Bitcoin plummeted! The total amount of exposure within 24 hours is about 32.Gamepoker.50 million yuan
Today, Bitcoin dived in intraday trading, falling below $57000 at one point and then rebounding slightly. As of 19:07 on May 1st, Bitcoin was at $58794.1, down 6.4 per cent on the day.
According to CoinGlass, a total of 128400 people exploded in the online virtual coin market within 24 hours, with a total amount of US $449 million (about 3.25 billion yuan).
"stagnant inflation" seems to be an important reason for the collapse of Bitcoin this month. QCP Capital, a cryptocurrency trading company, pointed out in a research report that the threat of "stagnant inflation" is very real. The weaker-than-expected US GDP data indicates a slowdown in economic growth, while a high core personal consumption expenditure (PCE) index means inflation will remain a thorn in the Fed's side, the report said.
Bitcoin analyst Murad Mahmudov predicts that Bitcoin volatility may continue into the summer, according to the Securities Times citing BeInCrypto.
April's performance was the worst in nearly two years.
In fact, Bitcoin's poor performance is not just today. In April, Bitcoin fell about 16%, its worst monthly performance in nearly two years.
On the news side, at 8:09 on April 20, 2024, Beijing time, Bitcoin successfully halved its fourth time at block height 840000, and the mining reward for Bitcoin network was halved from 6.25BTC to 3.125BTC.
Halving Bitcoin is an event that happens about every four years, halving the reward for "mining" bitcoin transactions. Halving events are a key feature of Bitcoin design to ensure its scarcity, value retention and long-term sustainability as a digital currency.
At the time, the media estimated that the entire miner industry could lose more than $10 billion in the coming year, based on the price of bitcoin before it was halved (about $64000 per piece). But miners are in no hurry to sell their bitcoins before halving them. They hope that the value of bitcoins will rise after halving to make up for losses.
The market had been looking forward to halving the quadrennial bitcoin, but since April 19, the impact seems to be minimal and has not continued to push up the price of bitcoin as expected.
The popularity of Bitcoin ETF in the United States has subsided.
At the same time, optimism about the US exchange traded fund (ETF) around Bitcoin is fading.
The frenzy of Bitcoin ETF in the US pushed Bitcoin to a record high of nearly $74000 in March, but inflows into Bitcoin products have fallen sharply as expectations of Fed interest rate cuts have hit demand for risky investments.
Stocks of companies related to the encrypted currency of US stocks fell by more thanGamepokerBitcoin fell. By the close of trading on April 30th, Bakkt Holdings was down 32.63%, Platforms Platforms was down 17.63%, and Magi Marathon Platforms was down 10.93%.
Investors may turn their attention to cryptocurrency products in the Hong Kong market
On April 24, the official website of the Hong Kong Securities Regulatory Commission (SFC) showed that six virtual assets ETF, issued by overseas management subsidiaries of Huaxia, Castrol and Bosch, had been approved by the SFC on the same day.
As of April 30, the total trading volume of the spot ETF of the six first virtual assets issued in Hong Kong was about HK $87.58 million, with Huaxia products accounting for nearly 57 per cent, according to the Hong Kong Stock Exchange.
The approval of this product marks a solid step forward for Hong Kong to establish an international virtual asset financial center.
In the view of Boshi International, the approval of spot ETF of virtual assets and the innovative introduction of currency-holding subscription mechanism are expected to further promote the development of the virtual asset market in Hong Kong and even in Asia as a whole, attract more global capital inflows and stimulate the underlying vitality of Hong Kong's virtual asset market.
Lark Davis, a well-known Bitcoin entrepreneur, believes that Hong Kong's approval of the listing of bitcoin and ethercoin spot ETF could arouse great interest from Asian institutional investors. Mr Davis says that if you are still pessimistic, you need to know that more and more institutional investors are joining in.
Comprehensive from the 21st Century Economic report (Reporter: Li Yuchen), Securities Times, Public data