Bitcoin market is like a roller coaster bitcoin that fell below $11,000 and then rose back to $3,000.
Bitcoin dropped below the $11,000 level from $16,000 within just 24 hours, marking a loss of over $5,000 and far exceeding its historical high. Meanwhile, the U.S. stock market closed near $14,000 on Friday. Among the top ten cryptocurrencies, the smallest 24-hour drop was nearly 30%, while the U.S. stock market saw a decline of less than 2%.
If you spent $100 on Bitcoin last Sunday, by 10 p.m. on Friday in Beijing, your investment would be worth less than $60. And in just two hours, you could potentially lose half of it.
At 10:25 p.m. Beijing time on the 22nd, the price of Bitcoin on the U.S. trading platform Coinbase fell below $11,000—down from $16,000 just 24 hours earlier, a drop of over 36% in a single day.
According to Coinbase data, Bitcoin's price has fallen more than 40% from the all-time high of $19,800 set last Sunday.
As of 0:50 a.m. on the 23rd in Beijing time, Bitcoin rebounded above $13,000, with the 24-hour drop narrowing to around 16%. As of the latest update, Bitcoin had climbed back to $14,000, and the 24-hour decline was under 7%.
When Bitcoin’s price on Coinbase fell below $11,000, Bitstamp, another major trading platform, reported that Bitcoin had dropped about $4,900 in one day, hitting a low of $11,159. Over the past 24 hours, the price had fallen below the five key levels of $16,000, $15,000, $14,000, $13,000, and $12,000.
As of the most recent update, Bitcoin on Bitstamp also returned above $14,000, with the daily drop narrowing to under 14%.
When Bitcoin’s spot price plummeted, the Chicago Board Options Exchange (CBOE) experienced a sharp drop in its recent Bitcoin futures session, leading to a temporary halt before resuming trading. The price eventually rose back to $14,000, closing at $13,690, after briefly dropping as low as $11,300.
The CME’s recent Bitcoin futures contract fell to $12,265, a 20% drop, triggering a limit-down rule. After trading resumed, the futures contract reached $13,000 when Bitcoin’s spot price crossed $13,000, and it closed at $14,135 that day.
This dramatic price movement wasn’t limited to Bitcoin alone. After Bitcoin on Coinbase fell below $11,000, CoinMarketCap’s list of the top 10 highest-value digital currencies also suffered significant losses, with the smallest drop reaching 27% in 24 hours and the largest falling by over 40%.
About two hours later, CoinMarketCap showed that the declines of the top 10 cryptocurrencies generally narrowed, with the smallest drop at nearly 11% and the largest at nearly 30%. As of the latest update, the smallest decline was under 2%, while the largest remained close to 30%.
Before this recent correction, Bitcoin had surged by as much as 2,000% this year. As digital currencies like Bitcoin soared, more warnings emerged.
Bank of Japan Governor Haruhiko Kuroda stated on Thursday that Bitcoin is not functioning as a speculative tool, unlike traditional payment methods.
[Image: Bitcoin market is like a roller coaster. Bitcoin fell below $11,000 and then rose back to $3,000.]
Prior to this, several central banks issued warnings this week. Denmark’s central bank governor, Lars Christensen, called Bitcoin “dangerous gambling†with no future, urging investors to stay away. The Bank of Singapore said the rising prices of digital currencies are driven by speculation and face a high risk of collapse. The Korea Financial Supervisory Service and Japanese Finance Minister Taro Aso have both warned that Bitcoin is not a reliable legal currency.
Despite these doubts, some Wall Street institutions are actively exploring or testing Bitcoin trading. Following the launch of Bitcoin futures on CBOE, the world’s largest futures exchange, CME, also introduced Bitcoin futures.
On the 11th of this month, CBOE launched its Bitcoin futures contract a few days after reports that Goldman Sachs was testing Bitcoin futures. For customers needing to clear Bitcoin futures, a 100% deposit was required.
Earlier this Friday, Bloomberg News reported that Goldman Sachs was forming a team to provide market-making services for virtual currencies like Bitcoin, with plans to launch the service before the end of June next year.
Wall Street also noted that the U.S. Futures Industry Association, which includes giants like Goldman Sachs, sent a letter to the Commodity Futures Trading Commission this month, expressing concerns that Bitcoin futures were rushed and lacked transparency. Futures brokers worry that if the hidden risks of Bitcoin futures trigger a crash, they would bear the consequences.
The CME, which launched Bitcoin futures this month, believes that many assets have been considered bubbles in their trading history, regardless of whether they have futures trading.
In reality, after this year’s explosive rise, the speculative nature of Bitcoin has overshadowed its investment potential. Many investors don’t care if it’s a bubble—as long as they can trade and make money, they’re happy.
Creative LED Digital Signage,Innovative LED display,Customize LED display,Original LED display,Unique Creative LED display,Irregular Shape LED Screen
Shenzhen Xinfei Century Technology Co., Ltd. , https://www.rgbdancing.com