The cryptocurrency market is holding up well, howeverretesting the May 19 low remains the main scenario for the development of the situation. While Anthony Pompliano, referring to Glassnode and Bloomberg, write about the strengthening of the position of whales, retail mainly sells and has not yet changed positioning.
As Chinese journalist Colin Wu noted, the chaos created by regulators canIt's hard to disagree with him, which means– increased uncertainty, which will not contribute to the recovery of quotes.
China, whether to please the United States, with which it hastrade / ideological confrontation continues, or simply against the backdrop of circumstances, decided to update the fight against cryptocurrencies. This relationship has already been difficult since 2014, although the recent statements of the representative of the People's Bank of China, Li Bo, that bitcoin can be recognized as an alternative instrument, nevertheless gave rise to at least a truce.
However, attacks on miners and crypto companiesdemonstrated that, at least at the current stage, this is not the case. The refusal to register new users from China by the Huobi exchange and the suspension of the BTC.TOP mining pool in this country, along with the high activity of sellers of digital assets on OTC exchanges, showed that more serious sanctions could follow the rhetoric of the authorities.
The Celestial Empire occupies a crucial role in the cryptocurrency ecosystem, so once again, as before, the market is passingIt is only now that the United States has been added to this, which is counting on"tune" the industry in such a way as not to lose the levers of control over taxpayers and prevent AML/CFT violations.In May, all financial departments became more active in this direction.
For this reason, the bitcoin market will continue to seek equilibrium in the range of $30,000 – $42,000 at least in the coming month.The recovery on Monday, despite such an alarming news background, can be taken as a sign of market strength.At the same time, it is unlikely that regulators have run out of new initiatives to build the rules of the game, so the current success maybe short-lived.</p>