The market is wailing about the storm of the whole network plummeting! Can Fil turn the tide?
At the beginning of August, BTC plunged and fell below the 50,000 US dollar mark, hitting a new low since mid-July. The entire crypto world seemed to be shrouded in haze. Who is behind this sudden plunge?
Mr. Yu Jianing, an authoritative expert in the blockchain field of the China Communications Industry Association, revealed the secret behind it for us - the ever-changing market expectations are the driving force behind the fluctuations in Bitcoin prices.
The Fed's inaction and hint of interest rate cuts should have been a shot in the arm for the market, but it seems to have been foreseen and digested by savvy investors in advance. The Bank of England's interest rate cuts not only failed to become the market's stabilizing force, but instead, like a stone thrown into the lake, stirred up layers of uneasy ripples, and market confidence fell to the bottom.
Let's look at Fil, a once-glorious superstar project, which also failed to stay out of this storm. The price of Fil was like a roller coaster ride throughout the quarter. The slump of the market, the collective depression of retail investors, and the deeply rooted strategy of "selling in May and avoiding the heat in summer" are all exerting pressure on Fil.
What is more worrying is that Fil's active storage transaction volume has declined significantly, with a drop of 6% compared with the previous quarter. This data directly affected the platform's storage utilization rate, which was only maintained at a low level of 26%.
In this despair, Fil's loyal fans have not given up hope. They firmly believe that as long as the bulls continue to exert their strength, FIL will be able to get rid of the current predicament and usher in the dawn of a rebound. So is the spring of Filecoin far away?
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