Musk changed his face to play confused coin circle, Sun Yuchen came to rub the hot spot again

The 24 hours 570,000 people exploded, the coin circle ups and downs are too exciting.

One day in the cryptocurrency world, one year in the stock market.

On May 19, virtual currencies plunged across the board, with bitcoin once falling below $31,000, down 30% in 24 hours, hitting a new low since the end of January this year; ethereum fell below the $2,000 mark, down more than 40%; dogcoin lost $0.3 per coin, down more than 40% during the day.

Data from Bitcoin Homes shows that more than 570,000 people have exploded in the cryptocurrency market in the past 24 hours, and the amount of exploded positions reached 44.3 billion yuan.

Some netizens kept showing screenshots of the burst positions, exchange SMS bombed many times, and some people directly shouted “on the rooftop” and “fuck Musk” in the coin speculation group, because Musk had made many negative comments on virtual currency, and in just a few days, many people turned from Musk’s fans to uncompromising black fans.

It’s not like there aren’t people making money, Chen Di is one of them, “a few days ago, I think the cryptocurrency world will fall a wave, so I started short in 1260, 5 times leverage short shi coin, 1100 closed position, earned 90% on the run”. Recently, Chen Di also encouraged his friends around him to go short, “If the leverage is increased more, you will also earn more”.

The general background of this round of virtual currency plunge is the intensification of domestic regulation.

On the evening of the 18th, the China Payment Clearing Association, the China Banking Association and the Mutual Fund Association made a joint announcement yesterday, making it clear that financial institutions and payment institutions are not allowed to carry out business related to virtual currencies.

Previously, the People’s Bank has closed 211 domestic virtual currency trading platforms. Under the framework of special rectification of Internet financial risks, in September 2017, the People’s Bank and seven other departments issued the Announcement on Preventing the Risk of Token Issuance and Financing, which clarified that virtual currency trading and token issuance and financing platforms are suspected of illegal issuance of securities and illegal fund raising.

On the same day, the Inner Mongolia Development and Reform Commission’s Resource Conservation and Environmental Protection Division issued a “Notice on the Acceptance of Virtual Currency Mining Enterprise Issues Letters and Visits,” pointing out that the autonomous region’s energy consumption dual control emergency command office set up the evening of the 18th, the China Payment and Clearing Association, the China Banking Association and the Mutual Fund Association yesterday jointly announced the currency “mining” enterprise reporting platform, a comprehensive cleanup and shutdown of virtual currency “mining” projects.

Recently, market panic spread rapidly and several cryptocurrency exchanges were once “unplugged”.

With the price of Bitcoin and other digital cryptocurrencies falling across the board, the first was the downtime of Coinbase, the largest digital cryptocurrency exchange in the United States, on the 19th.

In a statement, Coinbase said, “We are aware of a number of issues with Coinbase and Coinbase Pro, and some features may not be fully functional. We are currently investigating these issues and will provide an update as soon as possible.”

After Coinbase, another popular trading platform for retail investors, Binance, also announced on the morning of the 19th that it would suspend some cryptocurrency withdrawals.

Binance, the world’s largest cryptocurrency exchange, temporarily banned ethereum withdrawals due to network congestion. issued a notice saying that it has suspended trading of all leveraged tokens except BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP and BNBDOWN, and suspended the subscription and redemption functions of all leveraged tokens. Trading, subscriptions and redemptions will be resumed at a later date.

For now, however, trading platform Coinbase says that Ether and ERC20 token withdrawals have resumed. Cryptocurrency exchange Coinbase has also resumed service for now.

In just a few months, Musk, who has repeatedly “stood up” for dogcoin and bitcoin, has made several changes in attitude.

Musk changed his face to play confused coin circle, Sun Yuchen came to rub the hot spot again

In January, Tesla disclosed in its annual report to the SEC that it had bought $1.5 billion worth of bitcoin; in March, Tesla announced that it would begin accepting bitcoin from U.S. customers to buy its cars; and in May, Tesla disclosed that about 1/5 of its pre-tax profits in the first quarter came from selling bitcoin; Musk tweeted that this was to improve liquidity.

But recently, Tesla CEO Musk, who had been buying a lot of bitcoin, suddenly announced that Tesla was suspending bitcoin payments, a decision Musk explained as “a concern that bitcoin mining and trading is causing a rapid increase in fossil fuel consumption, especially coal, which is the worst of all fossil fuel emissions.”

Musk changed his face to play confused coin circle, Sun Yuchen came to rub the hot spot again

Affected by Musk’s decision with Tesla, bitcoin dived over $3,000 in just about 40 minutes that day, falling as low as $51,600, a percentage drop of nearly 6%.

In addition to bitcoin, dogcoin prices were also heavily influenced by Musk. The price of dogcoin plummeted after Musk hosted the well-known U.S. variety show SNL and joked that dogcoin was a “scam,” but a few hours later, Musk announced that his commercial rocket company SpaceX would accept payments in dogcoin. Until last Friday, Musk said that he was working with dogcoin developers to improve the efficiency of transactions.

With a series of confusing operations under his belt, Musk has become notorious in the cryptocurrency world.

According to Dennis Kelleher, CEO of think tank Better Markets, “The problem now is that a me-too CEO keeps speaking out about any potential market turbulence. That’s clearly irresponsible, but it probably doesn’t count as illegal.”

For his part, a senior financial markets analyst at City Index said, “Musk’s comments have guided trading volatility in the virtual currency space, not for the first time, and it won’t be the last.”

Now as the cryptocurrency world shakes out and countless people flee, Musk has dropped some good news.

On May 19, Musk posted the message “Tesla has Diamond Hand” on his personal social media account. In common parlance, having a “diamond hand” means holding a position until the target, despite market volatility. Market opinion interprets this to mean that Tesla will not sell off the bitcoin it already has.

Cathie Wood (“Sister Wood”), the “Queen of Bulls” and founder of the ARK Fund, is also a firm bullish advocate of bitcoin being in a “sell-off” mode after the debacle. But it’s not necessarily at the bottom. In terms of target price, she still maintains her previous view that bitcoin will rise to $500,000.

Sun Yuchen, who is a big fan of bitcoin, didn’t miss this opportunity, claiming that he “saved the cryptocurrency world”.

On May 20, as Bitcoin plummeted, Sun said via social media that he bought a total of 4,145 Bitcoins at an average price of $36,868 and $135 million of Ether at an average price of $2,509, for a total of more than $280 million.

Twitter account Philippe Castonguay said that lending platform LiquityProtocol was 2 minutes short of liquidating Sun Yuchen’s 606,000 Ether, and that Sun Yuchen repaid $300 million in the emergency time making the liquidation untriggered.

CoBo co-founder Godfish said, “If eth falls by more than 100, I guess I’ll see you within 1000 tonight”.

A screenshot of Sun Yuchen’s remarks was circulated online, in which Sun Yuchen claimed to be the emissary of protection in the group, saying, “Actually, at that time (600,000 ETH) had already started to queue up to be shot, I was at the end of the queue, and there were already 40,000 eths shot in front of me, so I am very grateful to Godfish and my internal colleagues for reminding me, and I saved the cryptocurrency circle by hurrying up the operation. “

“Speculation of coins is speculation of air,” said a long-term concern about the coin circle, witnessed the ups and downs of the coin circle, and more coins are better than the bag for peace. The sea of change is cross-current, showing both heroes and clowns. The coin circle is never short of hot spots, and Musk or Sun Yuchen may soon usher in the next opportunity to make an appearance.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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