Reasons for the market decline:

1. The selling pressure of 140,000 bitcoins in Mentougou. Yesterday, multiple Mt.Gox wallets were detected to have participated in the small transfer test.

This morning, 47,228 BTC (about 2.7 billion US dollars) were transferred from Mentougou Mt.Gox to the address starting with 1L7Xbx. This operation caused Bitcoin, which had already fallen by more than 5%, to fall again, directly hitting the support position of 55,000 US dollars.

2. The "dumping" of the German and US governments. In early June, a wallet marked as the "German government" began to transfer 50,000 BTC previously seized from the pirated movie website operator Movie2k to the trading platform, and sold about 4,736 bitcoins in batches that month. In the past week, the German government has sold more than 2,000 bitcoins. Just after the market fell yesterday morning, the German government was monitored to transfer 13,475 bitcoins and had sold 13,000 bitcoins. As of now, the German government still holds more than 40,000 bitcoins.

3. The US government's BTC holding wallet, which has not been moved for a year, also sent 4,000 BTC to Coinbase on June 27, suspected of starting the coin selling mode. Yesterday afternoon, the "US government" wallet address (starting with 349c6) was monitored to transfer 237 BTC to the address starting with bc1qvc.