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What happened to Bitcoin (the ups and downs of Bitcoin)

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What happened to Bitcoin (the ups and downs of Bitcoin)

What happened to Bitcoin? What happened to Bitcoin? In today’s article, we analyzed the price changes of BTC that occurred over the past 24 hours. According to historical and on chain data, with a block height of 830000 (approximately July 22, 2019 Beijing time), there are currently over $50000 worth of wallet addresses that have received 32000 new Bitcoins. In addition, there is another transaction that involves a transfer with an exchange wallet balance greater than 1 Bitcoin, which means that the transaction is considered a “robbery” activity So what exactly caused the changes in the market this time? In fact, the impact of this event on the entire Cryptocurrency market mainly comes from the following two aspects:

1. After the implementation of the U.S. securities law, the price of bitcoin plummeted due to the increase in investor demand 2. US government agencies have begun to pay attention to the prospects of digital assets and their potential as an investment tool, therefore, people’s interest in blockchain technology is increasing According to previous reports, the New York Attorney General’s Office stated that the CEOs of Bitfinex, Tether, Bitstamp, and Poloniex have all transferred their lawyers to the Federal Bureau of Investigation (FBI). And these accusations indicate that they do not want law enforcement agencies to disrupt any financial stability or protect consumers through this action

The ups and downs of Bitcoin

In the past two days, the sharp rise and fall of Bitcoin have caused many people to panic.

. Starting around 8 o’clock this morning, the entire market has been fluctuating in a downward trend. Within the range of 9350 to 10000 US dollars, the overall trend is relatively flat and there has been no significant volatility during this period, which is basically normal market behavior In fact, many friends have also seen this statement. A few days ago, when the market suddenly rose, many people were also asking: Do you think Bitcoin will ride out of the dust? If not? Let’s talk first. Yesterday afternoon at 4 o’clock, the price of Bitcoin briefly surged to around 10400 yuan and then quickly fell back to the lowest level around 10020 yuan. Currently, it is hovering below 10000 yuan again; And just two days later, after Bitcoin broke through the 11000 level again, the bulls were still very strong The subsequent wave of waterfalls directly interrupted some investors’ performance in comparing the recent rebound strength and confidence of the special currency, and gave a perfect stop profit target of $9800 Although this position has not been effectively breached (as shown in the figure above), for spot investors, they can still wait for the next opportunity to rise, after all, there has been a significant adjustment in the previous two weeks and they have not yet stabilized on this front line. So in the next few hours, everyone will pay more attention to how many support or resistance levels there are to choose from

Another news worthy of attention is that the chairman of the US Securities and Exchange Commission Gensler recently said that “an anti money laundering framework based on Cryptocurrency will be launched”: “I believe that we will become a global leader in the field of digital assets in the next few years”. He believes that encryption technology has developed enough to meet the needs of financial institutions. He said, “Regulatory policies are driving innovation, creating job opportunities, and improving transparency

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