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Cyber Bitcoin
Edited by qqqpeter at 2020-5-10 22:28

Bitcoin plunges by thousands: 35,000 people burst out of positions, and what about the halving time reached a record high?

As the minus half-cycle approaches, Bitcoin is in a waterfall.

Nbd.com.cn reported that starting at 8 a.m. BST on May 10, the virtual currency exchange Bitstamp.net reported that the single price of bitcoin instantly dropped by thousands of dollars from the $9,500 level in half an hour, with the lowest price falling below $8,200 and the highest spread exceeding $1,400.

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Image from Bitcoincharts

The 24-hour net explosion of $644 million

According to the cryptocurrency data site Non-Small, as of 12:00 on the 10th, the bitcoin unit price was quoted at $8596.12 (about RMB (7.0742, -0.0099, -0.14%) 60811). 24-hour turnover was about $27.1 billion, with a 17.31% exchange rate. Over the past 24 hours, the Bitcoin unit price has fallen 12.57% and in the last 7 days it has fallen 6.01%.

The decline on the 10th was so violent that a world-renowned virtual currency exchange was also paralyzed. According to media reports, the Bitcoin plunge was the fastest decline in the crypto market in months, and the pressure was so great that the webpage of the cryptocurrency exchange Coinbase also "crashed".

Bitcoin prices have plummeted and it's not just the holders who are losing money. Some of the clients involved in virtual currency contracts are also losing out. According to virtual currency data website coin statistics, as of 12:00 today, in the past hour, the entire net burst 15.47 million U.S. dollars, about RMB 109 million. In the past 24 hours, the entire net has exploded by $644 million, or about RMB 4.56 billion. In the last 24 hours, 35,193 people have been victims of the blowout.

In terms of cryptocurrencies, Bitcoin is the main one to burst. On the exchange, OKEX and BitMEX contracts accounted for the largest share of the burst positions, the 30-day burst calendar shows that in today's plunge, the vast majority are long positions.

Why did it plummet before the halfway point?

Bitcoin was bullish all the way up until this round of plunges, which is linked to the upcoming halving event.

Bitcoin halving is one of the most important events of the Bitcoin Network 2020. Bitcoin production is cut in half every four years as a way to control "inflation". Currently, miners are receiving 12.5 BTC per block, but after halving that, they are only getting 6.25 BTC per block mined, according to virtual currency data site BTC.com, with one day and 20 hours left before this halving happens. In the past, the halving event has often resulted in the single price of bitcoin rising to an all-time high, so the industry expects the price to hit a new high this time around as well. That's why the price of bitcoin has been pulling up in recent times, bouncing all the way from the $3,000 level in early March to the previous $10,000 level.

But there are differing views on the halving of the price of bitcoin that caused it to skyrocket. According to media reports, a cryptocurrency "whale" (a big Bitcoin player), who regularly tops the Bitfinex charts, said that a halving of Bitcoin could hit traders looking for a quick buck. The anonymous trader, who goes by the name Joe007, said bitcoin could be overhyped as the 50 percent cut approaches, an event Joe007 believes will reduce the rate at which new bitcoins enter the supply chain by 50 percent, and will be very disappointing for those hoping to make a fortune immediately after the 50 percent cut is implemented on May 12.

The aforementioned bitcoin majors believe that bitcoin continues to rally in thin numbers, while they do not believe that retail demand is strong and persistent, "in a market with such small trading volumes, the price could soar to $20,000 tomorrow, or be sold off to $2,000."

This isn't the first time the big man has cited low trading volumes as the main reason he's not bullish on Bitcoin in the short term, with Joe007 saying earlier this year that strategies such as deception are creating the illusion of strong demand.

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