Gate.io’s Daily Market Trends _June 5th_：Shanghai Plans to Issue Digital RMB Red Envelopes, Crypto Market Becomes More Stable

2021-06-05, 06:30

As of 12:00 GMT, Bitcoin price closed at $37,557.83 and Ether's price closed at $2,781.11.

Within 24 hours, Bitcoin price has become increasingly stable since May 21st, with the Bollinger band gradually narrowing and Bitcoin price fluctuating slightly around the midline of the Bollinger band. However, the stabilization of the market price did not bring about a reversal in market sentiment, which according to Gate.io Big Data, is at a state of extreme panic on June 5th. On the one-hour Timeframe, Bitcoin price is in a clear stagnant state, with the five- and ten-hour averages moving in overlapping trajectories, and the market is not signaling any significant movement. Investor panic is mainly coming from off-exchange sources. Bitcoin pricewas lukewarm after Musk switched his Twitter avatar to Bitcoin and laser eyes, and the price of Bitcoin may have already "de-Muskified".

Data from Gate.io shows that over the past 24 hours, 75,967 traders have been liquidated, with a total value of over $433 million.

Shanghai plans to hand out a total of 350,000 red pockets, containing 200 yuan in the form of digital RMB to anyone who lives in the city. Lottery registration will start on June.5, 0:00 and end on June.6, 24:00. Participants can find the result after June11, 9 am.

During an interview with Bloomberg, the chief fintech officer of the Monetary Authority of Singapore (MAS), Sopnendu Mohanty says that they have received requests for payments and crypto exchange licences from over 300 companies, including Alibaba and Google’s parent company, Alphabet. Mohanty also says they are still processing these requests.

The National Tax Service of South Korea announced that residents of South Korea will be required to pay tax when total balances are over 500 million won ($450,000) at the end of each month. If they hold a foreign virtual-asset account, they are obliged to report their accounts starting from June, 2023. Taxing on crypto will be postponed from October, 2021 to January 2022.

Author: Gate.io Researchers: Charles. F & Gazer. C
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