After the Mentougou incident, the market generally re-buyed BTC. Everyone found that they were deceived by the dealer. All the bad news caused BTC to fall in vain, because MT.GOX users will be compensated according to the price of Bitcoin in 2014 (about $483 per BTC), not the current value or the number of lost Bitcoins. Refunds have been started through PayPal and will last until October 31, 2024. Everyone was scared by the news and sold out. Today, they found out that it was fake news, so they went to buy the bottom. Therefore, the drop below $60,000 this morning was the delay of news from other places. Or it was simply a contract explosion.
Here is a very favorable evidence, that is, the vast majority of altcoins continued to fall with the round of BTC's early morning decline. When BTC returned to $60,000, altcoins directly started to rise. The inflow of funds for various asset products reached $98 million, so a large number of altcoins were buying the bottom. Another is that the gas fee of Ethereum hovered between 2-5, which is the lowest level in the past. The decline in network fees has led to a decrease in ETH destruction, with only 266 Ethereum destroyed this week.
In the past week, the supply of Ethereum has been inflated, with a growth rate of 0.56%, which is the opposite of the previous deflationary nature. If activity picks up and more ETH is destroyed than issued, it will inevitably be deflation again. The market decline has not reduced ETH investment. According to yesterday's survey report, more than half of Japanese investment managers are investing in cryptocurrencies.
Due to market fluctuations, coins with low circulation and high FDV have all suffered varying degrees of decline, including ATH, AEVO, SAG, DYM, including AI and some meme coins!
So diversification is an effective strategy to reduce risk.
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