On July 15, the password currency market suffered another sharp drop. Bitcoin fell to $1,400 a day. According to data provided by qkl123.com, at 8:15 am Beijing time, BTC once fell below the $10,000 mark. The minimum fell to $9896.94. In addition, the total market value of all cryptocurrencies fell more than $20 billion in 24 hours.
(Data from qkl123.com)
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In terms of the index, the 8BTCCI composite index fell by 13.11% in a single day, and the 8BTCVI index fell by 15.44% in a single day, which is the lowest in the past month, which is equivalent to the index in mid-May.
(Data from: https://www.qkl123.com/chain-index)
Regarding the reasons behind the sharp adjustments in the market, the judgments given by community members are not the same, with voices indicating:
"Recent US President Trump’s negative comments on Bitcoin have had a certain impact on market sentiment, which has led many unsettled participants to choose to sell their chips."
But obviously such an explanation is somewhat far-fetched. Many people think that Trump's political speech is also an advertisement. It should be neutral and will not have much impact on the market.
Another view is that the recent US regulatory pressure on Facebook Libra and the July 16 Congressional hearing have had a negative impact, after the Libra project was once considered a major booster for the digital currency industry. The pressure it faces will affect the entire market to a certain extent.
Of course, not everyone agrees with this view. Many people think that Libra is actually the biggest threat to stable currency, Ethereum, EOS and other currency projects. Therefore, its difficulties are not necessarily the main reason for the sharp correction of this market.
On the other hand, some people think that this is the market turned to a bear market, a participant said:
"I surrendered, bitcoin fell from 14000 all the way to the present, I feel that the market has turned bears, and will fall all the way, those big V will be poisoned, it feels like singing more shipping."
Of course, most of the old leeks in the industry do not agree with this view. In their view, the market is very clear in the early stages of the bull market.
“The BTC Dominance Index has been rising and has reached 66.0%. This is one of the characteristics of the early bull market. Bitcoin has continued to expand its market capitalization by skyrocketing, while most other competitors have no new funds. And bitcoin is in a down state, this situation may continue for a while, but it won't be too long. In terms of a cycle of about 2 years, the high-quality digital assets on the market are at the foot of the mountain, which is very good. Opportunity. "
Which opinion do you agree with?