Bitcoin fell below the six-point mark from $16,000 to $11,000 within 24 hours, more than $8,000 more than the historical high, but the US stock market closed at $14,000 on Friday. Among the top ten digital currencies, the smallest drop in 24 hours was close to 30%, and the US stock closed less than 2%.
If you spend $100 on Bitcoin last Sunday, it will cost less than $60 at 10pm on Friday night in Beijing, but in two hours, you may lose half of your money.
At 22:25 Beijing time on the 22nd, the US trading platform Coinbase's bitcoin dollar trading price fell below 11,000 US dollars, less than 24 hours before the 16,000 US dollars, the past 24 hours fell more than 36%.
Coinbase data shows that the bitcoin dollar trading price has fallen more than 40% from the highest record created last Sunday. Bitcoin had risen above $19,800 last Sunday.
As of 0:50 on the 23rd of Beijing time, Bitcoin returned to above $13,000, and the decline narrowed to around 16% within 24 hours. As of the most recent update, Bitcoin has again stood at $14,000, and within a 24-hour period, the decline has narrowed to less than 7%.
When the bitcoin trading price of the Coinbase platform fell below $11,000, Bitstamp, another mainstream bitcoin trading platform, showed that Bitcoin fell about $4,900 in the day and hit a low of $11,159. Within 24 hours, it has fallen below the five points of 16000, 15000, 14000, 13000 and 12,000 USD.
As of the latest update, the bitcoin of the Bitstamp platform has also returned to above $14,000, and the intraday decline has narrowed to less than 14%.
When Bitcoin spot plunged, the Chicago Board Options Exchange (CBOE) triggered a blow in the recent bitcoin futures session, and then resumed trading, once again stood at $14,000, eventually closing at $13,690, the lowest ever dropped to $11,300.
CME's recent bitcoin futures contract once fell to 12,265 US dollars, a drop of 20%, triggering a limit-limit limit. After the transaction resumed, the futures contract also stood at $13,000 when the bitcoin spot returned above $13,000, and closed at $14,135 that day.
The recent trading price is more than just bitcoin. After the Coinbase platform bitcoin fell below $11,000, Coinmarketcap's top ten high-value digital currency sets were down, with a 27% drop in the smallest within 24 hours, with a maximum drop of more than 40%.
About two hours later, Coinmarketcap showed that the decline of the top ten digital currencies generally narrowed, with the smallest decline of nearly 11% and the biggest decline of nearly 30%. As of the latest update, the minimum decline has been less than 2%, and the biggest decline is still close to 30%.
Prior to the recent correction, the bitcoin dollar trading price rose by as much as 2000% during the year. As digital currencies such as Bitcoin soar, there are more and more warnings.
Bank of Japan Governor Haruhiko Kuroda said on Thursday that bitcoin is not operating as a speculative tool, unlike normal payment methods.
Prior to this, there were a number of central banks issuing warnings this week.
Danish central bank governor Rhodes said that bitcoin is dangerous gambling and has no future, investors should stay away. The Bank of Singapore believes that the soaring price of digital currencies is driven by speculation and faces a sharp risk of collapse in the future. The Korea Financial Supervisory Service and the Japanese Finance Minister Taro Aso have stated that digital currency such as Bitcoin is not a reliable legal currency.
Although Bitcoin faces a lot of doubts, some Wall Street institutions are actively evaluating or testing the Bitcoin trading business after CBOE, the largest options exchange in the US, and CME, the world's largest futures exchange, have decided to introduce bitcoin futures.
On the 11th of this month, CBOE's Bitcoin futures contract was launched a few days after the news that Goldman Sachs tested bitcoin futures: For customers who need to clear bitcoin futures, a 100% deposit is required.
Earlier this Friday, Wall Street reported that Bloomberg News said that Goldman Sachs is forming a team to provide market-making services for virtual currencies such as Bitcoin, which will be launched before the end of June next year.
Wall Street also mentioned that the US Futures Industry Association, which includes Wall Street giants such as Goldman Sachs, sent a letter to the regulator, the US Commodity Futures Trading Commission, this month, saying that bitcoin futures were too rushed and not transparent. Futures brokers worry that if the hidden risks of Bitcoin futures detonate, they will bear the brunt.
The CME, which launched Bitcoin futures this month, believes that many assets have been considered a bubble in their trading history, which has nothing to do with whether they have futures trading.
In fact, after this year's high-profile skyrocketing, the speculative nature of Bitcoin has long been greater than its investment property. Many investors simply don't care if it is a bubble, as long as it can trade as long as it can make money.
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