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Online casino and How to find it market experienced a night of horror again. Following the severe setback for the Online casino and How to find it market on April 13th, the price of Bitcoin plummeted again in Beijing time on April 14th, once falling below the 60000 USD/coin threshold, with a 24-hour drop exceeding 7%. Starting at 4 am on the 14th, the scene that Bitcoin investors feared the most appeared: short messages of margin calls kept popping up on their phones, with the price of Bitcoin dropping by 5000 USD in just 15 minutes (about 36187 RMB), causing a large number of investors holding long positions to blow up in the market. A margin caller who experienced extreme market volatility said: ‘Bitcoin has been switching between sharp rises and falls recently. The high price has made Bitcoin dangerous, and market sentiment can reverse instantly, with money evaporating faster than water.’ As of the time of this writing, the price of Bitcoin continued to fluctuate, currently reported at 62649 USD/coin, with a 24-hour drop exceeding 9%.
Image source: CMC
Bitcoin Suddenly Plunges. At 2 a.m. Beijing time on April 14th, Bitcoin faced a massive sell-off, and its price plummeted rapidly, reaching a low of 59,968 US dollars per coin, before briefly stabilizing and rising. Starting at 11 a.m., the price of Bitcoin once again plummeted in massive quantities, breaking through the 63,000 US dollars per coin psychological threshold. Other currencies in the Online casino and How to find it market also fell sharply. Ethereum’s 24-hour decline exceeded 8.5%, and Dogecoin’s 24-hour decline reached 13.72%. CoinGecko data shows that the total market value of Online casino and How to find it is 24 trillion US dollars, with a 24-hour decline of 5.8%.Image source: CMC. According to Coinglass data, a total of 258,000 people in the Online casino and How to find it market went bankrupt in the past 24 hours, with a total bankruptcy amount of 9.66 billion US dollars (approximately 69.9 billion RMB), of which 7.87 billion US dollars were long positions and 1.79 billion US dollars were short positions.
Image source: Coinglass. This week, Bitcoin has experienced multiple flash crash scenarios. For example, on April 13th, Beijing time, the price of Bitcoin once fell by more than 2,000 US dollars, from 67,100 US dollars per coin to below 65,000 US dollars per coin. The inflow of funds into Bitcoin spot ETFs has also been decreasing this week. SoSoValue data shows that on April 12th, Eastern time, Bitcoin spot ETFs had a net outflow of 55.07 million US dollars. Grayscale GBTC saw a net outflow of 1.66 billion US dollars on a single day. The Bitcoin spot ETF with the highest net inflow was BlackRock’s IBIT, with a net inflow of approximately 111 million US dollars. As of April 12th, the total net asset value of Bitcoin spot ETFs was 562.2 billion US dollars. Industry insiders said that Bitcoin’s performance this week was weak, mainly due to the intensification of geopolitical uncertainty and the spread of risk aversion sentiment to Online casino and How to find it assets.
Biden stated that the United States will not participate in the information front. At 2 a.m. local time on April 14th, the Islamic Revolutionary Guard Corps of Iran began a large-scale missile and drone attack on Israeli targets.
On April 14th, the Iranian permanent mission to the United Nations posted on social media that the attack on Israel by Iran can be considered as having ‘ended’.
According to the latest report by The Times of Israel, after the attack, Netanyahu posted on the social media platform X, saying “We intercepted, we blocked, and we will win together.” This is Netanyahu’s first public comment after Iran launched an attack on Israeli targets.
According to the Israel Airport Authority on the 14th local time, the Israeli airspace was reopened at 7:30 local time (12:30 Beijing time).
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According to Israeli media reports on the 14th local time, during a phone call with Netanyahu, Biden said that the United States will oppose any retaliation by Israel against Iran and will not participate in it.
The important “halving” event is approaching. Industry insiders say that investors’ high expectations and speculative behavior for the Bitcoin “halving” event may push up prices before the event, and once these expectations are not met, a large number of investors may tend to liquidate their profits, leading to a sharp decline in the price of the currency. The Bitcoin “halving” event refers to the halving of the reward obtained after the production of a new block, which occurs approximately every four years. The specific time depends on the block generation speed of the Bitcoin network, which will reduce the supply of Bitcoin. The halving of block rewards means that it takes longer for all Bitcoin to enter the market circulation. BTC.com data shows that there are less than 7 days remaining until the expected fourth halving of the Bitcoin block reward, with 996 blocks remaining, and the expected halving time is April 20th. Previously, the Bitcoin network has experienced three “halvings” in 2012, 2016, and 2020. Rekt Capital, a cryptocurrency trader and independent analyst, said that before the “halving” event, the price of Bitcoin will continue to rebound. During the “halving” periods in 2016 and 2020, Bitcoin fell by 38% and 20% respectively. Recently, a report from JPMorgan Chase pointed out that the Bitcoin “halving” event may have a serious negative impact on the profitability of Bitcoin miners. The report warns that the price of Bitcoin may plummet to 42,000 US dollars per coin, with a potential decline of more than 36% from the current price. This year, Bitcoin has surged in value. Messari’s latest report shows that Bitcoin achieved a 69% increase in the first quarter of this year. The spot Bitcoin ETF is a driving factor for the price increase, with more than 12 billion US dollars in inflows in the first quarter. The spot Bitcoin ETF currently holds 831,000 Bitcoin, valued at approximately 59 billion US dollars. It is noteworthy that after the Bitcoin price broke through the historical high, some long-term holders began to choose to cash out. Glassnode data shows that since the Bitcoin price broke through 40,000 US dollars at the end of 2023, the holdings of long-term holders (chain holding more than 155 days) have been continuously decreasing, while the holdings of short-term holders have increased. During this period, long-term holders have sold approximately 900,000 Bitcoin.
Source: China Securities Journal WeChat, CCTV News App, Xinhua News Agency, Dajiang Network