disaster! At least 400,000 people have quit their jobs, Bitcoin has already plunged 20%, and digital currency has plummeted.

On December 4, Beijing time, Bitcoin fell 20.59% to $ 42,587.8. He has since returned, but he also lost more than 10% in the same day.

According to the press release, the price of Bitcoin was around $ 49,176, down almost 30% from its previous high of $ 6,899.6 on November 10.

Ethereum posted around US $ 4,079.2 per coin, down 16% in the session. In addition, to date, EOS has fallen over 18%, Cardano has fallen over 8%, FIL has fallen over 17.45%, Monero has fallen over 8%, Dogecoin has fallen over by 10%.

According to the data, as of 8:00 p.m. on December 4, a total of 417,000 people were employed in the past 24 hours, and the total digital contract completion network revenue reached $ 2.584 billion. Of these, Bitcoin’s 24-hour liquidation alone exceeded $ 1 billion.

Too much marketing or causing serious problems

Bitcoin prices have continued to decline since their peak on November 10. Especially in December, Bitcoin prices rose sharply.

On December 3, Bitcoin fell more than 5% to a low of $ 52,008.9, and on December 4, Bitcoin continued its decline, once falling below $ 50,000, falling to a low, the last being $ 42,587. Breaking $ 10,000 mark, hit new high in September, lowest in 30 days

Some domestic analysts believe over-trading could be the main reason for Bitcoin’s crash. According to data tracked by Coinglass, nearly $ 600 million in open Bitcoin futures positions began to liquidate within an hour of the fall in Bitcoin’s value. A recent report from Aoshu Research Corporation indicated that open interest in Bitcoin futures has remained above 365,000 lots for more than a month. The level of market debt is too high.

The Huobi cryptocurrency trading platform recently published an internal notice warning users in China to withdraw their financial assets, deposits for users in China will be closed until December 14 and in mainland China on December 15. Markets for consumer benefits will be closed to OTC negotiations on December 31.

Munger hailed China’s decision to ban cryptocurrencies.

As bitcoin prices plummeted, Warren Buffett’s longtime partner and Berkshire Hathaway vice president Charlie Munger also criticized the cryptocurrency.

“The global business environment is now ‘crazier’ than the dot-com bubble of the ’90s,” Munger said at a recent trade conference.

“I think China made the right decision,” Munger said.

Already in 2013, five agencies and regulators, including the People’s Bank of China, issued a “Bitcoin Risk Protection Notice,” Bitcoin said There is no one-size-fits-all rule about money and cannot and should not be spent in the market. hours. , financial and payment companies “do not use Bitcoin as the price of a product or service, do not buy or sell Bitcoin as an intermediary partner, do not subscribe to the industry. insurance of assets related to Bitcoin or do not include Bitcoin in the field of insurance coverage. Provide other “Bitcoin Intervention Services” to consumers, directly or indirectly, without affecting the trading of financial risks .

In 2017, the venture capital firm, including the Central Cyberspace Administration and seven other agencies, announced the Enforcement of Financial Institutions, allowing virtual currency trading platforms and Initial Coin Offerings (ICOs) to violate financial activities. We have worked on maintenance and refinement to avoid the impact of virtualization on our country.

From 2021, the People’s Bank of China will question some banks and payment companies about the hype in the virtual currency market, provide all banks and payment sites with “Bitcoin Risk Protection Notice” and “Notice security protection in financial institutions. Declaration of tokens “require strict regulation.” Other regulations prohibit the provision of goods or services, such as openings, registrations, transactions, withdrawals, contracts, etc. for open accounts, registration, marketing, trading, marketing, payments, etc. are linked.

On September 24, 10 departments, including the Joint Venture Corporation, jointly announced the “Notice on the Prevention and Operation of Criminal Proceedings in” Financial “Transformation. In the “Report”, it is stated that all transactions affecting the virtual marketplace are illegal, and foreign exchange services providing services to Chinese people on the Internet are also illegal financial transactions.

On the same day, the National Development and Reform Commission and 11 other departments convened a mining “Operation” “Virtual Currency Innovation Notice”, describing the monitoring and repair of virtual “mining” profits and creating the next stage. Adjust the chain throughout, including the “method speculation” model.

Don Munger said: “It’s impossible for both parties to share this crazy success. It works. Everyone wants to squeeze it, my emotions. I want to make a good turnover for the same people,” Don said. Munger. “I don’t think of the consumer, I think of myself,” he said.

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