Bitcoin has already fallen 20% and at least 400,000 people have opened jobs.

Analysts attribute the decline in Bitcoin to the current market affected by the spread of a new virus, Omi Keron. Anxiety and skepticism are emerging, combined with a variety of news from around the world. Fed reports. At the start of the reduction, the highest inflation rates in many countries in Europe and the United States, and the continued expansion of monetary policy examples in many countries - all contributed directly or indirectly to the decline of the digital business market.

Recently, cryptocurrencies have encountered another massive unification!

On December 4, Beijing time, Bitcoin fell 20.59% to $ 42,587.8. He has since returned, but he also lost more than 10% in the same day.

After the Eastern US market opened on Friday, Bitcoin fell below $ 50,000 in an instant and lost over $ 10,000 in one day. $ 57,000 16% when opening on Friday US Eastern Time.

According to the press release, the price of Bitcoin was around $ 49,497, down almost 30% from its previous high of $ 6,899.6 on November 10.

The situation did not come on its own and other cryptocurrencies also merged - the ether plunged to US $ 3,500, down more than 17%. More than 9%, Ida coins (ADA) fell more than 8%. However, some cryptocurrencies have now been reformed.

According to the data, as of 8:00 p.m. on December 4, a total of 417,000 people were employed in the past 24 hours, and the total digital contract completion network revenue reached $ 2.584 billion. Of these, Bitcoin's 24-hour liquidation alone exceeded $ 1 billion.

While all the numerical advantages have been reversed, data from BTC123.fans shows that as of the afternoon of 5 Beijing time, nearly 270,000 people in total had completed their jobs within the past 24 hours, and the Transactions closed in 24 days amounted to $ 1.567 billion. An hour ago, the 24-hour liquidation rate was $ 474 million for Bitcoin and $ 346 million for Ethereum.

Bitcoin Prices Have Fallen Recently, But Big Businesses Are Buying It

Bitcoin prices have continued to decline since their peak on November 10. Especially in December, Bitcoin prices rose sharply.

As of December 1, Bitcoin's highest price was $ 59,000, near the high of $ 60,000. But since then the waterfall forecast has been open.

On December 3, after falling more than 12% in one day, Bitcoin fell more than $ 5,000, hitting a low of $ 51,600 before starting to drop below the $ 50,000 level.

On December 4, Bitcoin did not stop, at one point falling below the $ 50,000 level and shortly after entering the $ 42,000 level, the previous day's drop to the 10,000 mark. $, the lowest price on September 30.

Earlier in November, the value of Bitcoin crossed the record breaking $ 69,000 mark, and the total value of the cryptocurrency market reached $ 3 trillion. However, after missing the $ 70,000 mark, Bitcoin's price difference has clearly weakened.

It should be noted that the price of bitcoin has peaked and the 'big whale' bitcoin, the world's largest commercial brand with a large number of bitcoins, is buying in large quantities.

The company bought 7,002 bitcoins between October and November for $ 414 million, with an average value of $ 59,187 per bitcoin, according to MicroStrategy which filed a complaint with the United States Securities and Exchange Commission on Monday. After completing the "purchase", the total number of Bitcoins held by MicroStrategy exceeded 120,000.

According to statistics from the owners of Ouke Cloud Chain, as of December 3, 2021, MicroStrategy totaled 121,000 Bitcoins, for a total value of $ 6.841 billion.

Bitcoin company position (partial), data source: Ouke Cloud Chain Master

Of all the companies holding Bitcoin positions, MicroStrategy ranks third in terms of number and value of trades and outperforms Tesla, Galaxy Digital Holdings and Voyager Digital in the only list of listed companies. The shares of many well-known companies such as LTD, Square, Inc, Coinbase Global, Inc, etc. topped the list, surpassing all holdings of all companies.

Why did you lose?

Analysts attribute the decline in Bitcoin to the current market affected by the spread of a new virus, Omi Keron. Anxiety and skepticism are emerging, combined with a variety of news from around the world. Fed reports. At the start of the reduction, the highest inflation rates in many countries in Europe and the United States, and the continued expansion of monetary policy examples in many countries - all contributed directly or indirectly to the decline of the digital business market.

In addition, over-trading is also a key factor in the Bitcoin flash crash, according to an investigation by Noelle Acheson, market analyst at Genesis Global Trading, a digital finance company. For example, Binance, the world's largest digital exchange bureau, offers its users "leveraged tokens (LT)". Simply put, when the market price goes up by $ 1, you can earn $ 3 using leveraged tokens, but when the market value goes down by $ 1, the leveraged token also loses $ 3. This LT directly increases the risk of digital returns.

The point that most LT users criticize is that if the $ 100 investment loses 10%, only $ 90 is left, and if 10% profit is made the next day, only 10% income from a base of $ 90. In the end it can reach $ 99. If the investment falls, it needs more profits than losses to reach equilibrium. This is the essence of LT, these losses cannot be avoided, and double the corrosion effort. It also results in greater wear of the LT compared to commercial products that use traditional products, and if the LTs fall off, more recovery is required to achieve the desired consistency.

However, despite its drawbacks, global consumer demand for leveraged tokens continues to grow.

The Huobi cryptocurrency trading platform recently published an internal notice warning users in China to withdraw their financial assets, deposits for users in China will be closed until December 14 and in mainland China on December 15. Markets for consumer benefits will be closed to OTC negotiations on December 31.

The value of the new rich man in China drops by more than 10 billion a day.

Recently, the main world currency news continued, the fact that Changpeng Zhao, the founder of the cryptocurrency platform Binance, overtook Nongpu Spring chairman Zhong Shui, to become a rich man. Newcomers to China are also considering this film festival. circle of friends.

According to Caijing Magazine, Binance was established just four years ago and has grown to become the world's largest cryptocurrency exchange, with 3,000 employees worldwide and a daily turnover of US $ 76 billion, or more than the four biggest candidates combined for the money. . According to insiders, according to current market sources, Binance could be worth up to $ 300 billion (about RMB 1.91 trillion).

It is reported that Changpeng Zhao controls most of Binance's holdings. According to data from "Forbes", founder Zhao Changpeng owns 30% of the shares of Binance. According to this calculation, Zhao Changpeng's present value is $ 90 billion (equivalent to RMB 573.3 billion). This wealth means that Zhao Changpeng has become the richest man in China and among the top ten in the world.

However, on November 30, Zhao Changfeng announced on social media that if he sold 0.01% of the company's shares for $ 1, the company would be worth $ 10,000, and if the trillion coins were issued, the value would be $ 1. Selling tokens will earn you a trillion coins. And then says that a bad measurement doesn't mean anything. He is accused of responding to a desire to raise $ 90 billion to become the richest new man in China.

As of 8:00 p.m. on December 4, Binance Coins (BNB) was down 13%, with recent gains of $ 90.776 billion, worth over $ 13.5 billion.

On the investment side, Changpeng Zhao says he owns Bitcoin, but most of his assets are in Binance coins. However, Changpeng Zhao did not disclose how many Binance coins he held. However, according to previous public records, the Binance group owns around 40% of Binance Coins, and according to Forbes data, Changpeng Zhao owns 30% of Binance. Based on this rough estimate, Zhao Changpeng's debt decreased by 10.3 billion yuan (about $ 1.62 billion) per day.

According to previous reports, Zhao Changpeng was referred to as "CZ" as a Sino-Canadian potential in the cryptocurrency space. Born in 1977, he lived in Jiangsu Province as a child, then moved to Vancouver, Canada with his family, and now lives temporarily in Singapore.

In 2005, Changpeng Zhao established Fuxun Information, Bijie Technology and other companies in Shanghai, and made the first hot pot. He entered the Bitcoin arena in 2013 and acquired Binance with his team in 2017, announcing the digital currency “Binance Coins” (BNB). Six months later, Binance had over 6 million users and has grown into the world's largest cryptocurrency exchange, now occupying its No.1 position in the market. Changpeng Zhao hopes Binance will grow at a faster pace in the medium term and said "we hope we can grow a bit more so that other exchanges can distribute more high-end users to us."

According to data from the Coinglass website, regarding bitcoin holdings, as of 9 p.m. on the 4th, bitcoin holdings on the Binance blockchain trading platform accounted for 22.18%, ranking first in the platform.

However, cryptocurrency exchanges around the world are unregulated and located in gray areas in many countries. To date, Binance has received warnings from financial regulators in the UK, Germany, Japan, Malaysia, South Africa, Singapore and other countries, and has announced the removal of users from the United States, China and Singapore.

Munger welcomes China's decision. I don't want cryptocurrencies to be created.

As bitcoin prices plummeted, Warren Buffett's longtime partner and Berkshire Hathaway vice president Charlie Munger also criticized the cryptocurrency.

“The global business environment is now 'crazier' than the dot-com bubble of the '90s,” Munger said at a recent trade conference.

“I think China made the right decision,” Munger said.

Already in 2013, five agencies and regulators, including the People's Bank of China, issued a "Bitcoin Risk Protection Notice," Bitcoin said There is no one-size-fits-all rule about money and cannot and should not be spent in the market. hours. , financial companies and payment companies "do not use Bitcoin as the price of a product or service, do not buy or sell Bitcoin as an intermediary partner, do not subscribe to the market for insurance of assets linked to Bitcoin or do not include Bitcoin in the field of insurance coverage. Providing other “Bitcoin Intervention Services” to consumers, directly or indirectly, does not affect the trading of financial risks.

In 2017, the venture capital firm, including the Central Cyberspace Administration and seven other agencies, announced the Enforcement of Financial Institutions, allowing virtual currency trading platforms and Initial Coin Offerings (ICOs) to violate financial activities. We have worked on maintenance and refinement to avoid the impact of virtualization on our country.

From 2021, the People's Bank of China will question some banks and payment companies about the hype in the virtual currency market, provide all banks and payment sites with "Bitcoin Risk Protection Notice" and "Notice security protection in financial institutions. Declaration of tokens “require strict regulation.” Other regulations prohibit the provision of goods or services, such as openings, registrations, transactions, withdrawals, contracts, etc. for open accounts, registration, marketing, trading, marketing, payments, etc. are linked.

On September 24, 10 departments, including the Joint Venture Corporation, jointly announced the "Notice on the Prevention and Operation of Criminal Proceedings in" Financial "Transformation. In the "Report", it is stated that all transactions affecting the virtual marketplace are illegal, and foreign exchange services providing services to Chinese people on the Internet are also illegal financial transactions.

On the same day, the National Development and Reform Commission and 11 other organizations convened a "Virtual Currency Innovation Notice" Mining "Operation", describing the monitoring and modification of virtual profits "Mining" and create the following operations . Adjust the chain throughout, including the "method speculation" model.

“It's amazing for both sides to share this crazy success. Sounds good, everyone wants relief, my emotions. I want to get good sales. Money, no problem for them. “People in the cryptocurrency industry don't think of their customers, they think of themselves,” Munger said.