The sudden rise in prices last week seems to have been triggered by a large number of buy orders from a mysterious buyer (according to foreign media reports of $100 million), which triggered a wave of algorithmic buying because computer programs never missed a sudden order. The price soared.
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Last week, the US Securities and Exchange Commission said for the first time that it would not take any action against TurnKey Jets, a company that issued cryptocurrencies, but private jet service provider TurnKey Jets promised that the funds raised by its issuing tokens would not be used by companies to develop their platforms, networks and applications. program. After investigation, the company's website did not mention the cryptocurrency. The token seems to be used in the actual service booking process.
At the same time, the US Securities Regulatory Commission issued the "Analysis Framework for Digital Asset Investment Contracts" on April 3. The main purpose of the framework is to assess whether the US federal securities laws apply to the issuance, sale or resale of specific digital assets. Although the US Securities and Exchange Commission has imposed fines on many people in the field of cryptocurrencies, this document implicitly provides guidance on "what to do, what not to do", or to "identify scammers for idiots."
The most interesting part of this 13-page document is the beginning of the ninth page, which provides the twelve indicators that the cryptocurrency is “not likely to pass” by Howey. The Howey test determines whether a financial instrument is a “securities”. "The means of testing." The US Securities and Exchange Commission used a full six pages to discuss the key factors that could pass the Howey test: "The buyer has the expectation of getting a reasonable profit (or other financial return) from the efforts of others."
This also shows the supervisory layer's vigilance against certain pure "air coins" that do not generate profits and do not know what they are speculating. Jay, President of the US Securities and Exchange Commission? Jay Clayton has always expressed concern about the ICO and cryptocurrency markets.
The US Securities and Exchange Commission has also stated that websites that consider issuing tokens can contact regulators through the FinHub website. Jonathan Ingram, chief legal counsel at FinHub, the US Securities and Exchange Commission, also said: "We are open to the business world and want people to communicate with us."
Buying Bitcoin can hedge the central bank's monetary policy operations?
Krivis Asset Management's analyst Travis Kling pointed out in a research report that the fluctuations in Bitcoin are related to the recent Fed's dovish remarks, as the world (European Central Bank and Bank of Japan) followed this policy, the cryptocurrency Has become a hedge against this policy.
Travis Kling said that the Fed's quantitative easing is undoubtedly the biggest financial experiment in history, and no matter how ordinary people think about monetary policy, it is hard to win a bet on it. As the Fed’s policies become more and more unpredictable, this has created a need for people to use Bitcoin to circumvent the impact of the Fed’s monetary policy, thereby pushing up bitcoin prices.
In addition, some scholars believe that, like the capital flight caused by the last economic crisis in Cyprus in 2013, the rise in bitcoin prices is the protection of the Turks by buying Bitcoin to protect their wealth. Coincidentally, in early 2018, the Venezuelan currency Bolivar crashed, stimulating the rebound of Bitcoin in February. According to an interview conducted by the media in Venezuela afterwards, the Venezuelan people exchanged a large amount of bitcoin.
The above views are currently speculation, but it does meet the vision of Nakamoto to create Bitcoin: using decentralized distributed ledgers and digital payment methods to get rid of regulation and local government control of currency.
Terrible is not to be a fool, but to be the last fool
Regardless of whether Bitcoin's trading is a silly game, the horrible thing is not to be a fool, but to be the last fool. Instead of waiting for monetary policy to damage their wealth, many people choose to flee through bitcoin. In any case, putting the quarrel aside, the cryptocurrency market has been looking good over the past few days. Many people have begun to advocate that they are on the verge of the next bull market.
In history, Bitcoin has never lacked the example of a rebound in the Jedi, and this round of rebound has exceeded the increase in the US stock market, bond market and gold since 2019. However, investing in cryptocurrencies or tokens is highly speculative and the market is largely unregulated. Anyone who does this consideration should be prepared to lose all of their investment in the "air currency."
The question is, how far will the market go? Will Bitcoin break the $20,000 mark again? This is hard to say. The most likely speculation is that as this market gradually stabilizes and matures and is gradually accepted by regulators, Bitcoin may grow slowly in the future as the global economy develops. This is due to the fact that Bitcoin has a mining ceiling and a decreasing number of mining. specialty. From time to time, it has risen and fallen with the change of monetary policy in individual countries or the capital flight caused by the outbreak of the currency crisis, acting as a tool for the protection of wealth of residents.