According to TokenGazer data analysis, as of 17:00 on July 15th, the market value of Bitcoin accounted for 65.82% of the cryptocurrency. In the morning, Bitcoin fell below the $10,000 integer mark and has fallen 25% from its July 10 high. In recent days, bitcoin futures have fallen more, and the premium for the spot price of the BBC quarterly 0927 contract has dropped from $500 to more than $100. From the exchange data, UTC on July 14th 9:00-10:00, 15:00-16:00, 23:00-24:00 three times, the volume of the three exchanges are very large This is also the three-hour drop in the whole day. The active sell order on Bitfinex exceeds the maximum bid; from 10:00-11:00, the bitcoin price drops more, Bitfinex sells twice as much as the buy order, Bitstamp and Coinbase The sell order is only slightly more than the buy order. At 9:00-11:00, Bitfinex had a lot of big sell orders, and the other two exchanges did not observe this. Therefore, this decline is more likely to be initiated on Bitfinex.