Bitcoin plummeted 80 mill into scrap metal sold on the pounds

The market outlook continues to fall or game player have announced “bankruptcy” digital currency market that still have a brilliant future

Along with the global assets shrink, due to “hard bifurcation” caused by the bitcoin fell Shirupozhu, 11 mid month has 3 degrees of collapse. Bitstamp display, bitcoin dollar prices in November 25th after hitting a low of $3601, since 2017 September lows refresh. As of November 25th, when a reporter, at $3650.

According to the current price of bitcoin last December peak of $19666 fell more than 80%, is expected to bitcoin will continue to fall to $1500 level. As a leader in digital currency bitcoin, a feather, aether square, reboxetine currency and other digital currencies also suffered collapse. The industry believes that digital currency is inevitable trends of its existence, but soaring bitcoin is irrational, the collapse may also start, post bubble market will become more rational.

Perhaps the beginning of collapse

In 2017, bitcoin soared, from about $1000, soared to $19666 at the end of high. But the beginning of 2018, bitcoin began to slow down, January and March have plummeted, August fell 4 monthly. In November, bitcoin prices experienced 3 plummeted. The first crash occurred in November 14th, according to Bitstamp, the day of bitcoin prices fell 657.2 from $6260.9 to $5597.8 or $10.51%.

Second plummeted from the beginning of November 19th, bitcoin 24 hours again plunged 14.26%, down to $793. The early morning of November 20th, bitcoin continuously below $5000 and $4900 and $4800 and $4700 4 mark integer. The day bitcoin fell below $4300, hit a low of $4237.1.

The crash occurred in the 11 month 24 day night, bitcoin fell to $4000, was rushed about as low as $3700. In November 25th, as of press time, the Bitstamp price of $3650, refresh the lowest since September 2017.

So far, bitcoin prices were $19666 last December highs fell to 81.44%. Compared with the end of last year, the closing price of $13880.01 or 73.70% this year, bitcoin prices have fallen more than 70%.

Follow the bitcoin market, starting from the middle of this month, other mainstream digital currencies pudie. 11 June 25, other digital currencies including Ethernet square, coins, coins, Gerbaud Wright EOS, also appeared a decrease of more than 10%.

Nevertheless, other digital currency bitcoin crash perhaps is just the beginning. According to analysts’ forecasts, bitcoin prices probably will drop to $1500. The coin circles also pointed out to reporters, is a relatively reasonable price, in accordance with the RMB, bitcoin prices are expected to return to less than 10 thousand yuan.

Mills into scrap metal

Bitcoin digital currency market crash that “Starving people fill the land”. A circle of senior game player said their currency assets has been a loss of more than 85%, “declared bankruptcy”. However, when the panic is over, fell to a certain price, you can start again.” There are many investors still ready to.

In addition to the two secondary market investors, the upstream industry chain is also affected by mining. It is reported that, even some decline, bitcoin prices have more than one machine breakdown cost distribution in Xinjiang, Inner Mongolia and other parts of small and medium-sized mines, in the currency price continued to decline, but its secondary winding has been sold. A year ago the price of up to twenty-one thousand units of the mill, now a scrap, second-hand sale price of only 1000 yuan.

Similar to the winding up of mine, November 20th is hosting platform also issued a notice of liquidation. A force is investment platform said that due to ant S9 contract since November 7, 2018 to November 16, 2018 has been 10 consecutive days to pay management fees and charges. According to the “hashrate cast stress service agreement”, such as 10 consecutive days of contract revenue is not enough to pay management fees and charges, a force contract is automatically terminated.

By encryption currency market slump, the world famous manufacturer NVIDIA graphics also presents the recent price slump trend. The market shows that in the past 1 months, NVIDIA shares from 2018 years 10 months 1 days up to $292.76, fell to 11 in May 20, a minimum of 2018 years of $133.31, the stock price retracement of 50%.

Crash related to “hard branch”

Bitcoin fell, largely with bitcoin cash (BCH) 11 community April 15 2 “hard fork”. In essence, bitcoin has the advantage of the hash collision, created a scarcity of supply. But each bifurcation time, expansion of several times, will lead to scarcity is getting worse. Once no longer scarce, bitcoin value will be greatly diminished, while driving the other encryption currency collapse. In the long run, the recent hard BCH bifurcation event, will bring the negative influence to the entire market.

At the same time, coins and other digital currency also faces regulatory risk. U.S. regulators last week forced two in 2017 to raise funds through the issuance of a crypto currency company to return cash to investors.

According to the relevant provisions of the people’s Bank of China, bitcoin is not issued by the monetary authorities do not have the law, such as monetary compensation of the mandatory property, not the true meaning of money. Regulators continue shot rectify. The central bank and other 7 ministries have issued a notice to halt activities including ICO, financing and distribution of various types of tokens. Mutual gold remediation office has issued a document, requires all office renovation and actively guide the orderly exit of enterprises within the mining business, reported to the present situation of mining enterprises and guide their exit, and regularly submit work progress.

However, digital currency speculators still have a brilliant future, the removal of foam, but also to the central bank’s legal digital currency and create a more favorable regulatory environment. Shenzhen people a bit close to the regulators told reporters that the digital currency on behalf of the future direction of currency. But the digital currency must have the legal status of national sovereignty endorsement, clear responsibility of the main issue. To make a clear distinction between the legal “digital currency” and “digital tokens” or virtual currency, to study and formulate the legal digital currency issuance system, the correct direction of development of digital financial health.

(source: Shenzhen daily)

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