Bitcoin fell for $7,000 in 7 days, and bit cash, bit gold and other internal forks "damage" bitcoin prices; SEC chairman reminded Bitcoin mania hidden risk
Entering the fast-rising bitcoin in December, there has been an inflection point. After standing at the 20,000-dollar mark on December 17, the market has turned sharply. On December 22, the daily decline has exceeded 20%. Based on the last 7 trading days, the bitcoin price. Has fallen by 30%. The plunge in the market led to the suspension of trading by Coinbase, a well-known overseas exchange.
As of press time, bitcoin prices remained weak, and the bitfinex platform quoted at $12.612 million, down 10% from the previous trading day.
According to overseas platform data, on Friday, bitcoin prices fell from $16,000 to $11,000 in 24 hours, and some platforms once fell to $10,400. Compared with the high of $20,000 on December 17, Bitcoin prices are almost squatting. The 24-hour Bitcoin market value evaporated by $100 billion. This figure exceeds the market value of Goldman Sachs and Morgan Stanley.
Bitcoin volume plummeted, and the volume of transactions roughly caused some Bitcoin trading platform servers to crash. Coinbase, one of the largest Bitcoin trading platforms in the United States, said that due to the collapse in the price of Bitcoin, a large number of sell-offs emerged and trading was temporarily rampant.
After the sharp fall, there was a divergence in the bitcoin market. On the 23rd, the price of Bitcoin rebounded to 15,000 US dollars, rebounding from the previous day's low of about 4,000 US dollars. On the 24th, the price of Bitcoin fell again to around 13,000 US dollars. As of press time, the price of the bitfinex platform was US$12.612 million, down from the previous trading day. 10%.
The "roller coaster" style market ate nearly $7,000.
From mid-September to mid-December this year, bitcoin prices rose rapidly. In early November, Bitcoin remained near $5,000. In the last week of November, bitcoin prices rose by more than 40%. The price of the currency not only broke through the $10,000 mark, but continued to surge to $15,000. In December, the price of the currency was rushed. Up to $20,000. In the last 7 trading days, the price of Bitcoin dropped sharply by 7,000 US dollars, almost consuming the increase in the first half of December.
Multi-factor bad "attack" bitcoinThe reasons for the plunge in bitcoin prices are different. Among them, some insiders believe that the US futures exchange on-line bitcoin futures has increased the short-selling channels for speculators.
On December 11th, the Chicago Board Options Exchange launched a series of bitcoin futures; on December 18th, the world's largest futures exchange, the Bitcoin futures products of the Chicago Mercantile Exchange were also listed. The above two platforms have increased the channels for investors to short the bitcoin.
In the currency circle investment group, some bitcoin speculators believe that the recent rise in the currency price is the main reason for this decline. From the K-line chart, the price of bitcoin has accelerated. The speculative sentiment in the market is strong, and it is difficult to continue the drumming.
In addition to external negative factors, there are also “technical differences†within Bitcoin. In the Bitcoin community, the hottest topic in the near future is the bitcoin fork. Bifurcation can be simply understood as “route competitionâ€. Since the Bitcoin community has different views on the future of Bitcoin, the party with different opinions runs the new version of the agreement on the original basis, and “hard fork†is generated.
Currently, the Bitcoin community has seen multiple forked versions, such as BCH (Bit Cash), BTG (Bit Gold), SBTC (Super Bitcoin), GOD (Bitcoin God) and the like. The industry believes that the above forks have caused damage to the value of Bitcoin. Jiang Zhuoer, the founder of the Leipzig pool, which has been supporting Bitcoin, has turned to support another forked "bitcoin."
Overseas institutions suggest Bitcoin riskIn mid-December, US Securities and Exchange Commission (SEC) Chairman Jay Clayton highlighted the risk of bitcoin and allowed investors to be cautious about ICO (first-time token issue). In a statement on the website, he said that investors should understand that ICO has not been registered with the US Securities and Exchange Commission so far, and the committee has not approved any publicly traded funds that hold digital currencies. Clayton clearly pointed out the hidden risks of Bitcoin fanaticism, including the transfer of investment to overseas without the knowledge of the parties.
"The stock god" Buffett's golden partner - Charlie Munger, the vice chairman of Berkshire Hathaway, believes that Bitcoin's hype is a complete "crazy move", people should avoid as plague Bitcoin.
“I think it’s very stupid to stop and think about Bitcoin,†Munger said recently. “Bitcoin is a crazy bubble, a bad idea, they can be easily done without much insight or work. The concept of getting rich to attract others.†Munger believes that bitcoin cannot replace gold, and investors should stay away from the plague.
Bank of Japan Governor Haruhiko Kuroda said on December 21 that Bitcoin does not operate like a normal payment method and is being used for speculation.
Uncertain events such as hacking are also potential risks for players. On December 19th, a South Korean bitcoin exchange called Youbit filed for bankruptcy protection because of hacking. The hackers stole a total of 17% of the assets of the exchange. This is less than 8 of this bitcoin exchange. The second hacking experience experienced during the month.
According to CCTV, recently, the Zhongyuan Oilfield Public Security Bureau of Henan Province successfully cracked the first bitcoin theft in the country. The suspect Dai is proficient in software programming. After the downloaded genuine wallet software is cracked, the program that transmits the user name and password is added to steal the bitcoin. Once someone deposits the bitcoin into the electronic wallet, he will know the account name and password of the other party and transfer it. Bitcoin in the e-wallet. In this way, Dai has committed three crimes, involving more than 20 million yuan. At present, the police have checked Dai’s account and frozen it, recovering more than 2 million yuan.
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