Bitcoin’s entire network computing power has dropped from its peak of 198EH/s to below 100EH/s. As of June 27, Bitcoin’s entire network computing power once dropped to 61EH/s, which dropped directly to the level of 2018.
In addition to Bitcoin, the entire network computing power of Ethereum has also continued to decline. It has fallen by nearly 20% in just one month, leaving only about 487TH/s computing power. Some people predict that the computing power of Ethereum is likely to fall to 300TH/s, which is the level at the beginning of this year.
Moreover, the virtual currency market is also undergoing a huge change all over the world. Many countries and related departments around the world have begun to investigate and restrict virtual currency. Moreover, fraudulent activities based on the virtual currency market are also increasing. The more, these have become reasons for many countries to take control.
As the virtual currency craze recedes, the most obvious change is that the price of graphics cards has finally returned to normal prices. Although there is still a gap before the price increase last year, it has fallen to 50% of the highest price this year.
The founder of Ethereum withdraws from the virtual currency market
In China, as the control of the virtual currency market has been substantially tightened, and at the same time the currency price and transaction volume ushered in a sharp drop, many big players in the currency circle have begun to silently clear most of the virtual currency in their hands, only retaining the value of ETH, BTC, etc. expensive and most recognized virtual currency, part big brother even withdraw money China announced circle, turn cast real industry or other Internet industry.
So not only domestic, foreign, there are many rely on virtual currency to obtain a large amount of gold money coins circle chiefs began the clearing, where the most attention is the co-founder of Square Ethernet Anthony Di Iorio. Ethereum is a virtual currency whose market value is second only to Bitcoin, and their every move affects the hearts of all virtual currency investors.
When Anthony Di Iorio announced his withdrawal from the currency circle and did not intend to contact any company in the currency circle anymore, the result was another decline in the virtual currency market. This market has fully proved its instability in the past period of time, and only a slightly larger news will usher in a market shock.
According to Anthony Di Iorio, his withdrawal from the currency circle was mainly due to personal safety considerations. Anthony Di Iorio said that some recent problems have made him no longer keen on virtual currencies, and staying in the virtual currency circle makes him very insecure, but he also said that if the virtual currency market needs him, he may still return.
However, Anthony Di Iorio’s subsequent news is more intriguing. He said that he will devote himself to philanthropy and other areas of investment, provided that the field has nothing to do with virtual currencies. Moreover, he has decided to sell all the shares of virtual currency-related companies he holds, and will not fund any blockchain projects in the future.
From this point of view, the statement that “as long as the currency circle needs itself, oneself will return” is more like an excuse given to prevent the currency price from plummeting in the virtual currency market. Judging from the follow-up information, Anthony Di Iorio has a tendency to stay out of touch with the virtual currency circle, and what is even more curious is why the reason for the withdrawal is based on “personal safety” considerations?
Of course, as a virtual currency that has been deeply connected with illegal activities such as money laundering and black-net transactions since its inception, Xiao Lei also vaguely guessed some possibilities, but if you tell it all, this article may not pass the review haha.
But from the fact that Anthony Di Iorio withdrew from the currency circle, we can also see many problems buried under the virtual currency market, so that it has threatened the safety of some top figures in the currency circle and had to make concessions. Moreover, for countries with financial sovereignty, virtual currencies currently do more harm than good from any direction, and are financial derivatives that require strict control.
In addition to Anthony Di Iorio, Jackson Palmer, the founder of the once popular virtual currency DOG coin, has also publicly stated that the current virtual currency surge is irrational and will bring disasters to many people (the past two In the middle of the month, countless people broke their positions), and Jackson Palmer also vowed that he would never step into the currency circle again in his life.
The big money circle exits, the country takes action
Mexico announced that virtual currencies are illegal to determine currency and will block virtual currency transactions including Bitcoin in the financial system. This move is considered to be a response to El Salvador. El Salvador and Mexico belong to the Central American country, while the former vote in Congress this year June 9 of the pass through a bill recognized as one of the countries Bitcoin legal tender.
However, El Salvador’s bill was quickly blocked by the World Bank. The World Bank believes that virtual currencies cannot currently exist as legal tender. At the same time, it rejected El Salvador’s request to list Bitcoin as the legal tender for international trade.
Also in June, the United Kingdom announced the prohibition of the world’s largest virtual currency exchange “Binance” from conducting any financial business regulated by the FCA in the United Kingdom, including personal loan business. Subsequently, Binance announced the suspension of the GBP cash withdrawal service. After losing the support of one of the world’s core financial circles, the virtual currency fell again. ETH fell to nearly 1,700 US dollars, and Bitcoin almost fell below 30,000 US dollars.
In addition, the United States, Germany and other countries have launched investigations into virtual currency exchanges. Among them, the US FBI even issued a serious warning to warn individual users not to participate in virtual currency-related transactions. In the past few months, the number of fraud cases related to virtual currencies has continued to rise, and many people have suffered large amounts of money as a result.
Moreover, even if they have not been deceived, considering the currency price that has fallen like a reservoir flood in the past two months, many investors who have recently entered the market have suffered huge losses. The current virtual currency market is not a good investment channel for individual users. Not only is the risk too high, but the current return is not proportional to the risk.
At least for a period of time in the future, the virtual currency market should return to the calm period of 2019. Of course, this is already the best result, and there are pessimistic investors who believe that the currency price will continue to slow in the future. Fell.
However, Xiao Lei believes that it is unrealistic to see the price of virtual currency fall to the level of 2019. The future Bitcoin price will likely remain at around $30,000 until there is a new hot spot or a new negative. Factors, it is possible that the price of Bitcoin and other virtual currencies will rise or fall sharply.
Compared to bullish, Xiao Lei believes that the possibility of a decline is still greater. After all, with the investigation of the financial departments of various countries and the implementation of further control measures, the problem for the virtual currency market has just begun.
For gamers, the collapse of the virtual currency market is good news. After all, the price of graphics cards has finally returned to normal.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/everyone-pushes-the-wall-down-the-virtual-currency-frenzy-is-approaching/
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