Bitcoin once fell below $10,000 and fell nearly 30% in a few days.

Bitcoin once fell below $10,000 and fell nearly 30% in a few days.

Netease Technology News July 2 news, the United States local time on Monday, bitcoin prices fell back below 10,000 US dollars, compared with the recent high of nearly 14,000 US dollars on June 26, down nearly 30%.

CoinDesk's data shows that bitcoin prices fell to $9986.26 around 11:40 EST on July 1. Shortly after the peak of nearly $14,000, bitcoin prices began to fall rapidly, falling below $13,000 and $12,000 in less than two hours.

Mati Greenspan, senior market analyst at eToro trading platform, described the price decline as a "positive signal." He likened this downturn to "splashing a bucket of ice water into an anxious cryptocurrency market, and the market has indeed become a bit overheated."

A number of analysts describe today's bitcoin price declines in a similar way, John Todaro, director of digital currency research at TradeBlock, said: "The recent fall has provided investors with a respite. The price of the coin has almost parabolically increased in just a few days, which has made Bitcoin overheated."

Joe Di Pasquale, chief executive of the cryptocurrency fund of hedge fund BitBull Capital, also held a similar view. He said: "The bitcoin price correction is a healthy signal that can prevent unreasonable climbs. In addition, it is a bit As far as the price of the currency is concerned, there is not much loss of value on the whole, which indicates that the seller has not exited the cryptocurrency field, but is balancing the investment portfolio."

Looking ahead, Todaro believes that price volatility in cryptocurrencies will remain relatively modest. He said: "If cryptocurrency assets cool down and trade within the $9000 to $11,000 range, that would be the ideal choice. Because bitcoin prices have recently fallen very fast, it is likely to cause significant losses to investors. However, A long-term downward trend may also cause trouble because it will erase the enthusiasm of people entering the market in the past few months." (Network)