Gate.io’s Daily Market Trends _June 3rd_：Cryptocurrency Market Confidence Picks Up Google to Unblock Exchange Ads

2021-06-03, 07:59

As of 12:00 GMT, Bitcoin's price closed at $37,700.32. The Ethereum spot price closed at $2,738.43.

On the hourly time-frame, Bitcoin price saw five straight hourly highs. At 19:00 yesterday, the price was approaching $38,000. Bitcoin price then trended downward to $37,000. The two psychological levels for Bitcoin today are $37,000 and $38,000. A breakout to the upside above $38,000 may ease market panic further. On a daily basis, the MACD indicator is getting stronger and the market buying signal continues to strengthen as it did in previous days. The day-to-day volatility effects on Bitcoin spot trading price is becoming more prevalent, and Gate.io researchers remind investors to pay attention to short-term trading risks.

The Securities and Exchange Commission(SEC) claimed Elon Musk’s tweets violated a settlement agreement, and Tesla could be sued for not taking responsibility, according to WallStreetJournal. UnderSEC requirements, Elon Musk needs to provide Tesla-related tweets that contain material company information approved by an attorney before posting them in 2020. However, no restrictions are in effect and Musk continues to make certain tweets that lead to controversy.

According to Xinhua Net, Beijing will hand out 40 million yuan(about $6.27 million) in digital currency to citizens through a lottery system. A total of 200,000 digital red pockets, containing 200 yuan in the form of digital currency will be given to lottery winners. Citizens can sign up for the lottery through mobile apps between 00:00 on June.5th and 23:59 on June 7th. The digital currency can be spent at nearly 2,000 designated marchants. This program is conventional testing in the research of digital RMB, paving its way for building a digital currency payment environment for the Beijing Winter Olympics.

Jeff Currie, the global head of commodities research at Goldman Sachs, describes Bitcoin as a “risk-on” asset that is similar to copper instead of gold in terms of a hedge. "Digital currencies are not substitutes for gold. If anything, they would be a substitute for copper, and are pro- high-risk assets. They are a substitute for high-risk inflation hedges, not low-risk inflation hedges," said Currie. Earlier this week, Currie stated that he believes commodities with real-world use are the best hedge against inflation.

Google lifted a nearly 3-year-old cryptocurrency ban on institutions from using its ad service. A policy update on its support page writes, “Beginning August 3, advertisers offering Cryptocurrency Exchanges and Wallets targeting the United States may advertise those products and services when they meet the following requirements and are certified by Google.” Requirements include to be either registered with “FinCEN as a Money Services Business and with at least one state as a money transmitter” or “a federal or state chartered bank entity.”

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