Collective collapse of virtual currency

On Friday night, the “landslide” of China capital stock group shocked investors around the world. However, on Saturday afternoon, the digital currency also gradually “plummeted”, BTC fell by $10000 in the afternoon, and the rise and fall of BTC was more than 20% in 24 hours.
According to the latest data, in the past 24 hours, there were 417000 people in total, and the contract amount of virtual currency websites reached US $2.584 billion (equivalent to RMB 16.4 billion). Among them, btc24 hours alone, the amount of exposure exceeded US $1 billion.
According to the latest data from the coinmarketcap website, as of 9:00 p.m. on Saturday, the total market value of virtual currency in the world was US $220 million, 16.74% lower than that of the previous day, and the total volatile market value exceeded 440 billion US dollars (equivalent to rmb2805.3 billion yuan).
According to the published data and information, it is estimated that with the sharp fall of the currency, Zhao CHANGPENG, who is regarded as China’s richest man by Forbes worldwide, is worth more than RMB 10 billion in one day.
Digital currency group “plummeted”, 417000 people burst into positions
Just confirmed the group crash of China capital stocks, in the afternoon of Saturday, digital currency also successively “plummeted”.
Main performance of mingzhonggai shares as of Friday closing
According to market data, BTC prices fell below $42000 in a short time in the afternoon of December 4, with a rise or fall of more than 20% in 24 hours. Ether fell below $3500, up or down more than 21% in 24 hours.
As of December 4 to 7:40, the BTC price was about 46500 US dollars / piece, falling by more than 18% in 24 hours; Etheric is about $3850 per piece, up or down 16% in 24 hours. In addition, EOS, IDA, Monroe were down more than 28%, 22% and 20%, respectively Bitcoin It fell more than 22% and the BNB fell nearly 13%.
In November 2021, the price of bitcoin reached a new record, rising to US $69000, and the overall market value of digital currency soared to around us $300 million. However, after the failure of the $70000 barrier, bitcoin prices were significantly tired. BTC’s biggest price hit $59000 on December 1, and has been falling ever since.
According to the latest data, as of 8:00 p.m. on December 4, in the past 24 hours, there were 417000 people in total, and the contract amount of virtual currency websites reached 2.584 billion US dollars. Among them, btc24 hours alone, the amount of exposure exceeded US $1 billion.
What is the reason why the digital currency group “destroys the clique”? It’s different on the Internet.
Analysts have shown that after the collapse of digital currency, there may be a multi factor co shock: including interest rate hike expectations (short-term annual interest rate skyrocketing), stagflation negative forecast, and taper’s accelerated forecast. In addition, the risk factors also include the continuous spread of the new mutation of the new coronavirus Omicron strain. “All in all, at this stage, risk assets are undergoing a substantial adjustment, and the correlation between data encryption property and popular risk assets is also continuously improving.”
On December 3, local time, Elisabeth van Khov, technical director of the new who environmental health emergency response project, said in Geneva that according to the situation she had, the new coronavirus strain Omicron had occurred in at least 38 countries and regions in the world, and the relevant medical records were reported in 6 regions under the jurisdiction of the World Health Organization. The World Health Organization has previously stressed that the risk of the outbreak of infection cases caused by Omicron strain worldwide is “very high”, and it is likely to cause “serious harm” to local areas.

“China’s richest man” Zhao CHANGPENG’s value may shrink by more than 100 billion a day
Not long ago, the major news of the currency market continued. Zhao CHANGPENG, founder of the digital currency platform binance, surpassed Zhong Fu, the boss of a certain spring, and became the new richest man in China.
According to the financial report, firecoin has been the world’s largest digital currency trading center only four years after its establishment. It has 3000 employees all over the world, with a daily turnover of $76 billion, more than its four big competitors combined. According to insiders, according to the scale of business at this stage, the estimated value of firecoin will reach 300 billion US dollars (equivalent to RMB 1912.7 billion yuan).
It is understood that Zhao CHANGPENG controls the vast majority of shares in the fire currency network. According to global Forbes, founder Zhao CHANGPENG has a 30% stake in firecoin. According to this calculation, Zhao CHANGPENG’s worth has reached 90 billion US dollars (equivalent to 573.3 billion yuan). This wealth represents that Zhao CHANGPENG has become the richest man in China and one of the top ten rich businessmen in the world.
However, on November 30, Zhao CHANGPENG released a message on social media, saying that if 0.01% of the enterprise’s interests were sold for 1 dollar, would the enterprise be worth 10000 US dollars; If you sell 1 trillion yuan of total production currency, and sell a token with 1 dollar, will he have 100 million dollars worth of currency. And after the evaluation, there is no liquidity of valuation does not mean what. It is suspected that the reply related to the hot search list of the newly richest Chinese with a fortune of $90 billion.
As of 8:00 p.m. on December 4, BNB fell nearly 13%, and the total market value of the new brand was about US $90.776 billion, which was more than US $13.5 billion lower than that of the previous day.
Zhao CHANGPENG once indicated that at the input level, he had some BTCs, but the vast majority of his assets were coins. However, Zhao CHANGPENG did not disclose the total number of coins he owned. Little did you know that before that, the elite team of Huo owns about 40% of the coin, while according to the global Forbes data, Zhao CHANGPENG has 30% of the equity of Huo coin. If this is roughly estimated, Zhao CHANGPENG’s value will shrink by 10.3 billion RMB (about 1.62 billion US dollars) within one day.
According to previous reports, Zhao CHANGPENG is a Canadian Chinese who has a high reputation in the digital currency industry and is known as “CZ”. Born in 1977, he lived in Jiangsu Province when he was a child. Later, he moved to Vancouver, Canada with his relatives. At present, he temporarily settled in Malaysia.
In 2005, Zhao CHANGPENG in the urban area of Shanghai successively created fortune information content, Bijie high-tech and other enterprises, making the first pot of gold. In 2013, he entered the BTC industry. In 2017, he started fire money with his elite team and sold the virtual currency “coin an coin” (BNB). More than half a year later, huoqianwang’s customers have reached 6 million, becoming the world’s largest digital currency trading center, and improving the leading level in the field so far. Zhao CHANGPENG said that he expected the fire currency network to increase at a more gentle rate, “we expect other trading centers to grow a little bit, so that we can share the pressure of customer work with you.”.
According to the data from coinglass website, from the perspective of BTC futures position, as of 9:00 p.m. on the 4th, binance, a blockchain trading platform, had a bitcoin contract shareholding ratio of 22.18%, ranking first among all service platforms.
However, in the world, the digital currency trading center is lack of control, and in many China is in the black zone. So far, firecoin has been reminded by financial system regulatory organizations in France, France, Japan, Singapore, Brazil, Malaysia and other countries, and announced to ban customers from the UK, China and Malaysia.

Gary Gensler, the current chairman of the China Securities Regulatory Commission (SEC), expressed concern about owning BTC’s ETF immediately, according to the latest news on December 4 by Bloomberg news. In response to pat Toomey’s question from Pat Toomey, the largest member of the Senate Federation of financial institutions, Gensler strictly followed his concerns about the lack of control over BTC and the probability of fraud and control.
On October 15, the first bitcoin futures ETF in the UK was approved. The United Kingdom Stock Exchange Association allows the ETF tycoon ProShares to apply for the ETF sale of bitcoin futures, coded bito. According to the data analysis of Bloomberg News Agency, on the day of sale, the turnover of bito shares exceeded 24 million enterprises, and the total transaction volume on that day was close to 1 billion US dollars. Only BlackRock’s carbon emission trading ETF became the second highest trading volume on the first day in history.
In October 2021, the second bitcoin futures ETF, Valkyrie BTC countermeasure ETF, was also traded in the NASDAQ index with the trading code BTF. In mid and late November 2021, the third vaneckbtc countermeasure ETF (xbtf) has also been put on sale.
However, compared with bitcoin futures ETFs which have been approved for sale continuously, the UK is still very cautious about BTC spot trading ETFs. In November 2021, the United Kingdom Stock Exchange Association rejected Vaneck’s BTC spot trading ETF application.
Gensler said that while he was satisfied with ETFs traded on futures, as bitcoin futures were traded in executive controlled trading centres, BTC spot trading was not.
Strengthening the control of digital currency in China
What is of great concern is that not long ago, the fire currency network of data encryption virtual currency trading gradually released a letter on its website, prompting mainland Chinese customers to ban their account property, and establishing the role of charging money for mainland Chinese visitors to be closed on December 14. On December 15, the role of currency transaction of visitors from mainland China is strictly prohibited. On December 31, OTC transactions will be offline.

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