According to market data, BTC fell in the short term, falling below the $29,900 mark, with an intraday drop of 4.76%, and a loss of more than 10% within 24 hours, evaporating billions of dollars from the crypto market.

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U.S. policy has become one of the important reference indicators for the digital market vane

Edward Moya of foreign exchange brokerage Oanda told clients in an update: "Bitcoin volatility is not going away anytime soon, but for now it looks like the crypto world is going to face more pain in the short term." "Don't be completely surprised if Bitcoin falls below $30,000 again before its next rally," Charlie Morris, chief executive of currency fund manager ByteTree, wrote in his weekly newsletter on Wednesday. .” Now it seems, or is really expected.

Compared with the previous bull market, the bull market in 2021 is going faster and more fierce this time. Many people were thrown out of the car before they could react. Swiss banking giant UBS wrote a report on bitcoin last week, citing several reasons to be cautious about entering the market. They said they were "skeptical of any real-world usage scenarios for bitcoin, making it difficult to estimate a fair value for bitcoin."

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There are different opinions in China, but they are still optimistic about the Bitcoin bull market

Recently, it is not difficult to find that the power of Grayscale to buy Bitcoin is increasing, but the price of the currency is falling. A large factor shows that the rise of the currency price may have little to do with the entry of institutions.

So what is driving the high price of Bitcoin? Institutions represented by Grayscale have entered the game. In fact, from the perspective of Bitcoin holdings, many new players have been added. It can also be said to be the general trend. What we see on the surface is that other Wall Street institutions and retail investors are buying together and making concerted efforts to promote it. Up, but in essence: it is the strength of the consensus.

For Asian players on the main battlefield, the time to enter has not yet come. On the one hand, it is because of the troublesome deposit channels of legal currency, and on the other hand, because the Spring Festival is approaching, many people need a certain amount of cash flow. Many people in China still have a positive attitude towards Bitcoin.

"The bull market is not always going up but not down. There are always profit-making orders to come out, so there will definitely be a pullback, and the pullback can easily trigger panic and lead to smashing." A certain big V explained.

"The bull market is not over, it's just a short correction, and I'm still unswervingly bullish in the future."

According to data released by crypto market data aggregator Glassnode, "liquid" Bitcoin wallets have lost 270,000 BTC in the past month, which is significantly higher than the 175,000 BTC in early January.

The data shows that Bitcoin’s circulating supply has continued to decrease over the past nine months, currently at 21.3%, with no signs of reversing. The market is unpredictable, whether BTC can reverse the trend, whether the bull market can be Changhong, time will tell us everything.