Bitcoin plummeted below 16% to $4100, the lowest this year

11 March 21, according to foreign media reports, bitcoin tumbled today following 16% to $4100, the lowest this year. The digital currency fell to lows since September 2017 this week, a decrease of approximately 30%.

Most of the time in the 10 month, the transaction price fluctuation range of bitcoin is relatively narrow, around 6400 dollars, compared with other global markets have sell-off.

Fundstrat Tom Lee (TomLee) said: “the markets around the world are very fragile, panic is play a disproportionate role.” “This means that bitcoin has broken? No, it isn’t。 Cases still exist, but in the short term, the panic is panic. “.

This week, bitcoin is still difficult to see.

According to the data from the coinmarket, on Tuesday local time, bitcoin prices fell by 16%, fell to its lowest level since September 30th. Bitcoin prices fell to a low of $4076.59, the total decline in 7 days to reach about 30%.

In afternoon trading, bitcoin decline eased, once fell to 7%. However, according to CoinDesk data, the U.S. stock market closed within 24 hours, bitcoin still fell 12%, the transaction price of nearly $4299.

After the world’s largest and most well-known encryption currency experienced a rare stable for several weeks, prices suddenly fell sharply. Although the global market generally shock in October, but slightly around bitcoin transaction price in the range of $6400 in the earlier this year volatility compared to a breakthrough. Since this year, bitcoin fell by a total of more than 65%.

Bitcoin epic boom began in the last year after Thanksgiving, because it became known to every family name. But since then the highs, the crypto currency has fallen by more than 40%. With the influx of retail investors, two regulated exchanges are ready to launch the bitcoin futures market, resulting in bitcoin at the end of November last year for the first time exceeded $10 thousand, in one fell swoop rose to nearly $20 thousand a week before christmas.

Negative emotions

This week, bitcoin may be affected by the decline in other global markets.

Fundstrat Global Advisors co-founder Tom Lee (Tom Lee) on Tuesday, CNBC said: “the world market is very fragile, the panic was play a disproportionate role.” “This means that bitcoin has broken? No, it isn’t。 Cases still exist, but in the short term, the panic is panic.”

Earlier this week, bitcoin fell below $6000 and other key technologies, causing some traders to “stop”, this may be exacerbated by selling. Lee said, with bitcoin support is broken and the encryption currency continues to hit a low, these technical indicators in the continuous deterioration”.

He also pointed out that the U.S. Securities and Exchange Commission (SEC) last week the implementation of a negative impact on the multiple encryption of monetary items. On Friday, the U.S. Securities and Exchange Commission (SEC) announced the first civil penalties for encryption currency founder, this is part of a broad regulatory and legal blow to the industry and breach of privilege of fraud.

The encryption may be manipulated by money market report also exacerbated the negative emotions. Bloomberg News (Bloomberg News) on Tuesday, citing three people familiar with the words out of the news, the U.S. Justice Department is investigating whether traders during the last year of bitcoin rebound using another name to raise bitcoin price for Tether encryption currency.

JP Morgan chase (J.P.Morgan) former chief equity strategist Lee (Lee) pointed out that the existing encryption and other people, “bifurcate currency bitcoin cash”. Last week, this digital currency is divided into two versions – “bitcoin ABC” and “SV bitcoin” and the so-called “hash” mutual competition, analysts say, this affects the broader market password.

BKCM founder Brian Kelly (Brian Kelly) said: “the bitcoin cash ABC and SV between the” hash war “will continue to affect the market.” “The two sides seem to sell bitcoins, providing funds for mining operations, in order to win the battle.”

Previously, the Basel international clearing bank (BIS) the European Central Bank (ECB) executive board member Benuit Kul (Benoit Coeure) also issued a warning. According to Bloomberg News (Bloomberg News) reported that Kurdish called “evil” product of the financial crisis, and said that he agreed with the bank for International Settlements (BIS) head Augustin Carstens (Agustin Carstens) view. Carstens said in June this year the crypto currency “in short, is a bubble, a Ponzi scheme and an environmental disaster.”

(the Tencent Jun translation translation, proofreading technology Tencent: Han Bing)

Source: Tencent [technology]

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