The price of the currency plunged to 3.9 billion U.S. dollars, the President of El Salvador: Do you have to choose today?
Tonight is definitely a difficult night for many people in the currency circle.
At 10:45 p.m., Bitcoin began to fall in an avalanche from a high of US$50,000, with a maximum drop of nearly US$10,000 in half an hour; Binance fell to a minimum of US$43,000, OKEx fell to a minimum of US$42,619, and Huobi fell to a minimum of US$39,818 , the largest single-day drop was close to 20% (according to OKEx data); as of press time, BTC rebounded to more than 46,000 US dollars.
The decline of Bitcoin has also driven mainstream currencies and a number of altcoins to fall precipitously. Among them, ETH fell as low as $3,000, with a maximum drop of 23.5% in 24 hours, and the rest of the altcoins generally fell by more than 30%.
In the past hour, the total market value of the crypto market fell from 2.59 trillion US dollars to 2.31 trillion US dollars, a drop of 11%.
The violent market fluctuations also caused a large number of users to liquidate their positions. According to Coin data, in the past 24 hours, a total of 340,000 people have become liquidated victims, with a total liquidation of US$3.9 billion on the entire network; the liquidation is mainly concentrated between 10:00 and 11:00 in the evening, and the liquidation exceeds US$3 billion within one hour; Among them, BTC liquidated 1.45 billion U.S. dollars, and ETH liquidated 947 million U.S. dollars.
The violent fluctuations in the market also caused the downtime of many trading platforms such as Coinbase. In a short period of time, there were failures such as failure to display and trade, but they all recovered later.
In addition, as the market went down, USDT also showed a positive premium. USDT on the Binance OTC platform once rose to 6.58 yuan, the highest price in the past two quarters, and has now returned to the normal level of 6.45 yuan.
Many people may ask, what is the reason for this market downturn?
Judging from the news, there is not any big bad news, and there is even an inconspicuous good news-Bitcoin officially became the legal tender of El Salvador today.
From the perspective of the market, Bitcoin started a new round of rising waves at $30,000 on July 21. During this period, it did not experience a major correction. The largest single-day drop was less than 5%, and every bull market rises. A sharp correction, often falling more than 20%. From this perspective, this callback seems to be conducive to the continued upward trend of the market.
However, this also reminds all investors that high leverage should not be used in bull markets, and it is safest to hold spot stocks.
Finally, add a piece of news: In this round of decline tonight, President Nayib Bukele of El Salvador tweeted that El Salvador bought another 150 bitcoins. So far, El Salvador holds a total of 550 bitcoins.
