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Bitcoin is falling! The price fell by 30% in 7 days, and the price was 2.7 billion in 1 day. One Tesla was bought and one Tesla was lost

Time : 28/07/2021 Author : 7c2a49 Click : + -
        Bitcoin continued to fall. According to the data of coinmarketcap, a cryptocurrency data provider, on June 14, bitcoin had fallen below the threshold of $21000, with the lowest falling to $20950, the lowest level since December 2020. What is more worrying is that according to the data of Yingwei financial information, as of June 14, the rise and fall of bitcoin on the 7th was - 24.98%, down nearly 30%. According to Agence France Presse, London, the price of bitcoin has dropped 69% compared with the historical peak of US $68991.85 in November last year. In other words, if you buy a bitcoin at the peak, the floating loss so far is as high as 320000 yuan, which is equivalent to the price of a Tesla Model 3.
        Not only that, in the past two years, some capital tycoons involved in cryptocurrency suffered losses, including Zhao CHANGPENG, the "richest man" of Chinese, the founder of bitcoin exchange, and Tesla CEO musk. Under the slump, the world's second largest digital currency & mdash& mdash; Ethereum, a public blockchain platform, is also hard to escape. On June 14, Ethereum fell below US $1100 / piece, a new low since January 2021. In addition, other digital currencies such as dogcoin, Cardano and avalanche have also experienced substantial declines in varying degrees. In the above situation, the chain reaction is "immediate".
        The reporter of the times weekly checked the information of the digital currency contract explosion on the whole network displayed by coinclass. As of 10:00 p.m. on June 14, the amount of bitcoin explosion in the past 24 hours reached US $408 million, equivalent to RMB 2.75 billion; Ethereum's exposure was US $267 million, equivalent to RMB 1.79 billion. "It's tragic. It can be said to be a historic slump." Li Nan, a senior currency circles person, sighed to the reporter of times weekly. Due to extreme market conditions, according to CNBC, the US 10 billion crypto lending platform Celsius said on Sunday local time that "the platform will suspend all withdrawals, transactions and transfers between accounts.
        ”。 As the most widely used digital currency, the collapse of bitcoin also has a profound impact on the overall situation of digital currency. According to the data collection company coin tiger website on June 13, the current market value of global cryptocurrencies is less than $1 trillion. Why did bitcoin fall? Looking to the future, will bitcoin fall into the abyss, or will it turn upside down?. "The interest rate increase signal recently released by the Federal Reserve is the most important financial factor leading to the sharp fall of bitcoin." Huang Zhen, Professor of the Law School of the Central University of Finance and economics and director of the Institute of financial law, told the times weekly. In Huang Zhen's view, for a long time, under the US dollar inflation, everyone tends to hold bitcoin to realize asset maintenance and appreciation, and bitcoin has also gained a wave of growth.
        Now that the US dollar interest rate hike boots are about to land, the market expectation of US dollar appreciation is also strong. The market is bearish towards bitcoin, so the bitcoin price has plummeted. On the evening of June 10, the US CPI data for may released by the US Department of labor rose by 8.6% year-on-year, setting a new high of nearly 40 years, and the market's expectation of the Federal Reserve's interest rate rise rose. Although Federal Reserve officials had previously said that they planned to raise interest rates by 50 basis points in June, according to the Wall Street Journal, Federal Reserve officials also said that they might announce a 75 basis point increase in interest rates in the early morning of Beijing time on the 16th. "As the US Federal Reserve raises interest rates and shrinks its balance sheet, and global liquidity tightens, assets with high risk appetite will also fall significantly. Bitcoin is such an asset.
        ”Xu minsui, partner of chengluo capital, told the times weekly that in the past ten years since the development of blockchain, bitcoin is the most widely known of the few effective application scenarios. The decline of bitcoin also means that the long-term development prospects of the whole blockchain are in doubt. According to the digital currency contract breaking information on the whole network displayed by coinclass, as of 10:00 p.m. on June 14, the amount of bitcoin breaking in the past 24 hours was as high as US $408 million, equivalent to RMB 2.75 billion; Ethereum's exposure was US $267 million, equivalent to RMB 1.79 billion. Li Nan said that in the trading mode of bitcoin, there is a kind of contract trading similar to futures. Players can choose to go long or short according to their own judgment. Because of the leverage attribute, the rise and fall of the currency will also be amplified according to the multiple of the leverage.
        When the floating loss amount exceeds the deposit paid by the player, the player needs to make up the deposit in time, otherwise the position will be closed. "Compared with futures, the leverage of bitcoin contract trading can be increased even more, or even 100 times." Li Nan pointed out that although the benefits of contract trading are relatively high, the risks are also great. For example, under the leverage of 100 times, as long as the fluctuation of bitcoin exceeds 1%, the position will burst. Bitcoin plummeted, and investment tycoons may also be implicated. According to public information, Tesla bought us $1.5 billion of bitcoin at the beginning of 2021, with a price of about US $35000 / piece. Today, bitcoin has dropped below $22000 / piece. Based on this calculation, Musk's floating loss in bitcoin investment alone is at least more than $500 million.
        "Although it is a virtual currency, bitcoin has formed an impact on sovereign currencies and financial assets. From the domestic perspective, the attitude of the regulatory authorities towards virtual cryptocurrencies such as bitcoin is a blow." Huang Zhen said. In fact, the Chinese government has issued many documents to remind consumers to guard against the risk of speculation in virtual currency transactions. In July last year, the business management department of the people's Bank of China issued an announcement saying that consumers should enhance their risk awareness, not participate in the speculation of virtual currency transactions, not blindly follow the speculative activities related to virtual currency, and beware of damage to personal property and rights. "At present, the regulatory situation of bitcoin around the world has emerged.
        When relevant measures are introduced, it will also accelerate the decline of bitcoin. " Huang Zhen added.
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