The worst ups and downs in the cryptocurrency world: the terrifying moments from 312 to 519
On March 12, 2020, the price of Bitcoin was halved, falling from 7966.17 US dollars to 4000 US dollars. On the 13th, it fell to 3782 US dollars, a drop of more than 50%. Just a few weeks ago, Bitcoin had just broken through the 10,000 US dollar mark. At that time, the global economy fell into recession due to the epidemic, and the US stock market plummeted. Many financial players lost a lot of money in the US stock market and needed to cover their positions, so they sold safe-haven assets and assets with good liquidity, such as gold and Bitcoin. Against this background, Bitcoin was sold in large quantities, triggering this crisis.
Looking back now, Bitcoin, which fell to more than 3,000 US dollars at the time, has stabilized above 60,000 in just over a year, which means that those who bought the bottom at 312 have achieved 20 times the profit in one year.
However, the good times did not last long. On May 18, 2021, the mainland central bank issued a document, and the three major mainland financial industry associations jointly stated that providing virtual currency trading services was suspected of conducting illegal financial activities. When the news came out on May 18, the market was relatively stable, and even rose slightly. But on May 19, the market suddenly changed, and the price of the currency fell from 44,000 US dollars to 29,000 US dollars, a single-day drop of 34%. The plunge within one day caught investors off guard and brought great psychological trauma to the leeks in the currency circle at that time. So, what is the reason behind 519? In fact, the core reason is that 519 rectified Bitcoin mining and trading in the mainland. Before May 19, the mainland's Bitcoin computing power centers accounted for 70% of the global computing power centers, that is, 70% of Bitcoin was produced in the mainland. But as soon as the document came out, mainland mining machines went overseas, and various financial media were removed from the shelves. For a time, the mainland's currency circle was in a state of panic. Everyone thought that the bull market was over. The drop of more than 30 points in one day made many people unforgettable about the fear brought by 519. After 519, many people thought that mainland players had withdrawn from the market, so they opened a large number of short orders, thinking that this was a good opportunity to short. However, Bitcoin suddenly made a comeback, and after the sharp drop, it quickly rebounded and broke through the new high again, reaching 67,000 US dollars. This back and forth, both long and short positions died, and the liquidity of the short positions was harvested. The market went according to the script and fell all the way until...
This is the legend of Bitcoin's rise and fall. From 312 to 519, the fluctuation of the currency price has made investors experience the excitement of a roller coaster. In this market full of risks and opportunities, some people have become rich overnight, while others have lost everything. But in any case, the story of Bitcoin continues, and its future is full of uncertainty and infinite possibilities.
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