strippokerfreegame| Shanbang! More than 110,000 people lost their positions, and if they rushed in, they would lose 20,000!

Etay Square spot ETF has just been approvedStrippokerfreegameThe virtual money market ushered in a wave of selling.

On the afternoon of May 24, Beijing time, Bitcoin suddenly took a big dive in intraday trading, and currencies such as etherifang, coin an coin and dog coin also fell.

Industry insiders said that Bitcoin fell sharply today, mainly because most investors were optimistic and inclined to make a profit after the good news that ethernet spot ETF was approved.StrippokerfreegameIt's over.

Bitcoin flash crash

From 15:00 Beijing time on May 24, Bitcoin fell below the three important levels of US $70000, US $69000 and US $68000 in succession. This means that investors who bought bitcoin after the approval of etherfang spot ETF early this morning suffered heavy losses, with losses of up to 21731 yuan on a bitcoin. As of press time, Bitcoin temporarily reported $67230, down 3% in 24 hours.Strippokerfreegame.66%.

Other currencies in the virtual money market have plummeted. The price of Etay Fong rose from $3700 to $3900 and then dived to $3660, a 24-hour drop of more than 4 per cent. The dog coin and the Anyuan fell by 7% in 24 hours. According to CoinGecko data, the total market capitalization of virtual currency is 2.Strippokerfreegame.4 trillion dollars, down 5.8% in 24 hours.

Over the past 24 hours, more than 110000 people have burst positions in the virtual money market, with a total amount of $399 million (about 2.89 billion yuan), including $303 million for multiple positions and $95.65 million for short positions, according to Coinglass.

Photo Source: Coinglass

Industry insiders pointed out that market indicators show that Bitcoin is currently in the consolidation stage. Key indicators such as exchange inflows, momentum and the ratio of market capitalization to realised market capitalization (MVRV) of short-term holders show signs of slowing market momentum and increasing selling pressure. In addition, changes in miners' earnings and the cooling of SOPR momentum, the profit margin on expenditure output, further suggest that demand for high-priced bitcoins is diminishing. In addition, one of the main reasons for today's price correction may be the decline in Bitcoin's dominance, suggesting that the attention of market participants has clearly shifted from Bitcoin.

Zhao Wei, a senior researcher at the OKX Research Institute, told the China Securities News that the causes of price fluctuations in Bitcoin and Ethernet are complex and are affected by macroeconomic, global regulatory policies, market sentiment, capital inflows, and internal technological development, rather than by a single factor. In particular, with the frequent occurrence of various advantages of policies and industries, the short-term market is overheated and the leverage ratio increases greatly, resulting in a significant increase in the risk appetite of some investors.

Etay Fong spot ETF approved

On May 23rd local time, the Securities and Exchange Commission (SEC) announced approval for the spot ETF trading plan submitted by the New York Stock Exchange, the Chicago Board options Exchange and NASDAQ.

Photo: Securities and Exchange Commission website

It is worth noting that this approval does not represent the full approval of the ethernet ETF. The 19b-4 form approved by the SEC this time is the 19b-4 form of ethernet spot ETF, which involves the trading rules, listing standards and fee structure of the products. Next, the major issuers still need to wait for their specific ETF listing plan to be approved, that is, the Smur1 registration statement will take effect before officially stating that "etherfang spot ETF will be approved for listing".

BlackRock, Fidelity Investment, Ark Investment Management, VanEck, Jingshun and other institutions are potential issuers of ethernet ETFs. Currently, BlackRock's spot ethernet ETF is listed on the American Securities Depositary and Clearing Company website (DTCC) under the code ETHA.

In January, the Securities and Exchange Commission approved the issuance of spot bitcoin ETF. In a statement on the approval of bitcoin spot ETF posted by SEC Chairman Gensler on the SEC website, although some bitcoin spot ETF was approved for listing and trading, Bitcoin was not approved or approved. Bitcoin is a speculative and volatile asset. The approval of bitcoin spot ETF will bring more regulation.

Galaxy Digital's latest report says that spot ethernet ETFs will be listed on the exchange in July or August. The risk profile of spot ethernet ETF is significantly higher than that of spot bitcoin ETF, which could prolong regulatory decisions on these ETF.

Many market views believe that the launch of ethernet ETF will change the industry landscape and have a negative impact on spot bitcoin ETF and bitcoin itself, and market funds will shift from bitcoin ETFs to Ethernet ETFs.

Peter Schiff, a prominent Bitcoin critic, said that the money for investing in the spot ETF at Ethernet Fong was likely to come from funds invested in the existing spot ETF of Bitcoin. In his view, investors who have allocated money to virtual currencies are unlikely to increase their overall investment in the cryptocurrency market in order to buy Ethernet Square ETF. Instead, they may transfer investment money from Bitcoin to Ethernet Square, which may have a negative impact on the price of Bitcoin.

Virtual money market may face greater selling pressure

On April 20, Beijing time, Bitcoin was halved for the fourth time in history, and the mining reward of the Bitcoin network was halved from 6.25 Bitcoins to 3.125 Bitcoins. The halving incident had a greater impact on the income of miners with special coins.

There are two main sources of income for Bitcoin miners: mining incentives and transaction fees. The halving event has a direct impact on the mining incentives of miners, however, the operating costs of "miners", such as electricity and equipment costs, will not be reduced. As a result, many miners may face difficulties in making profits. Shares of bitcoin miners such as Marathon Digital, Riot Platforms and Cipher Mining have fallen so far this year.

The virtual currency market is likely to face more selling pressure as the income of bitcoin miners holding large amounts of virtual currency assets falls sharply, according to Kaiko, a research firm. "if miners are forced to sell even a small portion of their assets next month, it will have a negative impact on the market. During the summer months, virtual currency trading activity usually slows and liquidity becomes illiquid. "

Marathon Digital and Riot Platforms, the two largest listed bitcoin mining companies, hold 17631 and 8872 bitcoins, respectively, worth more than $1.1 billion and more than $500m, respectively, according to Kaiko.