Bitcoin callback or will it end? CFTC ushered in a new head, "encrypted old man" officially retired

Let's first pay attention to the market. Bitcoin's previous rebound began to fall after hitting $13,156.96. It has fallen for six consecutive days and fell below the $10,000 mark this morning, once falling to $9,850.

The continued decline has already made the market sentiment very weak, but now the key support level of $9781.81 is very close, which is also the 38.2% Fibonacci retracement level of the recent round.

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Next, if Bitcoin can get support at $9781.81, it will mean the end of this round of callbacks. But once Bitcoin continues to fall below $9781.81, the next support will be at $860.80.

I expect Bitcoin to have a high probability of rebounding from one of these two support levels. I prefer the first one because the 50-day moving average is just below this level.

With the market's callback, the total market value of the entire cryptocurrency has also dropped from $380 billion on June 26 to the current $300 billion.

Looking at it now, although Facebook's launch of the cryptocurrency Libra is indeed a big plus for the entire market, which has greatly stimulated the market, the recent opposition from Libra has led to a sharp retracement of the recent market.

Bitcoin has fallen nearly 30% in the last two weeks, but it seems that its overall momentum is still very strong, so everyone should not be overly alarmed.

And in the past week, many well-known figures, including US President Trump, have also published some comments about Bitcoin. Trump said on Twitter that he is not a fan of bitcoin and cryptocurrency, and that bitcoin is too volatile, not money. But to a certain extent, these remarks are actually a kind of propaganda for Bitcoin, and it also objectively shows that Bitcoin has in fact attracted the attention of some national leaders.

In addition, Federal Reserve Chairman Jerome Powell said that although Bitcoin has not been widely used for payment, as a value storage tool, it is likely to replace gold, and even replace the dollar's reserve currency status in the future.

American model and author Chrissy Teigen recently issued a tweet saying, "I don't know, but I don't bother to study and try two things: Bitcoin and TikTok (the international board for vibrating short video)." So far, More than 7,000 people have forwarded this tweet and received nearly 80,000 likes. In the following reply, most people suggested and encouraged Teigen to study bitcoin more deeply. Among them are Anthony Pongliano, founder of Morgan Creek.

All in all, regardless of whether these people's attitudes toward Bitcoin are positive or negative, one thing is certain, that bitcoin has become more and more widely concerned.

In addition, one thing that deserves attention today is that the new chairman of the US Commodity Futures Trading Commission (CFTC), Tarbert, will officially take office today.

As everyone knows, the former chairman of the CFTC, Christopher Zancaro, has always been very "friendly" to the blockchain and encrypted digital currency. Even on Twitter, he was nicknamed "encrypted calli" by fans.

In the five years since he was in office, Jan Caro has not only historically introduced regulated bitcoin futures, but he also advocated a “no harm” policy for blockchain supervision during the US Senate hearing.

Moreover, Zhan Caro also pointed out that the current US Commodity Exchange Act does not mention cryptocurrency, so it must be re-interpreted at the legal level to adapt to new technologies. He also gave a very vivid example: it is like an old computer operating system, trying to support a new, complex application.

Before Facebook officially released Libra, there have been media reports on Facebook's regulatory issues related to the CFTC negotiations.

The new CFTC chairman, Tarbert, is a former US Treasury senior official nominated by US President Trump. The current chairman of the CFTC is still unclear about the blockchain and cryptocurrency.

The CFTC has important implications for the blockchain and the development of the cryptocurrency industry. Because a friendly regulatory framework will be more conducive to the development of new technologies. And now, many traditional financial giants including Fidelity, Goldman Sachs, JPMorgan Chase are exploring some of the products related to cryptocurrency. As an institution with huge regulatory powers, the attitude of the CFTC is of great significance to the actions of these financial giants.

As early as 2015, CFTC had identified Bitcoin as a commodity, and they had full jurisdiction over cryptographic derivatives and other financial products subject to the US Commodity Exchange Act, including futures, options and derivatives contracts, and Take advantage of profit, leverage or financing for any encryption-based trading platform. (Wheat Field Finance)

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