Breaking news! Bitcoin crashed by US$10,000. Has the upward trend stopped?
Yesterday, in the previous article “Bitcoin is skyrocketing, is there any bubble? Will it fall below US$50,000 in the future?”, we analyzed the future trend of Bitcoin, in which small and medium-sized retail investors are reminded to stay alert against the premium risk brought by Bitcoin and not to blindly pursuit more.
However, I didn’t expect Bitcoin’s downward trend to come so fast and fiercely. In the past 24 hours, Bitcoin has experienced a “roller coaster” market. First, it soared all the way to US$58,332, hitting a new high, and then it suddenly fell, with a daily crash of US$10,000, to US$47,780 at the lowest. As of press time, the price of Bitcoin was US$52519.95, a drop of 7.34% within 24-hour.
The plunge in the price of Bitcoin has led to large-scale liquidation for the leveraged traders. According to data, a total of 369,000 virtual currencies in the entire network have been liquidated, and the liquidation funds have reached US$3.793 billion.
The plunge of Bitcoin this time was mainly due to the changes in policy. Despite attempts to legalize Bitcoin in countries such as Russia and Switzerland, the attitude towards Bitcoin in the United States and Europe has been mixed.
Earlier, the U.S. Treasury Secretary, Yellen had expressed doubts toward Bitcoin. She believed that Bitcoin was highly speculative and was often used for illegal financing. At the same time, it was very inefficient, so she reminded investors to be vigilant. At the same time, she also believes that Bitcoin is also suspected for consumer protection, money laundering and other issues.
In addition, the President of European Central Bank, Lagarde is also critical of Bitcoin, including issues such as money laundering.
However, despite the views of Yellen and Lagarde, Bitcoin rebounded after the crash. Currently in a state of shock.
So, what is the future trend of Bitcoin? Has the upward trend stopped?
It is believed that we should be vigilant at present. As Musk said, the price of Bitcoin does seem high. Therefore, the current best way is to avoid blindly pursuing more.
As far as the current trend is concerned, we believe Bitcoin will be in a state of high volatility. Whether it will fall further in the future depends on the actions of major market institutions and the policies of the central banks from major financial countries around the world. If everyone is skeptical or attacking Bitcoin, then Bitcoin still has a downside risk.
Since it is currently not possible to enter Bitcoin, what is the most profitable investment for novice retail investors?
There is an optimistic token recently, which is the latest VAST token launched by the NGK blockchain. This token is currently scarce in the market and has not been used in the market circulation. It can only be obtained through NGK mining or the NGK newcomer assistance program. However, it has extremely high future value, and it will be circulated in the secondary market. It must not be missed by small and medium retail investors!
