What happened when Bitcoin evaporated 1 trillion yuan?
From 2009, the first announced bitcoin exchange rate of 1 U.S. dollars to 1309.03 bitcoins, rose to the highest price in 2017, the price doubled 20 million times, the world’s largest bubble.
In 2017, when Bitcoin was at its highest price, a three-bedroom apartment in Shenzhen was less than 100 Bitcoins, and a Mercedes-Benz S500 was less than 10 Bitcoins.
2017 is also the most beautiful year for people in the currency circle. The myth of wealth creation has inspired countless successors, and all kinds of funds have flocked to it. In the history of Commerce and finance which is well-documented by human beings, the money circle is the only case that no one has ever come before or after.
In just a few days, investors heard the sound of Bitcoin crashing.
In the afternoon of November 20, Bitcoin broke through the $4,300 defense line, while the RMB price fell below 30,000 yuan, and then hit a new low.
Over the past 24 hours, it has fallen by more than 17%.
Over the past month, it has plunged by more than 30%.
Over the past year, 77% had diarrhea.
Bitcoin’s market value has evaporated 1.6 trillion yuan from its high in 2017.
Since last week, other mainstream digital currencies have plunged, with Bitcoin breaking relative calm. In the past 24 hours, the Ribo currency has fallen by more than 9% and the ETR by more than 10%. Most of the top 10 digital currencies have fallen by nearly double digits. The overall market value of digital currencies has wiped out $700 billion from January’s historic high.
The collapse of Bitcoin was largely caused by differences in the Bitcoin Cash (BCH) community.
BCH’s hard bifurcation, which was officially implemented at 0.40 a.m. on November 16, is considered an important reason for the sharp drop in Bitcoin prices.