300 bitcoin: Bitcoin plunged 30 billion yuan, bitcoin price fell below the psychological integer of 10,000 dollars on Tuesday, and the biggest one-day drop in three years. According to data released by industry website CoinDesk, bitcoin prices have fallen by nearly 19% in the past 24 hours. It hit a low of $9199.59 around 10:34 am EST (23:34 pm on Wednesday, Beijing time).
Recently, the virtual currency represented by Bitcoin has fallen sharply and suffered a wave of selling. At current prices, bitcoin prices have fallen 52% from their historical highs. In the past 24 hours, the value of this encrypted digital currency has evaporated more than $30 billion. The prices of the second and third largest encrypted digital currencies, Ethere and Ripple, respectively, continue to fall. CoinMarketCap data showed that the price of Ethereum fell 29% to $791.97, after falling below the $1,000 mark on Tuesday; Ripple fell more than 34% to 91 cents.
The global digital currency, led by Bitcoin, was battered this week. In addition to the natural price reversal caused by speculative attributes, it is also related to its “environmental enemy†– risk regulation. Public opinion generally believes that the main reason for this round of cryptocurrency decline is the relevant statements of Asian countries on combating and prohibiting bitcoin transactions.
In the past few weeks, Korean regulators have frequently sent signals to try to limit the speculative behavior of cryptocurrencies. According to information released by the South Korean media on January 16, the country’s planning minister of finance, Jin Dongjun, said that closing the cryptocurrency transaction is still one of the government’s options. The government is also considering a set of measures to rectify the irrational investment boom of cryptocurrency. At the same time, China's bitcoin regulation is also escalating. According to Bloomberg News, after China’s full closure of domestic exchanges, speculators turned to off-market, and online platforms and mobile apps that focus on trading services on off-exchange exchanges have been active recently, and the Chinese government will upgrade its targeted measures. The Indonesian central bank also issued a regulatory order last month to prohibit financial technology companies involved in payment systems from using cryptocurrencies and is reviewing whether it is necessary to regulate cryptocurrency exchange transactions.
Not only is the regulation of Asian countries strengthened, but in Europe, the EU is also considering increasing supervision of Bitcoin and other cryptocurrencies. Affected by the “valuation bubble†in the virtual currency market, the European Commission urged the three major financial authorities in the EU to “emergency†update their warnings in December last year. According to Bloomberg News, European Commission spokesman Vanessa Mok said on Wednesday: "For investors and consumers, there are obvious risks associated with price fluctuations in the virtual currency market. We are closely watching the field of bitcoin and cryptocurrency. Development.†She said that an action plan for financial technology (including virtual currency) will be introduced in the coming months.
In the US, Bitcoin platform BitConnect recently received a ban on stopping the ICO from the Texas Stock Exchange and the North Carolina Securities Department. BitConnect announced that they are closing their loans and trading platforms and will immediately release all outstanding loans. The user is free to extract the BitConnect coins currently in the QT wallet. It will close the BCC trading platform within 5 days. After that, the BitConnect website will run a wallet service for both news and educational purposes.
The Wall Street Journal reported that 40% of the 246 countries currently in the world do not impose restrictions on the trading and use of Bitcoin; 3% of countries are restricted markets; 4% of countries define bitcoin Illegal; 53% of countries have no more information about digital currency. This shows that the countries that account for the global main body (53%, more than half) are still waiting to see the legitimacy of the bitcoin-dominated digital currency in the territory, and it also represents that the risk of the "black swan" of Bitcoin is still very large, because some of them are A legislative decision to limit the digital currency may eventually be made.
Not only has the regulatory turmoil tightened, but recently major financial investment institutions are also eager to “clear relations†with Bitcoin. According to foreign media reports on January 18, global payment giant Visa said it will not support bitcoin transactions. Visa CEO Alfred Kelly said in an interview that Bitcoin is not a real currency, more like a "speculative commodity". Since Bitcoin is not a currency, Visa will not support Bitcoin transactions. On Tuesday, local time, Kelly said in an interview during the National Retail Federation meeting in New York: "I don't think Bitcoin can be a participant in the payment system." Although Bitcoin appears as a digital currency, there are limited ways to buy things. “But in our Visa system it will not process transactions based on cryptocurrencies. We will only deal with currency-based transactions,†Kelly added.
Bank of America Merrill Lynch is a total ban on Bitcoin-related transactions. Merrill Lynch last month asked employees not to offer Grayscale's Bitcoin Investment Trust to customers. Bank of America CEO Brian Moynihan said that customers are welcome to buy Bitcoin and other cryptocurrencies, but not through their Bank of America Merrill Lynch. "We have limited the connection with it, and I also think that this thing itself is very problematic." Moynihan said in an interview on Wednesday, "Basically, we tell customers that they can buy through other accounts. But not through Merrill Lynch. Our view is that customers should be cautious about this."
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