Bitcoin fell below $ 8,600 overnight, and the entire network exceeded $ 879 million

February 27th news, the Bitcoin ETF application submitted by Wilshire Phoenix was formally rejected by the US Securities and Exchange Commission (SEC), citing that market manipulation issues continue and the lack of a regulatory sharing agreement has affected encryption. The money market has suffered another bloodbath.

According to data provided by qkl123.com, bitcoin price once fell below $ 8,600, down nearly $ 500 from yesterday, and the daily decline reached 7.2%, while most of the top ten cryptocurrencies fell by more than 10% daily, of which LTC fell by 16.4%, EOS fell by 14.08%.

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According to data provided by Coincoin, the total contracted net positions in the contract market over the past 24 hours totaled 879 million US dollars, and the number of liquidated positions reached 41,257. Among them, the largest single closed order occurred in Bitmex, with a value of 9.24 million USD. Among the currencies with the highest liquidation positions, BTC exploded USD 543 million, ETH exploded USD 128 million, BCH exploded USD 49.21 million, EOS exploded USD 36.22 million, and BSV exploded USD 23.2 million.

For this wave of market prices, market participants do not agree. For example, adaptivefund Bitcoin analysts predicted before the market crash on February 25 that:

"BTC: $ 7,500 … Do you hear me calling?"

He then added:

"I am waiting for the price of 8000-8500 US dollars, and 7500 US dollars is too ideal. There are enough reasons to support this conclusion, although there are some external factors, such as the market ’s expectations of halving are too high. Of course, the market will still grow, bit Coins are destined to go up, but this is not utopia, this is the market. "

PlanB, the creator of the Bitcoin valuation model S2F, previously predicted that Bitcoin prices are unlikely to fall below $ 8200 in the near future. Today, he wrote on Twitter:

"The bottom price of $ 8,200 is still valid. If it breaks below this level, it will be unprecedented and has never happened before. Note that this has nothing to do with s2f."

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As of press time, the price of Bitcoin rebounded slightly to $ 8675, which is still about 20% higher than the $ 7,200 at the beginning of the year.

What's your opinion on this wave of prices?