Cryptocurrency Market Crashed: Bitcoin Plummeted by 15%, Over 40 Billion Gone

The virtual currency market reappeared "diving". On April 18th, Bitcoin broke out of a wave of market crashes. It once fell by more than $9,000 from its high intraday price, and the intraday fell by more than 15%. Bitcoin plummeted and the currency circle suffered a bloodbath. Judging from the 24-hour trading situation of the currency circle, the top 30 virtual currencies by market value fell across the board. On April 18, the topic "Bitcoin fell below $52,000" rushed into the hot search list on Weibo. This was due to a flash crash of Bitcoin at 11 o'clock in the morning that day, and it plummeted by nearly $7,700 within half an hour. According to Wind data, after the market opened on April 18, Bitcoin showed a volatile downward trend, gradually falling from the highest point of $60,437.97. At 11 o'clock in the morning, Bitcoin plummeted from $5,9000.01 to a minimum of $5,1300. It plunged over $9,000 from the highest point in the day, and the intraday drop exceeded 15%. As of 20:16 on April 18, Bitcoin's decline has narrowed slightly. Bitcoin reported $53,986.62, an intraday drop of 10.32%. The "diving" of Bitcoin has also further affected other small currencies. According to data from the global currency price website CoinMarketCap, as of 19:30 on April 18, from the perspective of 24-hour trading, the top 30 virtual currencies by market value once fell across the board. When the trading timeline is extended to this week, virtual currency will also have a "brilliant" moment. Since April 13th, bitcoin trading prices have continued to rise, and continue to refresh the highest price in history. On April 14, Bitcoin hit a maximum of $64,899, which is also the highest record for the current Bitcoin price. Some experts bluntly said that from the reality, virtual currencies, including Bitcoin, do not have the function of conducting currency transactions in the financial settlement systems of various countries. Virtual currencies have the attributes of financial derivatives, and their price trends are also affected by many factors. Sudden regulatory trends, news and public opinions, and major technological changes may cause their trading prices to fluctuate significantly. In addition to the above reasons, another reason is the excessive concentration of virtual currency holders. Virtual currency transactions are mainly carried out through a third party, that is, virtual currency exchanges, and the trading platform has become the largest holder, which also brings possibilities for dealers to hold groups and manipulate currency trading prices. With virtual currency prices fluctuating sharply, the entire network contract market ushered in a high amount of liquidation. According to Bitcoin Homes data, as of 20:30 on April 18, a total of 478,000 people have suffered liquidation in the last 24 hours, and a total of 6.162 billion US dollars of funds have been wiped out.