Bitcoin's biggest decline
according to the data of coindesk digital currency trading platform, the price of bitcoin once fell below US $6000 in 18 years, which has dropped by 70% compared with the highest value of US $20000 in 2017
"the price movements we are seeing now may seem drastic, but they are quite normal for this market." Etiro's senior market analyst, MATI Greenspan, wrote in an email to CNBC
with the decline of bitcoin, most digital currencies are affected, and other digital currencies are not much better. Most digital currencies are down by more than 10%. But in the long run, the future of digital currency is worth looking forward to.
de dollarization
de dollarization: the revolution against the dollar and the risk of a new financial world order.
the Hong Kong bitcoin exchange has closed down, with us $386 million of customers' funds missing,
this is another runaway
On June 10, 2018, e to the "network intrusion" of a small trading platform in South Korea, the price of bitcoin fell for three consecutive days, the biggest drop in three months. Since the beginning of this year, the price of bitcoin has dropped by about 50%, which coincides with the massive selling off of cryptocurrency
The concept of 
bitcoin was first proposed by Nakamoto in 2009. According to Nakamoto's idea, the open source software and the P2P network on it were designed and released. Bitcoin is a kind of P2P digital currency. Point to point transmission means a decentralized payment system
unlike most currencies, bitcoin does not rely on specific currency institutions. It is generated by a large number of calculations based on specific algorithms. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transactions, and uses the design of cryptography to ensure the security of all aspects of currency circulation. The decentralized nature and algorithm of P2P can ensure that it is impossible to artificially manipulate the value of bitcoin through mass proction. The design based on cryptography can make bitcoin only be transferred or paid by the real owner. This also ensures the anonymity of money ownership and circulation transactions. The biggest difference between bitcoin and other virtual currencies is that the total amount of bitcoin is very limited and it has a strong scarcity. The monetary system used to have no more than 10.5 million in four years, after which the total number will be permanently limited to 21 million
bitcoin can be cashed and converted into the currency of most countries. Users can use bitcoin to buy some virtual items, such as clothes, hats and equipment in online games. As long as someone accepts it, they can also use bitcoin to buy real-life items
On December 17, last year, according to the bitcoin platform cex.io, bitcoin's US dollar quotation broke through the US $20000 mark for the first time, reaching a new record. The quotations of several major bitcoin trading platforms overseas also approached the US $20000 mark at the same time. However, the price of bitcoin fell below US $14000 on December 22 e to the theft of 60000 bitcoins on Ukrainian exchange liqui on December 21 and hacker attacks on some trading platforms
for the current round of decline. Some analysts believe that it is e to South Korea's regulatory policy. On January 11, according to foreign media reports, South Korea's Ministry of justice was preparing legislation to pave the way for the complete closure of domestic exchanges. On January 10, bithumb and coinone, two South Korean exchanges, were raided by the IRS, which was also seen as verifying whether there were tax evasion and financial transactions on the exchanges. On January 8, the chairman of the South Korean Financial Services Commission said at a news conference that he was concting a joint inspection with the South Korean Financial Supervision Institute on six banks providing cryptocurrency account services to verify the anti money laundering regulations previously formulated and the implementation of real name system measures for relevant accounts
On April 18, it was reported that the price of bitcoin had soared for a time, once exceeding US $64000. Today, bitcoin suddenly plummeted, once falling by more than 15%, the price fell below US $52000 / piece
for the sudden collapse of bitcoin, some analysts in the instry believe that it may be affected by the latest news that the US Treasury Department has accused several financial institutions of using cryptocurrency to launder money
affected by the sharp fall of bitcoin, other digital currencies have declined to varying degrees. Ethereum plummeted 20%, coin an plummeted 17%, reborn plummeted 26%, and even Musk's favorite dog coin plummeted 19%
extended data
experts said that the slump is a normal phenomenon:
"in fact, the slump of bitcoin is just a normal phenomenon in the market." First of all, bitcoin itself is a kind of high-risk emerging asset, and its daily price fluctuates a lot, and it is often prone to sudden rise and fall, Li William, chief researcher of Ouyi okex Research Institute, told reporters. Secondly, from an empirical point of view, the withdrawal in the bitcoin bull market is about 33% - 66% of the basic trend direction, lasting for a week or several weeks
according to him, even though bitcoin has entered a bull market since January 2021, with a cumulative increase of nearly 2 times, it often falls sharply, with the biggest daily drop of more than $5000 for at least 7 days, and the biggest daily drop of more than $10000 for two consecutive days on February 22 and February 23
William Lee further said, "from the fundamental point of view, this round of bitcoin slump also has regulatory impact. On Friday, Turkey's central bank banned the use of cryptocurrency and cryptoassets for payments, citing possible "irreparable" damage and trading risks. Shortly after the news, bitcoin fell about 4%. For investors who have entered the market early and hold a large number of bitcoin chips, they have made a lot of profits at this time. In the case of unclear supervision in the future, it may be the best time to choose to sell bitcoin and leave the market, which triggered a subsequent slump. "