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Into The Red Zone
Last Updated: May 25, 2023
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THE RED ZONE
So, according to the Bitcoin chart below, yesterday there has been a dive into the red zone.
Of course, some speculate that this is just a "Sell in May and go away" thing... or they try to connect it to the potential taxes in the US on mining.
Another reason is the fact that Fed is facing a dilemma over the interest rate (to raise or not to raise in June). This may disrupt the entire market.
One could simply say that it's nothing special. Just a regular day in crypto. Sometimes crypto charts turn red, sometimes they turn green.
But, actually, things may be a little bit more complicated. Let's hope that the red numbers are not going to overstay here.
Hopefully, CZ, the CEO of Binance, has shared a prediction. Let's hope it comes true. Read about it below!
TL;DR: Bitcoin chart has turned red, possibly due to the "Sell in May and go away" attitude, or potentially introduced-to-be US mining taxes. Federal Reserve's interest rate dilemma may disrupt the market.
CCTV SPOTLIGHT
So, Changpeng Zhao directed everyone's attention to the fact that that Chinese TV broadcasted a news reportage about crypto for the first time.
They did it in the context of regulatory matters in Hong Kong.
Such news usually signals a future bull run.
Here's his tweet:
P.S. Don't skip the part where he says "NFA."
But, there's more.
Apparently, he didn't notice that, in the video, something else was waiting to be seen.
CCTV, probably unwittingly, featured a memecoin while covering the subject.
This memecoin, $SAMO, which comes together with an NFT collection.
So, during the news report, a QR code, that links to the the memecoin's website, was accidentally shown.
And so... the fun began.
Almost immediately after CZ's tweet, this memecoin $SAMO pumped aggressively.
You see, CZ attached a link to the CCTV's news report. So, all of his followers saw the link, saw the QR code, and, eventually, realized that it's an opportunity.
And, as you can see in this graph, the coin's value is adjusting right now.
By the way, keep in mind, that this pump happened not because it was the Chinese buyers who were exposed to this news report.
No, it was the buyers outside of China. The buyers who saw what CZ had tweeted.
Because, even though, the video was later deleted, it couldn't prevent the rise of the memecoin!
In addition to all that...
On June 1st, an exciting development is about to take place in Hong Kong.
Cryptocurrency exchanges will be allowed to serve investors, marking a significant shift in the region.
The Securities and Futures Commission (SFC) received a staggering 152 license applications from crypto companies, but none have been approved just yet, leaving the industry eagerly awaiting the green light.
Recently, the SFC made a splash by publishing a set of rules specifically designed for Virtual Asset Service Providers (VASPs).
These regulations, set to come into effect on June 1st, aim to establish a safe and transparent environment for retail investors to trade cryptocurrencies on approved platforms.
However, the criteria for token inclusion is intriguing – they must be listed on at least two separate platforms, ensuring credibility and wider accessibility.
For example, OKX managed to get into market with offering a diverse range of 16 tradable tokens, including popular choices like Bitcoin, ETH, SOL, DOT, UNI, LTC, USDC, ADA and USDT.
It's a dynamic selection that promises ample opportunities for traders seeking excitement in the digital asset realm.
That's the only way that could grant this region an extra opportunity to join in the crypto rally!
As Hong Kong embraces the evolving cryptocurrency landscape, this new chapter holds immense potential.
With the SFC's watchful eye and the emergence of players like OKX, the stage is set for an exciting journey into the world of digital assets.
Stay tuned for more developments as this captivating story continues to unfold.
TL;DR: Chinese TV news featured crypto, signaling a potential bull run. A memecoin, $SAMO, pumped after being accidentally shown in the broadcast. Hong Kong will allow crypto exchanges on June 1st, offering opportunities as the industry evolves with new regulations.
THURSDAY QUIZ
It's been a while since the last time we have you one of those 'find something in this confusing image of ours' challenges.
Let's do this.
Can you find the hidden Bitcoin logo in the image below?
SELECTED MEME OF THE DAY
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