Gate.io Blog Gate.io’s Daily Market Trends （May 27th）: Several Crypto Agencies Stop Serving Users in Mainland China_ Value of ETH Will Surpass BTC in 2022, Says Famous Predictor Andrew Keys

Gate.io’s Daily Market Trends （May 27th）: Several Crypto Agencies Stop Serving Users in Mainland China_ Value of ETH Will Surpass BTC in 2022, Says Famous Predictor Andrew Keys

27 May 16:32

As of 12:00 CST on May 27th, Bitcoin’s price was 37524.29 USD and Ethereum’s price was 2668.5 USD.

Digital currency prices have collectively sunk due to news that several mining pool organizations have restricted access to users in mainland China. Bitcoin and Ethereum spot prices started a downtrend from 21:00 on the 26th and entered a rebound range at 3:00 on the 27th. As of 12:00 on the 27th, Bitcoin price did not fall below yesterday's support price, Bitcoin’s price support is still stable. Bitcoin’s price is far from the upper Bollinger rail, close to the lower rail. Distance between the double rails increased, indicating that the Bitcoin spot price went into a short-term downward adjustment, and volatility gradually got stronger. Relative to 5/19, this change of institutions has less ripple effect on the market. Subsequent policy updates may continue, Gate.io reminds investors of market volatility.

On May 18, three major financial institutions made a joint statement about cracking down on Cryptocurrencies and mining, making some of the related activities illegal in Mainland China. In response to the statement, several mining companies and exchange platforms have announced that they will start limiting access and stop serving those who are from Mainland China.

Andrew Keys, the co-founder of Drama Capital, shares his thoughts and predictions about ETH and DeFi during an interview on the Consensus 2021. Keys says that while Bitcoin has been the patriarch of blockchain, it’s more like digital gold. So we are not able to trade so much with Bitcoin. But the next-generation blockchain databases will allow us to do more, and Ethereum will become the one and only blockchain that is capable of being the substrate of the digital economy. Keys also predicts that the total value of Ethereum will surpass Bitcoin in 2022. Since 2016, Andrew Keys keeps making predictions for the next year and his prediction rate is promising, making him the ‘predictor’ in the industry.

Author: Gate.io Researchers: Charles.F & Gazer.C
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Gate.io Spot Quotes (as of 12:00 BST)
BTC: $37,524.29 (-5.01%); ETH: $2,668.5 (-6.05%); DOGE: $0.3332 (-5.99%); SHIB: $0.00000874 (-10.03%); GT: $4.800 (-4.00%); XRP: $0.949 (-6.04%) ); ADA $1.645 (-1.91%)

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Gate.io’s Daily Market Trends （May 27th）: Several Crypto Agencies Stop Serving Users in Mainland China_ Value of ETH Will Surpass BTC in 2022, Says Famous Predictor Andrew Keys

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