Gate.io’s Daily Market Trends（May 23）: Regulations May Continue to Strengthen，Multiparty Giants to Support Bitcoin

2021-05-23, 08:24

As of 11:30 EST, Bitcoin spot price closed at $37,440.74 and Ethereum spot price closed at $2312.54. Since 00:00 on the 23rd, the three-day MA curve has reversed, and Bitcoin’s price has entered a sideways adjustment period. The market entered a watch-and-wait phase. According to Gate.io's trading information, the long-side accounted for 53.67% and the short-side accounted for 46.33%, with the long and short-side forces basically even. After Musk replied to a tweet on May 22 in strong support of cryptocurrencies, Bitcoin price reacted lukewarmly, suspecting that Musk's influence on Bitcoin is slipping.Gate.io reminded investors that new regulatory policies may be released from time to time in the near future, and they need to be alert to policy risks. Use leverage with caution.

DBS Bank (DBS) issued a statement saying Bitcoin is a better store of value than the U.S. dollar. In a note released to investors, DBS, the drunken bank of Singapore, noted that Bitcoin has a clear advantage in the stored value function based on decentralization and scarcity.

On May 22 at 6:25 PM, Musk replied to a comment and said, "The true battle is between fiat and crypto. On balance, I support the latter ". Musk's reply was interpreted by the market as a reply to the recent plunge in Bitcoin due to increased regulation.

A May 23 Xinhua commentary pointed out that the virtual currency market is risky and highly speculative, and that the country will further strengthen the regulation of virtual currencies and put a "tightening spell" on virtual currency transactions.

Mathew McDermott, global head of digital assets at Goldman Sachs, said in the Global Macro Research newsletter that the firm will continue to expand its business in the cryptocurrency market and will "provide wealth management clients with access to cryptocurrencies, particularly Bitcoin, through funds or structured note-like products.

Author: Gate.io Researchers: Charles.F & Gazer.C
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

Gate.io Spot Quotes (as of 11:30 BST)
BTC: $37440.74 (+1.19%); ETH: $2312.54 (-1.81%); DOGE: $0.3477 (+3.25%); SHIB: $0.00000848 (+12.75%); GT: $4.59 (-5.21%); XRP: $0.927 (-3.04% ); ADA $1.483 (-2.37%)

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