Bitcoin loses 19% overnight: 28 billion liquidated, spots

Obviously, the good continued, but Bitcoin suddenly fell almost 19%, with nearly 400,000 breaking 28 billion shares and halting the exchange. The mayor shouted. What happened?

$ 7,000 released in 1 hour

Bitcoin fell almost 19% at one point.

Yesterday, the price of bitcoin suddenly fell, falling over $ 7,000 from the $ 50,000 level to a low of $ 42,830 in just one hour, down 18.73% on the day.

After the immediate plunge, the price of Bitcoin rebounded quickly, but the intra-west was not good, according to the press, the intra-west of Bitcoin is around 11%.

Last month, the price of Bitcoin fell from $ 29,796 per coin on July 20 to $ 52,698 per coin on September 6, with a return rate of 76%.

Other digital benefits were also removed. According to the press, Ethereum is down over 13% in one day and Ripple is down almost 20% in one day.

Shares of the blockchain concept in the U.S. commodities market have generally fallen.

About 400,000 sold out of 28 billion units.

Biggest single liquidation 238 million

The decline in cryptocurrencies on the network has shattered many currencies. According to data, as of 6.30 am Beijing time, in the past 24 hours, a total of 39,759,000 people had terminated their jobs and a total of 28,161 people had been registered. billion yuan.

Of these, the largest in the past 24 hours was $ 43.7 million (about 283 million yuan).

loss of change

As the price of bitcoin has changed, the market in volume has increased and the cryptocurrency trading platform Coinbase is once again facing market problems. Some foreign netizens replied that the order had been canceled and that they could not buy or sell cryptocurrency.

Coinbase support is also aware that the transaction was delayed or canceled and there may be an error in the app, and the Coinbase team is investigating the issue.

As of this morning Beijing time, Coinbase has announced that the market has returned to normal.

The Coinbase share price also fell when the price of bitcoin fell and fell more than 4% from its closing price.

There is often good news about Bitcoin.

Although it was the first competition law, it created a commercial craze.

There was a lot of good news before Bitcoin crashed, on the one hand when it was announced that Bitcoin had become fiat in El Salvador, and on the other hand, there had been an outcry in stores at home such as Reddit, and many Internet users recall Bitcoin's $ 30 value. We talked about buying. in El Salvador.

According to the Xinhua News Agency, Bitcoin officially became El Salvador's fiat currency in Central America on the 7th. This virtual reality is the country's first full fiat event. Many fear that the measure will make it harder to monitor the national economy.

El Salvador has reportedly authorized the legalization of US currency since 2001. The government has stated that US currency will continue to be legal in El Salvador after the introduction of Bitcoin.

Former President of El Salvador Naib Buquer said legalizing Bitcoin could save up to $ 400 million in transfer fees for overseas residents. He promises that each user with a Bitcoin digital wallet will receive $ 30 worth of Bitcoin.

The France-Presse agency reports that more than a fifth of El Salvador's GDP comes from exports. According to World Bank data, by 2020 Salvadoran immigrants will have received more than $ 5.9 billion in remittances, mostly from the United States.

After being legally recognized by El Salvador, Bitcoin has also gained popularity among traders in the United States.

On September 7, users of platforms such as Reddit and Twitter discussed their intention to purchase bitcoin worth $ 30 to commemorate El Salvador's bitcoin rights.

According to Yahoo Finance, famous Bitcoin bull trader Michael Saylor “shares” us with his followers and tweets “El Salvador” to encourage “knowledgeable” people and their executives @nayibbukele. ”$ 30 to buy.

why are you coming down

Some analysts believe corruption is the main reason for Bitcoin's decline after the good news.

According to Golden Ten analyst Tony Spilotro, traders or investors won't be disappointed with Bitcoin, but taking profits is never a bad idea. This has an incredible impact on long-term traders who try too hard, creating skepticism that Bitcoin can lose many problems one after another.

The fear that it will be difficult to legalize Bitcoin outside of El Salvador is also one of the reasons the market's confidence in Bitcoin's gains has faded.

On the afternoon of 7 Beijing time, the Kremlin announced that Russia did not intend to accept Bitcoin. The World Bank has also said it cannot provide Bitcoin support in El Salvador due to its environment and lack of transparency.

International financial institutions such as the World Bank, the International Monetary Fund (IMF) and the Inter-American Development Bank have also expressed concern about the financial risks associated with the move to El Salvador, according to the Xinhua news agency.

Even in El Salvador, there are many people arguing over Bitcoin as a fiat currency. Salvadorians are debating the legality of Bitcoin, according to the Xinhua News Agency. Some people are happy to save on exchange rates. However, since the price of Bitcoin is volatile, many people have paid for this cryptocurrency. Supporters of his case have worked to make the actual transcript of this statement available online.

A recent survey in El Salvador shows that the majority of people oppose Bitcoin as a fiat currency. Hundreds of people demonstrated in the city of San Salvador last week. Opponent José Melara told an AFP reporter: “Bitcoin is useless. It will not benefit the poor, it will only benefit the rich… How to invest in Bitcoin if it does not eat enough? .

Analyst Tony Spilotro believes "selling the truth" is the key to the Bitcoin flashlight. Analysts say today is one of the most important days in Bitcoin's history and one of the most important bullish moments is unfolding. Cryptocurrency has become the legal tender of El Salvador. However, the price of Bitcoin has fallen short of expectations. In turn, the market responds with the full "thrombus". Bitcoin has lost over $ 10,000 from its daily high. Is bitcoin breaking the 'buy gossip and sell fact' cycle?