The Bitcoin roller coaster started a bad heart

The Bitcoin roller coaster started again.

Recently, bitcoin has returned to light, and prices have soared to nearly $14,000. However, in just a few days, bitcoin prices have fallen back like a roller coaster.

According to CoinDesk data, the price of Bitcoin fell to $9986.26. Bitcoin prices have fallen by nearly 30% compared to $13,879.24 on June 26. It is reported that shortly after the close of 14,000 US dollars, Bitcoin prices fell rapidly, falling below the level of 13,000 US dollars and 12,000 US dollars in less than two hours.

John Todaro, director of digital currency research at TradeBlock, said: "The recent fall has provided investors with a much-needed respite." He added: "The price of bitcoin is almost in just a few days. Parabolically rising, which makes Bitcoin overheated."

Todaro said: "The long-term sustained downturn may also cause trouble because it will erase the positive sentiment of investors entering the market in the past few months."

Joe Di Pasquale, CEO of the cryptocurrency fund of the hedge fund BitBull Capital, shares a similar view. He said: "The fall in bitcoin prices is a healthy signal that can prevent unreasonable climbs. In addition, as far as bitcoin prices are concerned, there is not much loss in value on the whole, which means that the seller has not exited the cryptocurrency market, only in Balance the portfolio."

Bitcoin is the world's largest cryptocurrency, and this cryptocurrency is known for its price volatility. From the end of 2016 to 2018, the price of bitcoin soared from a few hundred dollars to more than 20,000 US dollars, and then fell sharply.

Bitcoin's rise since June has benefited from Facebook's stimulus to release Libra news. On June 22, bitcoin prices broke through the $10,000 and $11,000 mark. Facebook recently released the Libra white paper, officially announced that it will launch Libra, a digital currency based on blockchain technology, in the first half of 2020. According to the white paper, Libra is a statutory asset-backed stable currency with excellent characteristics of “stability, low inflation, universal acceptance and interchangeability”.

However, the media reported that the US House of Representatives Financial Services Committee sent a letter to FB and CEO Zuckerberg and other executives asking FB to immediately stop all work on its digital currency and digital wallet.

House of Representatives Financial Services Committee Chairman and Representative Maxine Waters said that if products and services like FB's Libracoin are unsupervised and not adequately regulated, they could pose systemic risks that threaten financial stability in the United States and around the world. In the letter, Maxine Waters asked FB and partners to immediately stop the Libra program until the regulator and the US Congress took action to review the risks. (Zhongguancun Online)

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Analysis of the loss of 7000 bitcoin and the theft of the coin hot wallet

On the morning of May 8, the official announcement of the currency security said that on September 7, 2019, 17:15:24 ...

Blockchain

Analyze the correlation of Bitcoin with gold and crude oil: Is Bitcoin a commodity, currency or a safe-haven asset?

It has been more than ten years since the creation of Bitcoin, but it is difficult for both cryptocurrency enthusiast...

Blockchain

A picture of the stolen Bitcoin exchange in the past years

This infographic is mainly to summarize the past money currency exchanges and then display them in a visual form. The...

Market

Story | From the eyes of others, I know Bitcoin

Remember that from the beginning of the year, the hottest topic in the circle is about to halve Bitcoin. Just as ever...

Blockchain

Depth | Coin's stolen 7,000 bitcoins, why did bitcoin rise against the trend and stand out?

table of Contents: First, the currency was stolen Second, technical analysis Third, recurring twists and turns Gettin...

Blockchain

Three indicators of bitcoin's "escape and dip"

It is close to Bitcoin halving, and there are many articles on various topics related to halving the market. However,...