Bitcoin fell below 10,000, the price of a number of mainstream currencies, and who fell in the pot?

Trump wants to stop the market for the fall of this market?

After the failure of Bitcoin's $13,000 break, the cryptocurrency bears seem to have officially returned.

Around this morning, the fire currency market showed that Bitcoin continued to fall, once fell below $10,000 to $9865, hitting a three-week low, and BTC has consistently out four negative lines in the daily chart. There has been a rebound and a temporary report of $10,180.

In addition, the overall trend of the market is not optimistic, Tradingview market shows that from the Saturday morning to the morning, the top 20 currencies of the market value "fallen", the decline is almost in the 10%-30% range. Among them, BSV fell the most violently by 30%, while Ethereum fell by 20%, LTC fell by 17%, and EOS fell by 12%.

According to the statistics of the onion, the top ten currencies in the market value have fallen sharply from the highs of 2019, and the prices of BCH, EOS, TRX and other currencies have even fallen.

According to CoinMarketCap data, the total market value of cryptocurrencies decreased by $20.1 billion in 24 hours due to the overall decline in the market, which is the biggest one-day loss since June 27.

The scallions article mentioned that the current market trend is very similar to the trend at the end of the 2017 bull market. And if the history really reproduces 1:1 accurately, then according to the decline of the previous round of the market to make a simple pre-judgment, this round of falling targets may need to look down to the 8000-8500 area, and this morning for the 10000 integer mark Breaking the temptation may be just the beginning of a break.

What makes the "Little Bear" return?

Market bears have long been harbinger. Last week, the onion article has repeatedly reminded investors that the bitcoin empty side signal is already very obvious, and the current market trend is already approaching the market. Specifically, what makes the market fall, the comprehensive market view can be summarized as the following five points.

1. Trump "diss" cryptocurrency and Libra bring downward pressure

Last week, US President Trump publicly stated that "I am not a fan of Bitcoin and other cryptocurrencies. The cryptocurrency is not a currency, and the value fluctuates greatly, and there is no real thing. It comes out of thin air and is not regulated… …" It also said that only the dollar is the real currency, and the dollar is now stronger than ever.

At the same time, the US president also commented on Facebook's encryption-stabilized currency Libra, which is considered to be unreliable. If Facebook wants to switch to a bank, it should be regulated like other traditional financial institutions.

Bloomberg reported yesterday that after Trump commented, Bitcoin initially climbed 6.8% on Friday, but then turned into a downtrend. Senior market analyst Alfonso Esparza said that Trump's comments put downward pressure on cryptocurrencies and Bitcoin continues to fall. Latland’s anger does mean “it might fall further to $8,000 and take back all the gains in June.”

2. The market is still dominated by retail investors, institutional entry is not obvious, and market volatility is large.

The market in the previous period may not be so optimistic. Forbes reported that the CEO of Changan said that the demand for Bitcoin may not push the recent rebound as some people think, and (bitcoin) is extremely extreme. The volatility may get worse.

“We have not seen the rapid growth of the organization,” said Zhao Changpeng. In addition, according to the data he provided, retail investors still account for about 60% of the volume of the exchange.

3. Libra continues to be suppressed by regulation

There are many opinions that the significant benefits of the Facebook Libra project have brought many increases to the cryptocurrency market in June. However, following the release of the Libra white paper, national regulators have paid close attention to and have focused on suppression.

Recently, before the Facebook congressional hearing, the draft discussion on “Let the large technology companies stay away from the financial sector bill” appeared. The proposal prevented large technology companies from acting as financial institutions or issuing digital currencies, which have been circulated and discussed by members of the US House Financial Services Committee.

Fxstreet reported that the draft "Prohibiting large technology companies from launching digital currencies" has further strengthened control over cryptocurrencies. Some people said that after the news came out, the cryptocurrency market fell further.

4. Tether “falsely issued” market manipulation doubt cloud reproduction

Tether has been controversial, and the market view is that its recent frequent issuance is suspected of manipulating the market.

Recently, Tether Treasury suspected to issue another 5 billion USDT, but Tether Chief Technology Officer Paolo Ardoino said on Twitter that this was a problem with the data tag when switching from Omni to TronTether.

However, analyst Alex has linked the 5 billion "issued" to the market trend. He said that after the news was revealed, Bitcoin immediately had a 5% fluctuation.

5. Frequent sales

Since last week, large-value transfer news has appeared frequently. Last week, nearly 7,000 BTCs were sold in a single currency, which directly led to the BTC price being immediately lowered by 500 US dollars. In addition, there were 9 large transfers in the bitcoin chain. The total amount reached 532 million US dollars.

The co-founder of CryptoCompare said that the market (already) has risen a lot and people are selling. TradeBlock's head of digital currency research also pointed out that "during the recent rebound, it is difficult for the market to maintain buying above Bitcoin for more than $13,000. Some large sell-offs have caused prices to fall rapidly. Leverage and automated trading will accelerate."

Bitcoin "blood sucking" continues

It is worth noting that Bitcoin's status as a king is becoming more and more solid. Regardless of the rise and fall, its total market capitalization ratio is climbing and it continues to suck blood.

According to Coinmarketcap data, as of now, the market value of Bitcoin has climbed to 66.1% of the global market value of the encryption market, setting a new high since May 2017.

This shows that the role of Bitcoin in the overall market trend is increasing, the market trend is strongly associated with Bitcoin, and the Bitcoin collapse is a market collapse.

Source: Shallot blockchain

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