The biggest problem facing the current market is insufficient liquidity. First, the Fed may raise interest rates, which would put pressure on the market. Second, the United States plans to issue bonds in excess in September, which will also put pressure on the market. Third, the Fed also plans to shrink its balance sheet, which also puts pressure on the market. After the price of Bitcoin once again touched the $25,300 mark, it rebounded. In the short term, the pressure is at $26,300. If it can hold this level, it is expected to rise to $27,500-$28,500. However, the rebound does not mean a trend reversal. Bitcoin may still fall again. The key support level is at $24,700-$25,300. If it cannot hold this position, Bitcoin may experience a significant decline. Long-term investors should wait for Bitcoin to form a bottom pattern, while short-term investors should try to follow the market trend, but be sure to set stop-loss orders.

For the bottoming opportunity in the last few months of this year, if you miss this stage for layout, you may soon lose the opportunity and may have to help others carry the sedan chair by the end of the year. Especially in the case of Ethereum, compared with yesterday, the volatility of ETH has slightly decreased, and the trading volume continues to shrink. In the short term, this may be the market situation. It is still in a bear market and has not ended. For spot traders, it is best to put most of the funds in super mainstream digital currencies such as Bitcoin and Ethereum.

Will Friend.tech be short-lived?

The decentralized social platform Friend.tech, which has been highly anticipated, has attracted a large number of users since its launch on August 10. According to data from Dune Analytics, Friend.tech has generated a trading volume of 38,597.2 Ethereum to date, with on-chain transaction volume exceeding 1.5 million transactions, even surpassing Bitcoin, ranking among the top three platforms in daily transaction volume.

Not long ago, Banteg, a developer from the centralized financial platform Yearn Finance, obtained wallet addresses and corresponding Twitter usernames of over 10,000 users through the open API of Friend.tech. This may mean that Friend.tech can post articles on behalf of users without their understanding of the protocol. In addition, there is an information leakage issue with Friend.tech's open API, allowing users to track the wallet addresses that provide funds on the platform.

In response to these issues, the Friend.tech team clarified in a post that this information comes from the open API, similar to someone accusing you of viewing their public posts. They also stated that "The Block's" report on data leakage from Friend.tech is irresponsible. Some netizens believe that this public information aligns with the transparency of blockchain and there is no need to overreact. However, some people have expressed that Friend.tech needs to release a privacy policy and provide clear explanations to users in the headlines.

From the perspective of trading volume and transaction volume, despite the recent controversy, the continuous growth trend of Friend.tech has not been curbed. The main selling point of Friend.tech in truly utilizing blockchain technology is to enhance user autonomy and limit network censorship. For most people, it is surprising to see someone using their influence to make money.

Overall, it is still quite difficult for decentralized social media to become mainstream. Even platforms like Mastodon, which do not use cryptocurrency mechanisms, face similar challenges. Apart from social platforms launched with the concept of fairness, it is difficult to promote almost all decentralized social media abroad, as they are too similar to Twitter and lack uniqueness. In addition to recent allegations, it may cause panic among users, as the open API allows viewing of on-chain wallet addresses and corresponding Twitter accounts, which is a risk for some people. With recent frequent cryptocurrency-related crimes, it is evidently necessary to separate on-chain data from real identities.

Whether Friend.tech's privacy issues and the motivation to promote cryptocurrency can attract and retain users in the long term still needs to be observed over a longer period of time.

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