network has technical vulnerabilities, with issues like transaction congestion and high fees impacting its application and value; additionally, there are security risks such as potential hacking attacks.

Development Prospects

On a positive note, with the development of blockchain technology, the application scenarios for Bitcoin may expand, and a global economic recovery could increase investor preference for it. However, on the other hand, uncertainties in regulatory policies, challenges in technological development, and market competition also introduce many variables to Bitcoin's development.

#特朗普马斯克分歧 The differences between Trump and Musk mainly manifest in the following aspects:

• Policy: The massive tax and spending bill proposed by the Trump administration, known as the "Big and Beautiful" bill, plans to cut taxes, Medicaid, food assistance, education, and clean energy spending, reallocating those funds for military and border security, while raising the debt ceiling. Musk strongly opposes this bill, arguing that it would create a significant fiscal gap, undermine the work of the "Department of Efficiency," and burden American citizens with an unsustainable debt load. Additionally, Trump initiated a "tariff war" globally, increasing import tariffs in the U.S., which Musk opposed as it rapidly increased costs for globally positioned companies like Tesla, harming their interests.

• Position: Musk previously served as the head of the "Department of Efficiency" and attempted to continue in this role after a 130-day special government employee term, but was denied. Moreover, when Musk's "Department of Efficiency" conducted audits on various departments of the Trump administration, it faced resistance from some departments, and department heads clashed with Musk.

• Personnel: Musk recommended his friend Isaacman to be the head of NASA to Trump, who initially agreed but later withdrew the nomination.

These differences ultimately led to a breakdown in their relationship, culminating in a public feud on social media.

#加密安全须知 Below are some key points about encryption security:

Protect Key Security

• Keys are crucial for encrypting and decrypting data. Use strong passwords to protect keys and avoid simple, easily guessable passwords.

• Keys should be properly stored and not disclosed to others. Consider using hardware security modules and other secure devices to store keys.

Choose Secure Encryption Algorithms

• Prefer widely verified and recognized encryption algorithms such as AES, RSA, etc.

• Avoid using algorithms that have been proven to have security vulnerabilities.

Pay Attention to the Scope of Data Encryption

• Encrypt not only important files and databases but also consider encrypting data in transit, such as data in network communications, to prevent data theft or tampering.

Regularly Update Encryption Software and Systems

• Developers continuously fix encryption-related vulnerabilities. Regular updates can ensure that the encryption technology used is the latest and most secure.

Prevent Encryption Attacks

• Understand common encryption attack methods such as brute-force attacks and man-in-the-middle attacks, and take corresponding preventive measures, such as setting access controls and using digital certificates.

Backup Encrypted Data

• Regularly back up encrypted data to prevent data loss or damage. At the same time, ensure the security of backup data by also storing it encrypted.

Employee Training and Education

• Provide security training for employees involved with encrypted data to enhance their awareness of encryption security and help them understand how to properly use encryption technologies and protect keys and other critical information.

#交易类型入门 Spot Trading

• Definition: Refers to transactions completed by both buyers and sellers at the present moment, where digital currency and funds are immediately exchanged, allowing for direct conversion between currency and digital currency. For example, an investor purchases Bitcoin with US dollars, and upon completion of the transaction, the investor immediately receives Bitcoin while paying the corresponding US dollars.

• Characteristics: The transaction is simple and direct, with relatively low risk, allowing investors to actually own digital currency. It is suitable for investors who have a long-term positive outlook on the value of digital currency and wish to obtain appreciation returns through holding.

Futures Trading

• Definition: A standardized contract transaction where the two parties agree to buy and sell a certain quantity of digital currency at a predetermined price at a specific time in the future. For instance, if an investor expects the price of Bitcoin to rise in the future, they might buy a Bitcoin futures contract that is set to settle in 3 months at an agreed price of $30,000. If the price of Bitcoin is above $30,000 after 3 months, the investor will make a profit.

• Characteristics: It has a leverage effect, which can amplify profits, but the risks are also extremely high. It is suitable for investors with some trading experience who are willing to take high risks in pursuit of high returns and have strong judgment capabilities regarding market trends.

#中心化与去中心化交易所 Centralized exchanges and decentralized exchanges are the two main types of cryptocurrency trading, and they differ in several aspects. Here are the relevant explanations:

Trading Mechanism

• Centralized Exchange: Transactions are matched by the central server of the exchange. Users deposit funds into the exchange account, and after placing an order, the exchange matches buy and sell orders to complete the transaction.

• Decentralized Exchange: Transactions are matched through smart contracts. Users' funds are stored in their own wallets, and transactions occur directly on the blockchain without needing a central authority.

Security

• Centralized Exchange: User funds are managed centrally by the exchange. If the exchange suffers a hacking attack or experiences internal management issues, there is a risk of user funds being stolen or lost.

• Decentralized Exchange: Users hold their own private keys, and funds are stored in personal wallets, offering relatively higher security. However, smart contracts may have vulnerabilities, posing certain risks.

Trading Efficiency

• Centralized Exchange: Transaction processing speed is fast, capable of supporting high-concurrency trading, suitable for large-scale high-frequency trading.

• Decentralized Exchange: Limited by blockchain performance, transaction confirmation times are longer, and processing speeds are slower, potentially leading to congestion during trading peaks.

User Experience

• Centralized Exchange: User-friendly interface, simple operations, and provides various trading tools and services, suitable for both beginners and professional traders.

• Decentralized Exchange: Operations are relatively complex, requiring users to have a certain understanding of blockchain and wallets, and Gas fees must be paid during transactions.

#订单类型解析 In digital currency trading, there are several common types of orders:

Market Order

• Definition: An order that is executed immediately at the current market price. When traders place a market order, they do not specify a specific price, but rather transact at the best available buy and sell quotes in the market.

• Characteristics: Can be executed quickly, ensuring timely execution of trades, but cannot control the execution price, which may lead to transactions at less than ideal prices during significant price fluctuations.

Limit Order

• Definition: An order where the trader specifies a particular price, and it will only be executed when the market price reaches or exceeds that specified price.

• Characteristics: Allows control over the execution price, enabling traders to buy or sell at their desired price. However, if the market price does not reach the specified price, the order may not be executed.

Stop-Loss Order

• Definition: An order used to limit losses. When the market price reaches or falls below (for sell stop-loss) or reaches or exceeds (for buy stop-loss) the stop-loss price set by the trader, the stop-loss order automatically converts to a market order or limit order for execution.

• Characteristics: Helps traders to limit losses in adverse market movements and control risk. However, if the market price fluctuates rapidly, it may be executed at a worse price.

#交易流动性 trading liquidity refers to the ability to quickly buy and sell assets without significantly impacting their prices. Here are some important aspects of trading liquidity:

Measurement Indicators

• Trading Volume: The amount of assets bought and sold over a certain period; higher trading volume usually indicates better liquidity, suggesting that there are more participants trading in the market.

• Bid-Ask Spread: The difference between the buying price and the selling price; a smaller spread indicates lower trading costs and better liquidity. For example, if the buying price of Bitcoin is $28,000 and the selling price is $28,010, the spread is $10, indicating that the market has good liquidity and traders can buy and sell at prices close to each other.

Importance

• Reducing Trading Costs: In a market with good liquidity, the bid-ask spread is small, and traders do not have to accept unfavorable prices for quick execution, thereby reducing trading costs.

• Improving Market Efficiency: High liquidity allows market prices to reflect various information more timely and accurately, facilitating the effective allocation of resources.

Factors Influencing Liquidity

• Market Depth: The number and size of buy and sell orders in the market. A market with great depth has a large number of orders waiting to be executed, meaning that even large trade orders can be absorbed without causing significant price fluctuations, indicating good liquidity.

• Number of Participants: A large number of traders participating in the market will bring more buy and sell orders, increasing market liquidity. Mainstream cryptocurrencies like Bitcoin, due to the global participation of many investors, have relatively good trading liquidity.

• Asset Recognition and Reputation: Highly recognized and widely accepted assets, such as Ethereum, usually have better liquidity because investors are more willing to hold and trade such assets.

In cryptocurrency trading, trading liquidity is crucial for investors and traders as it directly affects the execution efficiency and cost of trades.

The #交易对 trading pair is a trading combination in digital currency trading, consisting of two different digital currencies or one digital currency paired with one fiat currency, used to represent two assets that can be exchanged for each other. For example, on the Binance exchange, BTC/USDT is a common trading pair, representing the exchange relationship between Bitcoin (BTC) and Tether (USDT). Traders can use this trading pair to buy BTC with USDT or sell BTC to exchange for USDT.

Here are some common types of trading pairs:

• Mainstream currency trading pairs: Such as BTC/USD, ETH/USD, etc., consisting of mainstream digital currencies like Bitcoin and Ethereum with fiat currencies like the US dollar, these pairs are relatively active and closely watched.

• Stablecoin trading pairs: Like USDC/BTC, DAI/ETH, etc., combinations of stablecoins with other digital currencies. Due to the relatively stable value of stablecoins, they are often used for hedging or as an intermediary medium for trading.

• Altcoin trading pairs: For example, LTC/BTC, XRP/ETH, etc., are trading pairs between other digital currencies outside of mainstream currencies. The price fluctuations of these trading pairs are usually larger and have higher speculation.