Analysts believe that the total market value of digital currency fell from 355.2 billion US dollars to 313.8 billion US dollars, a decline of 11.6%. After the elimination of BTC, the total market value dropped from 124.3 billion US dollars to 108.6 billion US dollars, a decrease of 12.6%.
Summarizing the culprit of this price drop, the short-term and short-term short-selling of small and medium-sized investors may be the most important factor for the price decline.
- Brazil plans to abandon its existing payment system and launch an instant payment system based on blockchain technology
- The significance of blockchain currency: or promote a new round of development of the international digital economy
- Digital currency can only succeed if it is included in regulation.
- Observation | Support the research and application of digital currency, why is it Shenzhen?
- Global Blockchain Industry Development March Report: Digital currency supervision speeds up, and the monthly financing amount of the blockchain breaks 500 million US dollars
- European Securities and Markets Authority to introduce digital currency legal framework to address growing cyber threats to retail customers
According to the performance analysis of the number of BTC active addresses, the number of active addresses in the near future has dropped from over 1 million in the previous period to 790,000 yesterday. In the short-term, although the indicator is lower, the frequency of investor transactions is still high.
At the same time, from the change in volume, BTC's 24-hour volume reached 33.5 billion US dollars. In other words, the volume of BTC is still very high, indicating that investors are trading at a high frequency. It can be seen that the decline of BTC can be attributed to the fact that a small number of investors with large capital strength sold BTC, and small and medium investors turned more empty, which caused a stampede market.
The conclusion is that investors are currently lacking confidence in holding money, especially after the currency price has risen sharply, and there is a strong willingness to cash in. At the same time, in the process of high price shocks, investors in short-term trading have limited profits, and they are eager to flee after price fluctuations. In this way, short-term price fluctuations will not stop. At the same time, large-capital currencies other than BTC have seen large gains and continue to rise.
Insufficient motivation, further confirmed the weak performance after the fall.
BTC's support points can focus on $11515, $9542 and lower $7,101.