Crypto market dives collectively, sells out USD 2 billion, bitcoin price has "halved"

The halving has arrived, but it is not the halving of the block reward in our plan, but the price halving. "Half block reward = half price" ridiculed by some people in the community really became a reality.

If Bitcoin has reached its lowest point of $ 5,500 today (as of press time) compared with the highest point of $ 10,300 in 2020, this is a veritable "halving".

As of press time, according to the QKL123 market, among the top ten currencies by market capitalization, excluding the stablecoin USDT, the mainstream currencies have generally fallen more than 20%: BTC-22.49%, ETH -29.21%, XRP-24.09%, BCH -32.61 %, BSV-35.13%, LTC-29.29%, EOS-29.54%.

The cryptocurrency community is already a mourning. The scale of cryptocurrency contract trades has reached a new high. According to Coin Coin data, the entire network ’s 24-hour open positions have reached 2.01 billion U.S. dollars. In the last 24 hours, 81978 people have become victims of liquidation. The size of the closed positions was $ 58.32 million.

Crypto analyst Joseph Young said on Twitter that

"The halving is here, it's just that the block reward is not halved, but the price is halved. On the BitMEX platform alone, $ 665 million in bitcoin bulls have been liquidated. I repeat, $ 665 million."

Earlier today, BitMEX CEO Arthur Hayes said on the exchange's "Crypto Digest" that Bitcoin is not immune to the current market turmoil. In the short term, he believes that the maximum lower limit for BTC / USD is $ 6,000 due to the coronavirus panic hit sentiment.

Just didn't expect it to come true so soon.

The collective diving of the cryptocurrency market has made many investors unbearable. Entrepreneur Alistair Milne concluded on Twitter: "I have surrendered.

Gold lover, Bitcoin critic Peter Schiff continues to sneer at Bitcoin, saying that

"With Bitcoin falling below 6K USD, it has fallen by nearly 20% this year, but retail investors can use Bitcoin with confidence, it is not the worst performing asset in ten years. At present, this treatment belongs to oil, which has dropped by 50%. But The speed at which Bitcoin is falling, and this comfort of Bitcoin may not last long. "

Doom Dr. Nouriel Roubini also tweeted:

"Last month, bitcoin fell 33% (other junk coins fell 40% +), while the U.S. stock market fell about 20%, and today's decline is even greater. As a result, cryptocurrencies not only fail to hedge stocks. , The decline was even greater in the risk aversion event. The hedging value of these junk coins is zero! "

Cryptocurrency market dives collectively, sells out USD 2 billion, bitcoin has "halved"

However, 2020 is destined to be a year in history for the entire crypto market. Bitcoin halved, the new crown epidemic, and the biggest turbulence in the global stock market for several years. All these factors are combined to make the future of the crypto market more full. Variables and unpredictable.