Bitcoin fell below 8000 U.S. dollars, bitcoin whale was accused of high low, attracting market volatility.

On Wednesday, encrypted currencies generally fell, with bitcoins falling below 8000 dollars.

The 24 hour data show that up to 20:40 Beijing time (08:40 a.m. EST), bitcoin fell 2.32%, to $7779.2, down 15% from the 9100 US dollar hit last week.

At the same time, the Swiss currency fell 3.32% to 0.40025 dollars; the ethereal side fell 1.14%, which was quoted at 245.05 dollars; EOS fell 4.68%, and reported 6.3937 dollars.

On the previous day, the encryption money market plummeted, and the main encryption currency fell by over 10%.

The reason for the decline is not yet clear, but some people blamed the collapse on “bitcoin whale” high selling and low buying, that is, selling lots of bitcoins at high prices, but then buying at a price after a big drop.

Bitcoin whale refers to those who own 10000 bitcoins. Because of its large number of bitcoins, bitcoin whale is notorious for its huge influence on price movements and its ability to cause sharp fluctuations in the market.

In other news, the SEC filed a lawsuit against Kik, a social media start-up company, which accused the company of violating the securities law in 2017. The ICO of about $100 million has also affected the mood of the money market.

Meanwhile, the recovery of risk assets also inhibited the rise of the encrypted currencies. Earlier, Federal Reserve Chairman Powell suggested a cut in interest rates to boost global stock market rebound, with the US stock market hitting its biggest one-day gain since January.

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