BTC computing power plummeted, which is the biggest drop since the "miner 519". After the halving, miners surrendered collectively.
It is worth noting that the number of BTC active addresses hit a new low, indicating a lack of liquidity in the market.
Not only BTC, but also US stocks are facing liquidity difficulties. Last night, Berkshire A, with a market value of US$900 billion, plummeted 99% during the session. Subsequently, the New York Stock Exchange urgently announced that it was a technical problem and pulled back the transaction. Affected by this, several giants plummeted, and the scene was very spectacular.
Wall Street broke out that market makers withdrew funds, leading to this historic crash.
The transaction is generated in the pending order. It stands to reason that the farther away from the current price, the greater the depth. I remember that in 2014, the BTC of B network was sharply inserted, causing many people to buy 1 US dollar of BTC.
But this situation is rare after all. In most cases, the price will rise and fall in a narrow range, so the market maker will take out the funds for the top and bottom pending orders, which is equivalent to withdrawing the safety cushion. Either nothing will happen, or once something happens, it will be a big crash.
Qi Ge remembers that during the 312 period of 20 years, all long orders disappeared. According to Lao Hei's recollection, it only takes tens of millions of dollars to smash the market to drop BTC from 3,000 US dollars to zero. It only takes a few days for miners to go bankrupt collectively, and then it will be a devastating blow.
So Lao Hei's choice was simple and crude, which was to unplug the network cable. At that time, BN and OK were all suspended. Until three days later, the price returned again.
At that time, it was said that the crypto market was a makeshift team. When they were forced, they pulled the network cable. Now it seems that the New York Stock Exchange is not much better. It is even more excessive than Lao Hei and directly chose to withdraw the transaction. However, it is no wonder that the Americans are anxious. If Berkshire collapses, the US stock market will also come to an end.
In comparison, the liquidity of BTC has far exceeded that of US stocks and has become the number one commodity.
I remember what a big guy said two days ago: "If it's hard to make money trading on BTC, it's even harder to make money on other products."
BTC:
BTC: ETF funds continue to flow in, supporting BTC. BTC is moving higher along the 5-day line, and the hourly line rebounds from the bottom divergence, indicating that the bulls are increasing their support. The hourly line retraces the neckline support. The $68,647 below is the key point of the bull neckline. BTC can only further support the market and rise if it stands firmly at $68,647. Next, BTC rebounds at $68,647.
Resistance: 69402, 70015, 70685
Support: 68647, 67946, 67315
ETH:
With the weakening of long volume, the hourly line has repeatedly inserted pins, and ETH has entered a triangle convergence trend. The $3747 below is the key point of the box. Only by standing firmly at $3747 can it build a bottom and strengthen, and enter a new round of long-term upward trend. Next, ETH will bottom out and rebound at $3747.
Resistance: 3795, 3846, 3898
