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Cryptocurrency ups and downs
At 14:00 on June 11, Bitcoins biggest drop was listed as a real-time hotspot on the Baidu search list, ranking third, with a search index of 407,678. Earlier today, Bitcoin drop also entered the Sina Weibo hot search list, ranking 41st, with a search popularity of 40,934.
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According to tokenclub data, Bitcoin began to fall off a cliff from around 8 am on June 10, to 43,454 yuan at 13:40 on June 11, and the lowest point fell to 43,055 yuan, the latest in nearly two months. Low.
Bitcoin price change within a day
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As the vane of the currency circle, the trend of Bitcoin can drive the trend of the entire currency market. According to coinmarketcap (link) data, as of 4:00 pm on the 11th, the top 100 digital currencies in the world except Veritaseum have all fallen in the past 24 hours. Among them, Skycoin and WaykiChain fell the most, both exceeding 20%, and EOS fell by 16.27%.
WaykiChain price changes
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Skycoin Price Changes
The price of Bitcoin is currently fluctuating around $6,700. From a global perspective, the total value of the digital currency market also ushered in a new low in the past two months, falling below the $300 billion mark. At 7 a.m. on the 11th, the total market value of global digital currencies fell to 291 billion US dollars. The evaporated market value reached 42 billion US dollars (as of 15:00 today), and some people joked about evaporating a meituan.
What is the reason that led to this waterfall decline? Looking at it now, there may be two main reasons.
1. South Korea’s Coinrail exchange was hacked
Recently, the Coinrail system of the South Korean cryptocurrency exchange was intruded into the network, and some digital currencies of the exchange were stolen by hackers; the hackers used the stolen currency to smash the market, causing Bitcoin to fall for three consecutive days.
Coinrail stated that the exchange is reviewing the system and has managed to freeze the threatened NPXS, NPER and ATX coins, while other cryptocurrencies are stored in cold wallets and is cooperating with investigators and other exchanges to try to identify the killer and recover funds. According to Coinrail, two-thirds of the total amount lost has been recovered, but some have been sold on decentralized exchanges.
According to the statistics of Coinmarketcap.com, the Coinrail exchange covers more than 50 different cryptocurrencies, and its transaction scale ranks 98th among similar markets in the world, with a 24-hour transaction volume of approximately $2.65 million.
2. U.S. regulatory tightening
The obvious contrast with the sharp drop in the price of Bitcoin is the inflow of large amounts of funds; the inflow of funds in popular currencies is greater than the outflow, indicating that there are investors bottom-hunting behavior.
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Changpeng Zhao Tweets
