Breaking News! Trump Promises to Pardon Silk Road Founder if Reelected
Former US President Donald Trump has pledged to release Ross Ulbricht, the founder of the dark web marketplace Silk Road, if he is reelected. Trump made the announcement at the Libertarian National Convention in Washington on May 25, stating, “If you vote for me, on the first day, I will commute Ross Ulbricht’s sentence.” He added, “He has already served 11 years, and we will bring him back home.” Silk Road was known as the first modern dark web market, with its payment system based on Bitcoin.
Trump also expressed his commitment to ensuring that the future of cryptocurrencies, including Bitcoin, is manufactured in the United States rather than being pushed overseas. He promised to protect those who choose to hold cryptocurrency assets outside of centralized exchanges, stating, “I will support the right to self-custody. To the 50 million cryptocurrency holders in America, I will use your vote to keep Elizabeth Warren and her cronies away from your Bitcoin.” This is in stark contrast to his previous statements during his presidency, where he referred to Bitcoin as a scam.
Who is Ross Ulbricht?
Ross Ulbricht, also known as the Dread Pirate Roberts, was the owner of the Silk Road trading platform. Silk Road was an online marketplace for drugs, psychedelics, and other illegal products. The website operated on a hidden service and used Bitcoin as its primary currency, thanks to its relative anonymity, fast transaction speed, and Ulbricht’s affinity for digital currencies. The website charged fees for each transaction, allowing Ulbricht to amass millions of dollars in net worth. In 2013, Ulbricht was arrested on charges of drug trafficking, hacking, and money laundering. In 2015, he was sentenced to life imprisonment.
Market Technical and Sentiment Analysis
Emotion Analysis:
Technical Indicators:
Price Trends:
In the past week, BTC saw a 0.56% increase in price, while ETH experienced a 0.94% decrease.
The above chart shows the price trend of BTC over the past week.
The above chart shows the price trend of ETH over the past week.
The table displays the percentage change in prices over the past week.
Volume and Open Interest:
In the past week, BTC saw an increase in volume after a rise on May 27, while ETH’s volume remained relatively low. Both BTC and ETH experienced a slight increase in open interest.
The above chart shows the price trend, volume, and open interest of BTC. The light blue line represents the 1-day average, while the orange line represents the 7-day average. The colors of the candlesticks indicate the current state: green for price increase with volume support, red for liquidation, yellow for slow accumulation, and black for congestion.
The above chart shows the price trend, volume, and open interest of ETH. The light blue line represents the 1-day average, while the orange line represents the 7-day average. The colors of the candlesticks indicate the current state: green for price increase with volume support, red for liquidation, yellow for slow accumulation, and black for congestion.
Historical and Implied Volatility:
In the past week, historical volatility remained low for both BTC and ETH, while implied volatility saw a slight increase.
The yellow line represents historical volatility, the blue line represents implied volatility, and the red dots represent the 7-day average.
Event-Driven Analysis:
In terms of events, there are significant data releases scheduled for this Friday.
Sentiment Indicators:
Momentum Sentiment:
In the past week, among BTC, gold, Nasdaq, Hang Seng, and CSI 300, gold showed the strongest momentum, while Hang Seng performed the worst.
The above chart shows the performance of different assets over the past week.
Lending Rates and Borrowing Sentiment:
In the past week, the average USD lending annualized yield was 11.6%, with short-term rates rising to around 12.7%.
The yellow line represents the highest USD lending rate, the blue line represents 75% of the highest rate, and the red line represents the 7-day average of 75% of the highest rate.
The table displays the average yield for different holding periods of USD.
Funding Rates and Contract Leverage Sentiment:
In the past week, the average annualized yield for BTC funding was 11.1%, and contract leverage sentiment showed a slight improvement.
The blue line represents the funding rate for BTC on Binance, and the red line represents the 7-day average.
The table displays the average yield for different holding periods of BTC.
Market Correlation and Consistency Sentiment:
In the past week, the correlation among the selected 129 coins decreased to around 0.55, indicating a significant decrease in consistency among different cryptocurrencies.
The blue line represents the price of Bitcoin, and the green line represents the correlation among selected coins.
Market Breadth and Overall Sentiment:
In the past week, out of the selected 129 coins, 80% had prices above the 30-day moving average, 45% had prices above the 30-day moving average of BTC, 32% had a distance from the 30-day low of more than 20%, and 76% had a distance from the 30-day high of less than 10%. The market breadth indicator shows that most coins are in a phase of recovery and upward movement.
The above chart shows the percentage of different width indicators for the selected 129 coins over the past 30 days.
In summary, in the past week, both Bitcoin (BTC) and Ethereum (ETH) have been oscillating near historical highs. Their historical volatility has remained low, and BTC’s volume has increased after a rise on May 27, while ETH’s volume has been relatively low. Both BTC and ETH have seen a slight increase in open interest, and implied volatility has also slightly increased. Additionally, BTC’s funding rate has experienced a small rebound, and the market breadth indicator shows that the overall market is in a phase of recovery and upward movement.
