Two-hour drop of $500, three reasons for the bitcoin collapse last night

On Wednesday, the price of Bitcoin fell from around $8,000 to around $7,500, falling by $500 in two hours, setting a low for bitcoin prices in five months. Cointelegraph said that there may be three reasons for the plunge:

1. Technically, since Bitcoin fell below $9,500 on September 24 and went into the shock range of $8,000 to $8,500, the price has fallen below $7,800 eight times this week. From a technical point of view, bit The short-term trend of the currency has already tended to bearish, while the bias of long-term bearishness is gradually increasing.

2. Hearing of social media giant Facebook CEO Mark Zuckerberg. The big drop in the bitcoin market took place two hours before the start of the hearing, as the encryption industry is as susceptible to news as the traditional market, which could also impact the price of Bitcoin.

3. The speculation about bitcoin prices stems from the breakthrough of technology giant Google in the field of quantum computing, which announced that a computer can perform calculations that require supercomputers to complete in 10,000 years. Quantum computers have long been considered a huge threat to the encryption industry, and as this news spread in the New York Times, Bloomberg and encrypted media, some crypto investors may be affected.