KEYTAKEAWAYS
- Donald Trump emphasizes America's need to lead in the cryptocurrency sector.
- OKX Exchange to halt trading services for Hong Kong users starting May 31, 2024.
- Bitcoin's strong support at $67,200; Ethereum and altcoins show signs of market recovery.
CONTENT
In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.
TRUMP: AMERICA MUST LEAD IN CRYPTOCURRENCY
Donald J. Trump has once again shown his support for cryptocurrency. In a recent social media post, he stated, “I am very positive and open to crypto companies and everything related to this emerging industry,” as both sides of the upcoming presidential election seem to be vying for the support of crypto enthusiasts. “Our country must be the leader in this field, with no second place,” Trump posted on Truth Social before speaking at the Libertarian National Convention in Washington, D.C.
OKX EXCHANGE HALTS TRADING IN HONG KONG
OKX, a prominent cryptocurrency exchange established on May 31, 2017, has announced the suspension of its services to Hong Kong users starting May 31, 2024. The exchange, known for launching Bitcoin spot trading and later contract trading services, became the first digital asset trading platform in the Asia-Pacific region to support derivatives. In February 2023, OKX established a Hong Kong company to apply for a virtual asset service provider (VASP) license, but this application was withdrawn in May 2024.
From May 31, 2024, OKX will only allow Hong Kong users to withdraw their assets, halting all other trading activities for them. This change will not affect users registered outside of Hong Kong.
CURRENT MARKET CONDITIONS
The current market conditions are not overly complicated. During the weekend’s market decline, U.S. Bitcoin spot ETFs saw a net inflow of $108 million. Technically, the daily closing price of Bitcoin has not broken below the crucial neckline support at $67,200, let alone the key support at $66,000. Therefore, the buying interest at this level is strong. The market’s downside potential is limited, and this pullback is likely setting the stage for a future rally. Unless an unpredictable black swan event occurs, significant declines are unlikely.
CRYPTO TRADING INSIGHT
BTC: Bitcoin’s weekly price movement has fluctuated between $60,000 and $74,000. Last week, it stabilized and peaked near $72,000 but faced resistance at that level. A breakout above this high is unlikely without substantial volume. The overall trend remains bullish, and a breakout is expected soon.
ETH and Altcoins: Ethereum’s $4,000 mark is a key resistance level. The initial attempt to surpass it during the Cancun upgrade led to a prolonged decline, halving many altcoins’ values.
The recent shakeout, reminiscent of 2022’s corrections, saw altcoins as the main battleground, indicating more participants and insufficient accumulation by major players. Extreme fear leads to cheap assets, and recent surges in Ethereum and strong altcoins suggest accumulation is complete. The market correction appears to be over, with Ethereum below $3,000 becoming a thing of the past and strong altcoins seeing 30-50% gains.
