The cryptocurrency market shock! Bitcoin plunges to the 60,000 mark, and Ethereum can hardly hold the 3,300

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The virtual currency market has been volatile recently, and cryptocurrencies represented by Bitcoin and Ethereum have experienced a sudden plunge. The price of Bitcoin once approached the $60,000 mark, while Ethereum also struggled around $3,300, showing the extreme instability of market sentiment. Behind this sharp drop, multiple factors are intertwined. Analysts point out that increased supply, exchange actions and changes in market sentiment may be the key reasons for market fluctuations.

Just as the market was in turmoil, Binance, the world’s largest cryptocurrency exchange, announced that it would stop trading services for six currency pairs on July 5, including BTC/AEUR, ETH/AEUR, etc. This move undoubtedly dropped a heavy bomb on the market. Although Binance did not disclose the specific reasons for delisting, the market generally speculated that this was related to insufficient liquidity. At the same time, Binance also announced the addition of spot trading pairs such as WIF/BRL, ZK/USDC and ZRO/USDC, but this move did not effectively boost market sentiment.

It is worth noting that with the fluctuations of mainstream cryptocurrencies such as Bitcoin and Ethereum, investors have begun to turn their attention to emerging cryptocurrencies to find new investment opportunities. It is reported that five new cryptocurrencies will be available for investment in July, including 5thScape, DarkLume, etc. The launch of these new coins will undoubtedly increase the supply of the market and further intensify market competition.

In addition, the subsequent development of the bankruptcy of Tokyo Bitcoin Exchange Mt. Gox has also attracted widespread attention from the market. The exchange plans to issue about $9 billion worth of Bitcoin and Bitcoin Cash to about 20,000 creditors in early July. Although this news has brought hope to some investors, it has also exacerbated the market’s concerns that a large number of cash-outs will further suppress the price of coins.

Faced with the sharp fluctuations in the market, investors have speculated whether the virtual currency market has bottomed out. Some analysts pointed out that the surrender level of miners is close to the historical bottom, indicating that the market may be undergoing a deep adjustment. However, there are also views that the support of politicians such as Trump and the accumulation of potential market benefits may bring a turnaround to the market.

However, the virtual currency market is currently in a complex and changeable stage. Investors need to remain cautious and pay close attention to market dynamics and risk factors. At the same time, we should also recognize the long-term potential and investment value of the cryptocurrency market and seize investment opportunities under the premise of controllable risks.