Bitcoin's highs and then falls back are most likely affected by the Mentougou incident
Currently, there are still 138,000 Mentougou wallet addresses, which is about 10 billion US dollars.
Analysis of the reasons for the decline in BTC prices
The impact of the Mentougou incident: Mentougou (MT.Gox) was once the world's largest Bitcoin exchange, but it was closed in 2014 due to the loss of a large number of customer Bitcoins. The recent abnormal movement of Bitcoin in Mentougou may have caused market concerns about security, leading to a decline in investor confidence and thus selling behavior. This psychological impact has a significant effect on market price fluctuations. Behavior of market operators: Market operators may use the negative impact of the Mentougou incident to influence investor sentiment by spreading news, thereby achieving the purpose of harvesting retail investors. In this case, investors need to remain rational and avoid being swayed by market sentiment.
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