Analysis on the latest trend of bitcoin falling below $8000
Some time ago, bitcoin, which exceeded US $10000 several times, fell below US $8000 in the early morning of October 7 (Beijing time). The last bitcoin dive, the unit price fell to $7700, the lowest in nearly four months, only on September 25 a few days ago.
Compared with the general decline of other mainstream currencies last time, among the top ten cryptocurrencies in terms of market value, nine cryptocurrencies had a cumulative decline of double digits on that day. This time, the market was relatively calm. As of 1 p.m. on October 7, bitcoin had a 24-hour decline of 1.98%. Among the top ten cryptocurrencies in terms of market value, there were 5 declines (including bitcoin), 5 rises and falls, and the rise and fall ranges were no more than 5%.
Some analysts believe that bakkt is one of the main catalysts for the sharp rise in bitcoin prices earlier this year, and the recent sharp decline in bitcoin spot prices is related to the dismal bakkt transaction launched two days ago. On September 23 Beijing time, bakkt bitcoin futures officially started trading. Different from previous market expectations, the number of bitcoin transactions was only 28 within 9 hours of going online.
Since this year, bitcoin prices have experienced a 'roller coaster' many times. From January to March, the price of bitcoin remained stable below $4000. In April, bitcoin rose all the way. As of 8:15 a.m. on June 24, the price of bitcoin once broke through $13000, the highest in recent years. Since then, prices have fluctuated all the way and showed a downward trend in the near future. Xiao Lei, a financial commentator, stressed in an interview with the Beijing news that the bitcoin market may fluctuate sharply.
It is worth noting that in June this year, Facebook, a US social giant, released a Libra white paper, which aims to establish a simple and borderless currency and a financial infrastructure serving billions of people, triggering another round of global attention to digital currency.
There are also rumors about the recent landing of digital currency issued by the central bank in China. On September 24, Yi Gang, governor of the central bank, made it clear that there is no timetable for the launch of digital currency.