The cryptocurrency has always been a typical representative of the bubble economy. Since last month, the price of Bitcoin has continued to fall, and the current situation has fallen below 6,000 US dollars. Although it has risen slightly, it has just risen by 6,000. It is not expected that it will rise. Soon to recover, coupled with South Korea's cryptocurrency exchange, Coinrail, said that its system has been "invasion of the network" and may even continue to decline.
So what are the reasons that caused the price of bitcoin to continue to fall recently? I think there are the following reasons:
1. The limitations of cryptocurrency itself and the characteristics of decentralization lead to excessive subjectivity and overly flexible prices. In reality, the value of money is constant over time, but cryptocurrencies are different.
2. The entire cryptocurrency market is in a downward trend. According to the Bitstamp data, Ethereum ETH has dropped from the highest of 1,350 US dollars at the beginning of the year to the current level of around 454.9 U.S. dollars, with a cumulative drop of 66%. Litecoin LTC fell from the highest of 342.25 US dollars in December last year to the current 80.99 US dollars, the cumulative decline of 76.34%. The bitcoin is also difficult to escape bad luck, with the decline in the industry prices, prices have fallen all the way.
3. The strict supervision, the chaotic political market, and the tightening of supervision worldwide are the main reasons for the collapse of encrypted digital currencies such as Bitcoin. On June 22, the Japan Financial Services Agency formally issued orders for the improvement of six cryptocurrency exchanges such as bitFlyer, QUOINE, bitpointjapan, bitbank, BTCbox6, and Tech Bureau.
4. The traditional market has a set of established basic market principles that can help investors understand the background of price and trading volume fluctuations. However, when the price of cryptocurrencies fluctuates greatly, it seems impossible to confirm some correct fundamentals. Bitcoin trading volume is very sensitive to media opinion, and prices are easily emotionally driven.
Although the trend of the cryptocurrency industry is not good, most people still identify blockchain projects under such circumstances. Therefore, no matter how they change, people still insist on the bright future of the blockchain.
Here are the prices of several large cryptocurrencies: (US East: 25/6/2018, 22:00)1.Bitcoin
Bitcoin token is the BTC, and its ranking in the cryptocurrency is 1. As of now, the price has rise by 0.94%. The current market value is: 106,497,398,808 USD, the exchange rate for the USD is: 6,222.21USD, the redemption price for the BTC is: 1 , and the transaction volume in the 24 hours is:5,522,950,000USD.
2.COMSA [ETH]
COMSA [ETH] token is the CMS, and its ranking in the cryptocurrency is 1442. As of now, the price has rise by 3.65%. The current market value is: 0USD, the exchange rate for the USD is: 0.236398USD, the redemption price for the BTC is: 0.00003795 , and the transaction volume in the 24 hours is:70,823USD.
3.Curriculum Vitae
Curriculum Vitae token is the CVH, and its ranking in the cryptocurrency is 1452. As of now, the price has rise by 6.74%. The current market value is: 0USD, the exchange rate for the USD is: 0.008710 USD, the redemption price for the BTC is: 0.00000140 , and the transaction volume in the 24 hours is:7293USD.
Etherecash token is the ECH, and its ranking in the cryptocurrency is 1421. As of now, the price has rise by 3.34%. The current market value is: 0USD, the exchange rate for the USD is: 0.021540 USD, the redemption price for the BTC is: 0.00000337, and the transaction volume in the 24 hours is:66,574 USD.
Internet of Things token is the XOT, and its ranking in the cryptocurrency is 1465. As of now, the price has rise by 1.31%. The current market value is: 0USD, the exchange rate for the USD is: 155.71USD, the redemption price for the BTC is: 0.02500000, and the transaction volume in the 24 hours is:3,152 USD.
Safe Trade Coin token is theXSTC, and its ranking in the cryptocurrency is 1180 As of now, the price has rise by 1.31%. The current market value is: 0USD, the exchange rate for the USD is: 0.0004361USD, the redemption price for the BTC is: 0.00000007 , and the transaction volume in the 24 hours is:3,152 USD.
Bitcoin God token is theXSTC, and its ranking in the cryptocurrency is 1472 As of now, the price has decline by 7.63%. The current market value is: 0USD, the exchange rate for the USD is: 12.47USD, the redemption price for the BTC is: 0.00220113 , and the transaction volume in the 24 hours is:1780 USD.