Editor | Hao Fangzhou
Editor | Hao Fangzhou
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Picture from Coin360
How turbulent the encryption market has been in the past few months, how bleak is today's decline. On the eve of 520, the encryption market once again taught investors a lesson in blood and tears.
OKEx Ouyi market shows that at 21:00 this evening, Bitcoin fell below the $30,000 mark, and once dropped to 29,000 USDT; since January 29, after nearly 120 days, Bitcoin has returned to below $30,000 , seems to announce the end of this round of bull market. "Currency Circle Crash" appeared on Weibo's hot search and is now ranked ninth.
The downward trend of this round of market can be traced back to a week ago. On May 12, Bitcoin plunged from $58,000 to $10,000 and closed below $50,000. In the following week, Bitcoin failed to reach the $50,000 mark and fell downwards. This also paved the way for today's decline.
At 12:00 noon today, Bitcoin fell below USD 40,000 for a short time, reaching a minimum of 38,600 USDT, and then fluctuated around USD 40,000. Broke the $30,000 mark. Among them, Bitcoin on Huobi and OKEx fell to a minimum of 29,000 USDT, and Binance fell to a minimum of 30,004 USDT; in the past 24 hours, Bitcoin’s largest drop reached 33%; as of press time, Bitcoin has risen back to around 37,120 USDT.
The plunge of Bitcoin has also led to the decline of many mainstream currencies and altcoins. The mainstream currencies that had been going up all the way when Bitcoin was turbulent before were oversold. ETH fell to 1764 USDT at the lowest, 48% on the 24th, and as much as 60% at the highest point.
Picture from the network
In particular, the "Musk concept coin" DOGE, which was relatively out of the circle some time ago, also saw its price cut in half during this correction, falling to $0.21 at one point. Many "overseas leeks" immediately "protected their rights" under Musk's Twitter.
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Picture from CoinMarketCap NFT sector
In the past 24 hours, the total market capitalization of the crypto market fell from $2,166.7 billion to $1,538.4 billion, a drop of 29%.
The violent market fluctuations also caused a large number of users to liquidate their positions. Coin data shows that in the past 24 hours, a total of 475,000 people have become liquidated victims, with a total liquidation of USD 5.87 billion in the entire network; among them, BTC liquidated USD 2.54 billion, ETH liquidated USD 1.48 billion, and other mainstream currency futures generally liquidated Around $100 million.The liquidation is mainly dominated by long positions, reaching 4.94 billion US dollars, accounting for 85%. CryptoQuant data shows that the one-hour long liquidation on the exchange reached 10,525 BTC, a record high.
Picture from Debank
According to Shenyu’s news, if ETH falls by more than $100, Justin Sun’s more than 600,000 ETH will be liquidated and liquidated, and the price of ETH will be further suppressed to below $1,000.
The huge network transaction volume also caused the Ethereum network to collapse again. According to data monitoring on the Tokenview chain, the number of Ethereum transactions has increased sharply, and the Ethereum network is severely congested. Currently, nearly 20,000 transactions are pending confirmation; in addition, the gas fee is also more than 1,000 Gwei, and the gas fee for extremely fast confirmation is as high as 2,000 GWei. Binance announced that due to the congestion of the Ethereum network, it will suspend the withdrawal service of Ethereum and ERC20 tokens.Affected by the sharp fluctuations in the market, the exchange is facing shocks. Among them, the three major trading platforms experienced abnormal UI display and suspension of some functions for a short time, while Coinbase was directly down and unable to trade. Reflecting the performance of the secondary market, Coinbase fell 12% to $210.28 at the opening, a record low; blockchain concept stocks generally plummeted, of which Canaan's share price fell 13%, temporarily reported at $8.53.The decline in the market also directly drives up the price of USDT. Currently, the over-the-counter buying price of USDT in the three major exchanges has soared to around 6.8 yuan (6.43 yuan at the US dollar exchange rate), with a premium rate as high as 5.6%.For this decline, encryption analyst Li Ao believes that there are two main reasons: "First, the market transaction has entered the stage of "Bo stupid", and various junk altcoins such as LOWB and pig coins are launched and start to suck blood, and the market lacks upward momentum; It is the inertia of the bull market. Before every accelerated rise in the bull market, the market is facing a sharp correction, with a drop of 50% at every turn. Historically, today's pullback indicates that Bitcoin will hit new highs again in the next half a year. "Under extreme market conditions, different traders also showed bipolar mentality and guided opposite operations: Some people fell into panic and cut their meat to stop losses; some were optimistic about the market outlook and took the opportunity to short or buy bottoms. Regardless of whether they took action or not, the new and old leeks in various communities basically noticed the sharp drop and started heated discussions. Various complaints and jokes also spread rapidly:- No matter how good the operation is, winning or losing depends on Musk;
- Think of the best in everything, what if Hoshino Gen (Yui Aragaki’s fiancé, officially announced today) also speculates in Bitcoin;
- This morning, the three departments jointly issued a document to supervise the deposit and withdrawal of virtual currency. I am still worried that my bank card will freeze my money when it is transferred. Unexpectedly, the problem will be solved in the afternoon, and the loss is over, and there is no need to withdraw money;
- I am afraid that you will have a good 520, so you will deal a cruel blow to love in advance, and you will lose nothing;
- Ever since I came into contact with the currency circle, my waist no longer hurts, my legs don’t feel sore, and even my heart doesn’t beat;
- I heard the most heart-warming sentence of comfort today: don’t worry, the price will rise back in a few years.
……
The currency market fluctuates violently. Do not use high leverage. The spot is the safest and safest.The currency market fluctuates violently. Do not use high leverage. The spot is the safest and safest.
