📉Why did the Bitcoin and Ethereum markets plummet one after another?
🚨The market has been a bit crazy in recent days. The prices of Bitcoin and Ethereum have been falling like a roller coaster. In the past 24 hours, the entire network contract has exploded by $779 million, mainly long orders!~😱
📉As of now, Bitcoin has fallen below the $55,000 mark, and Ethereum has also fallen to a low of $2,400. This is not just a digital game, this is a loss of real money!
🤔 According to reports, the trigger for this bankruptcy was that Genesis Global Capital began to repay! According to Bloomberg, the lender has now begun to immediately distribute about $4 billion in cryptocurrencies and fiat currencies to creditors.
📊According to Arkham Intelligence's on-chain data, last Friday, they transferred $1.5 billion in Bitcoin and Ethereum at once, including 16,600 BTC (worth about $1.1 billion) and 166,300 ETH (worth about $521.1 million). The market was like a bomb was thrown into it!
👀 If you are a creditor and you finally get your money after waiting for three years, would you want to cash out quickly? However, many people did this, and the result was a wave of selling, and the price naturally fell.
📈 But don't forget that Genesis Global Capital is not the only company that is repaying its debts. Mt. Gox has also been repaying creditors in the past few weeks. The market is still digesting these large-scale capital flows.
💬 What do you think of this price crash? Is it a panic sell-off or a natural adjustment of the market? What will the future of cryptocurrency look like? Leave your thoughts in the comments section!
