At around 11:05 am Beijing time, Bitcoin quickly fell and fell 20%. Since the beginning of this year, Bitcoin has continued to strengthen. During the period from 5 am to 7 pm on May 14th, the highest price of Bitcoin reached US$8045, and the cumulative increase once reached 125%, setting the highest price of Bitcoin in 2019. Currently, the highest price has fallen by nearly $800 since this year.
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According to Tadingview, Bitcoin fell below the $6,500 mark and once hit a low of $6,178.
As of press time, Bitcoin's decline narrowed, and prices rose in short-term, recovering $7,000.
At the same time, other mainstream digital currencies are also plummeting. In the past 24 hours, ETH has fallen 9.21%, XRP fell 15.58%, LTC fell 12.58% (Bitcoin evaporated 1 trillion reasons: the biggest bubble economy collapsed in history).
For bitcoin's previous rise, industry experts believe that the increase in the value of Bitcoin is due to the participation of institutional investors, but in general the total amount of investment is far from maintaining this rise. The amount needed is only possible with the participation of the mainstream financial system.