Around 11:05 a.m. Beijing time, bitcoin fell rapidly in the short term, plummeting by 20%. According to the data, bitcoin fell to the $6500 level, hitting a daily low of $6178. What happened to the bitcoin crash?
As of press release, bitcoin's decline narrowed and its price rose in the short term, recovering $7000.
Since the beginning of this year, the price of bitcoin has continued to pick up, and it has accelerated significantly in the second week of May, with a cumulative increase of 125% at one time and close to US $8400 yesterday.
For the previous rise of bitcoin, industry experts believe that the rise of bitcoin value is due to the participation of institutional investors, but on the whole, the total amount of investment is far less than the amount needed to maintain the rise, and only the participation of the mainstream financial system is possible.