New British Prime Minister Supports Crypto

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2022-11-21 20:24:44

Market situation

Bitcoin has both dropped below $20,000 in the past two days. BTC price fluctuates around 19,800 USD.

Next week there will be some events that the Fed speaks and may continue to be the same old information. In September, there will be announcements about CPI as well as the meeting of the Fed and the decision on the next interest rate hike will be made. These are notable events affecting finance in the US as well as the crypto market. Crypto also has notable events in September such as Ethereum’s The Merge or ADA’s Vasil update.

In the UK, after the political power vacuum after Prime Minister Boris Johnson resigned, the UK now has a new leader. Ms. Liz Truss, by far Britain’s foreign minister, defeated Rishi Sunak, the country’s former finance minister, to win and become the country’s new prime minister.

Liz Truss, who has been openly supportive of crypto, has said that crypto should be welcomed and not limited to its potential. Allow the corporate sector to freely use crypto by removing regulations that restrict the growth of this market. Many people think that her becoming the prime minister of the UK could be a good sign for crypto. However, she did not have any further comments on crypto after that. Currently, the UK is facing a lot of big problems such as the effects of war, high inflation, … so the new British prime minister will have a lot of other priorities to deal with.

On-chain crypto data

Profitable BTC is around 52%, still not below the expected low of 50%. This is a low profit BTC rate for investors to accumulate.

Currently BTC is still withdrawn from the exchange more than deposited. The volume of deposits and withdrawals from exchanges is low. In general, from June 2022 to present, the main trend of BTC and ETH on exchanges is decreasing.

Bitcoin Magazine also shared that, if the average price of BTC is steady, the average price of investors is still at a very good level compared to the current market price. For example, if BTC averaged every Monday for four years from 2019, the average price of BTC would be just $12,083.

A disciplined and long-term averaging still gives us a good price average. Everyone needs to learn and have knowledge, really understand the assets they choose to invest in. Each person has different conditions, positions, time and goals in investing. Therefore, we hope that CHK’s information can be useful information for your reference for your investment.

Other information:

  • Binance announced the automatic conversion of existing user balances and new deposits of stablecoins USDC, USDP and TUSD at a 1:1 ratio to BUSD. This announcement will be effective from 2022-09-29 03:00 (UTC), users will trade with aggregated BUSD balances on the Binance Platform that reflect their balances for these four stablecoins (BUSD, USDC). , USDP and TUSD) after conversion. Users can still deposit or withdraw other stablecoins BUSD to Binance as usual.

  • LG is also bringing NFT to their TVs. The NFT marketplace called LG Art Lab allows users to buy, sell and enjoy high-quality digital artwork from their TVs. Currently, only US users with LG TVs running webOS 5.0 or later can access this app to download from the TV’s home screen. Through the portal, you can buy and sell digital works available through LG’s NFT sales starting September 22.

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