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In-depth | He Yi, from a rural girl to the richest woman in the cryptocurrency circle, the woman behind Binance’s 700 billion business empire
This article reviews in detail the development and entrepreneurial journey of Binance co-founder He Yi. The content is rich and the article is long. I hope you can read it patiently and experience Yi Jie's extraordinary life with Bu Ai.
* The video version can be watched on the YT channel "Wang Buai's Encryption Classroom". Welcome to follow and like~
Not long ago, a letter of appeal written to the US federal court attracted much attention. I believe everyone knows it later: In November 2023, Binance, the world's largest cryptocurrency exchange, received a "huge fine" of US$4.3 billion from the U.S. Department of Justice. Its founder CZ Zhao Changpeng was sentenced to 4 months in prison and subsequently resigned as CEO.
Seeing X's Grok start to automatically translate and recommend foreign language posts, AI's penetration into social scenarios has taken another step forward. This proactive cross-language recommendation, in the long run, will blur the information cocoon, but in the short term, it may suddenly expose discussions in some non-English communities to a larger traffic, which is quite an interesting observation point.
Seeing Goldman Sachs saying that Bitcoin may have bottomed out, but trading volume will continue to decline. This judgment is actually quite subtle; bottoming does not mean it will rise immediately, especially if liquidity continues to shrink, volatility may be suppressed very low, and the time spent grinding the bottom may be longer than expected.
Seeing Bitcoin mining companies collectively turning to AI, losing $19,000 for each coin mined, this cost pressure is too real. The migration of computing power is not a new thing, but this time the scale and speed are a bit different, which may mean that the old model of mining is accelerating its clearance.
Seeing Polymarket has raised 600 million dollars in ICE, traditional exchanges are betting real money on prediction markets. This field is controversial, but the flow of funds indicates that institutions are looking for 'non-consensus' scenarios that can be realized in crypto.
Seeing that Hyperliquid Labs has unstaked 330,000 HYPE, it is said to be distributed to the team. Such a large unlocking action by the project party, in the current market environment, exerts real pressure on the token price.
Seeing the news of the 'Crypto Tsar' stepping down, one must question how much of Trump's promises to the crypto community remain. Such personnel changes often imply a shift in policy priorities, especially during sensitive times before an election.
Seeing Turkey reduce its gold reserves by nearly 60 tons in two weeks is quite a significant move. When foreign exchange reserves are tight, gold is indeed a hard currency that can quickly be converted into dollars for emergencies. If the situation in the Middle East escalates, this kind of operation may not be limited to just one country.
I saw analysts saying that U.S. stocks might hit a short-term bottom on Monday, but considering the large unlocks of tokens like SUI and EIGEN next week, I feel that market liquidity is still a major issue. The selling pressure from the unlocks combined with already weak market sentiment means that even if the index stabilizes, the volatility of individual assets won't be small.
Seeing news about precise transactions from Trump's side, experts are shouting for investigations. Such news combined with trading matters can particularly amplify market distrust during sensitive periods.
Seeing the Pentagon preparing for ground actions in Iran, the market is expected to closely monitor this week. If geopolitical conflicts escalate, risk assets will need to be repriced, especially in the cryptocurrency space which is high beta; the volatility may be more intense than expected.
Coinbase has removed the prediction market feature, and the CEO said it was due to a vulnerability. In fact, the users' opposition is not a technical issue, but rather the tendency to treat wars and elections as gambling tools. The sense of boundaries for exchanges is becoming increasingly important.
Eugene said to reduce trading frequency, and I really resonate with that. Next week, tokens like SUI and EIGEN will have significant unlocks, with SUI alone worth over thirty million dollars. At times like this, the market inherently lacks liquidity, and the potential selling pressure from the unlocks will make prices even more fragile.
Seeing Goldman Sachs say that Bitcoin may have bottomed out, but trading volume will still decline. This sounds quite contradictory; isn't the bottom reached through buying? With the volume shrinking like this, even if the price stabilizes, the rebound strength will be limited.
Seeing that Bitcoin may record its second consecutive six-month decline in history, after the last serious drop, it surged more than 200%. History does not simply repeat itself, but such a prolonged decline indicates that market sentiment has indeed reached a freezing point. With so many unrealized losses now, the selling pressure during a rebound won't be small.
Seeing that Gnosis and Zisk have created an Ethereum economic zone framework, which is still funded by the Ethereum Foundation. There are more and more Layer 2 frameworks, and it feels like the ecosystem will become more fragmented in the future, presenting new challenges for both developers and users.
Seeing that Canada wants to ban political donations in cryptocurrency is quite interesting. Cryptocurrency donations inherently have anonymity, so if they really want to ban it, it will probably be quite difficult to enforce, and may be more of a symbolic gesture.
Coinbase's prediction market feature was criticized and taken down, which actually reflects the current situation. Now that geopolitical conflicts are hanging in the balance, everyone is on edge, and exchanges are directly turning this uncertainty into products for users, which can indeed lead to pitfalls. The boundaries of the feature have become blurred, making it difficult for users to trust.
Seeing Eugene say that this year is harder than last year and that we need to reduce trading frequency. This is quite realistic, especially since the recent unlocking wave is about to come again, with a large sum for SUI next week. In such times, doing less may be better than acting recklessly.