The “shredder” reappears, bitcoin from the highest point “shrinkage” of nearly half, nearly 7.3 billion yuan of funds burst

Within 24 hours, 166,600 people had their positions exploded and $1.139 billion in funds exploded, or about 7.295 billion yuan. Among them, 6.477 billion yuan of funds from the long side.

The "shredder" reappears, bitcoin from the highest point "shrinkage" of nearly half, nearly 7.3 billion yuan of funds burst

After days of shocks, cryptocurrencies led by bitcoin ushered in a new round of diving. on June 8, global coin price website CoinGecko data shows that the cryptocurrency market is in the red, bitcoin once fell to the $32,000 mark.

The cryptocurrency market has been in a state of shock since May 19, when it suffered a full bloodbath, and since June, bitcoin has been in a volatile downward trend. at 4:30 a.m. on June 8, bitcoin took a short, extreme dive, falling from $35,560.18 to $34,251.60 in half an hour. Over the next five hours, bitcoin prices fluctuated around $34,000 until 10:30 a.m. when it “dived” again.

According to CoinGecko data, after hitting a 24-hour low of $32,586.84 at 15:10 on June 8, bitcoin’s price recovered and the decline narrowed. This compares to a 24-hour high of $36,833.56 for Bitcoin. As of 18:20 on June 8, Bitcoin was at $33,181.51, a 24-hour decline of 8.8%. Compared to its all-time high of $64,804.72, it is down 48.7%.

Stretching the bitcoin trend timeline further, from October 2020 to March 2021, bitcoin moved higher month by month, breaking through multiple $10,000 gates one after another until it hit its highest record in April 2021, but that same month bitcoin also ended its six-month streak of gains, closing slightly lower at the end of the month. Bitcoin then plunged 35.5% for the entire month of May and continued its downward trend in June, with all of the gains from February and March 2021 having been spit back out.

In addition to Bitcoin, other cryptocurrencies also declined. Among the top 30 cryptocurrencies in terms of market capitalization, only TEDA (USDT

) and other individual coins fluctuated slightly, with the remaining coins falling by around 10%. For example, as of 18:20 on June 8, Ether, the second largest cryptocurrency in terms of market capitalization, was reported at $2,535.8, down 10.2%, while Dogecoin was reported at $0.33, down 11.6%.

Under the plunge, the network-wide contract market also accelerated the burst. Bitcoin Home data shows that 166,600 people experienced a blowout within 24 hours, and $1.139 billion in funds, or about RMB 7.295 billion. Among them, 6.477 billion yuan of funds came from the long side.

According to financial technology expert Su Xiaorui, from the recent trend of Bitcoin and other coins, the frenzied market of cryptocurrencies is gradually cooling down as institutional investors retreat and regulation increases, which will inevitably lead to a retreat in Bitcoin prices. The price of cryptocurrencies is also influenced by news factors. The current attention to cryptocurrencies and their related activities at home and abroad remains, and the price of bitcoin and other coins is likely to continue to shake sharply in the future, with big rises and big drops becoming the norm.

As Su Xiaorui said, the market generally believes that the current round of bitcoin’s plunge is still caused by the news. since June, overseas news about bitcoin has been frequent, with Musk, who has repeatedly shouted orders, being accused of manipulating the cryptocurrency market and threatened by international hacker groups; former U.S. President Donald Trump mentioned the relationship between bitcoin and the U.S. dollar in an interview, stating that bitcoin looks like a scam, and is essentially is a currency that fights the dollar.

More importantly, there have also been new developments in the extortion of Coloniair Pipeline Transportation, the largest U.S. operator of refined oil pipelines, which had attracted widespread attention in May and demanded payment in bitcoin. on June 7, the U.S. Justice Department announced that it had successfully recovered 63.7 bitcoins worth approximately $2.3 million, and Deputy Attorney General Lisa Monaco said in a release that it would continue to use all tools , all resources to investigate the entire ecology that supports extortion and digital extortion attacks, including crimes using digital currency.

But it is worth mentioning that for Bitcoin, which does not have the property of currency circulation, the technical support is its major selling point. Bitcoin, which has a high degree of anonymity and decentralization, can also be recovered after payment, and has led the cryptocurrency community to question the security of bitcoin transactions.

This is also considered to be the main reason why Bitcoin is seeing a new round of collapse. Su Xiaorui pointed out that the rising prices of cryptocurrencies such as Bitcoin mainly stemmed from the consensus mechanism, while problems such as weak underlying credit that arose under the consensus mechanism could not be solved. Most players take part in cryptocurrency investment as a highly speculative behavior, and doubts about the safety of bitcoin itself can then easily trigger a crash.

“But the incident of the U.S. recovering bitcoin itself also re-emphasizes the attitude of the regulators towards cryptocurrency crimes, and shows that there are technical controls for such crimes, and subsequent money laundering in the cryptocurrency field will be more strictly monitored and governed.” Su Xiaorui said.

In fact, Beijing Business News reporter noted that the regulation of cryptocurrencies in various countries is also continuing to advance. In addition to the domestic crackdown on cryptocurrency trading and mining-related activities, overseas cryptocurrency regulation is also showing a trend of tightening. Su Xiaorui stressed that the value of cryptocurrencies such as Bitcoin is not recognized by most national regulators, and some niche cryptocurrencies of unknown origin are even more risky, so domestic investors should fully understand the nature and risks of cryptocurrencies, and should not blindly participate in any form of trading and speculation activities.

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