After the Bitcoin roller coaster, the stalemate is at 40,000 US dollars, and some institutions hold currency as low as 10,000 US dollars

Under the platform of several figures, Bitcoin, which was originally thought to be unable to get up for a while, seemed to slow down.

Since "gritting teeth" almost fell below the $30,000 mark, and then stopped the decline at around 22 o'clock in the evening on May 19th, Beijing time, Bitcoin has slightly increased its recovery since yesterday, turning from a 13% decline in the previous 24 hours to A 14% gain in 24 hours. As of 12:20 on May 21, Beijing time, the price of bitcoin was $40,651.56, an increase of 2.39% in 24 hours compared to yesterday. Recovered and maintained around $40,000.

Bitcoin price intraday change/chart source: Coinbase

In the face of this volatility, not only the market is dumbfounded, but central banks of various countries have opened their eyes wide to cryptocurrencies such as Bitcoin.

There are 73,076 unconfirmed transactions on the Bitcoin network: Jinse Finance reported that according to btc.com data, there are currently 73,076 unconfirmed transactions on the Bitcoin network, and the 24-hour transaction rate is 3.84 txs/s. At present, the difficulty of the entire network is 20.61 T, and it is predicted that the next difficulty will increase by 8.63% to 22.39 T, and there are 7 days and 11 hours left before the adjustment. [2021/1/16 16:17:58]

On May 20 local time, the Bank of Canada (Bank of Canada) stated in its annual financial risk assessment that the volatility of cryptocurrency assets is a new vulnerability facing the country's financial system. Policymakers led by Governor Tiff Macklem said that while the crypto market is not yet of systemic importance as an asset class or payment method, if a large tech company with a large user base decides to issue a With cryptocurrencies widely accepted as a means of payment, that may be about to change.

The actual transaction volume on the Bitcoin 24h chain is 721,300 BTC: According to Jinse Finance News, according to the data on the OKLink chain, the number of active-zce addresses on the Bitcoin 24h chain exceeds 1.1371 million, a month-on-month increase of 5.09%; the actual transaction volume on the chain is nearly 721,300 BTC, a month-on-month decrease of 0.95%; the number of on-chain transactions exceeded 340,300, a month-on-month increase of 7.16%.

As of 11:00 a.m., the BTC network difficulty is 18.67T, the network computing power is 138.34EH/s, an increase of 4.34EH/s from the previous day, and the number of unconfirmed transactions is nearly 25,300. [2020/12/24 16:21:32]

Norway's central bank (Noregs Bank) also warned that if banks continue to increase investment in cryptocurrencies, the latter's violent price fluctuations may cause trouble for the banking system. "We don't see these volatility as a major threat to financial stability, but they could be if exposures continue to increase," said Torbjorn Haegeland, executive director of the Financial Stability Unit.

Voice | Fundstrat Technical Strategist: Now is not the time to increase Bitcoin: According to newsbtc, Fundstrat Global Advisors technical strategist Rob Sluymer recently explained that investors should wait and see under the current stable situation, and wait and see when there is a major Bitcoin occurrence. The price trend and establish a trend before entering the market and increasing Bitcoin holdings. deVere founder Nigel Green said the current market stability could be a sign of maturing cryptocurrency markets. [2018/10/10]

Powell, who has been frequently active-zce in major conferences recently, has also accelerated his argument for a digital dollar, and plans to launch a public consultation on the "digital dollar" project. In a rare video statement from the Fed on May 20, Powell highlighted the potential benefits and pitfalls associated with digital currencies and highlighted the growth of so-called stablecoins (private digital currencies pegged to the U.S. dollar), he said , which could pose a threat to the financial system.

In most cases, verbal warnings have less impact than actual actions. Following the People's Bank of China's announcement that financial institutions should not provide customers with any digital cryptocurrency services, including currency exchange, registration, trading, clearing, and settlement, the Biden administration has also proposed a new proposal: cryptocurrency transfers exceeding $10,000 must Reporting to U.S. tax authorities, the price of Bitcoin subsequently fell by about 5%.

Aside from the sharp drop in bitcoin that has been reported many times and the regulatory dynamics of central banks in various countries, the cost and situation of holding coins by Tesla and other institutions have also aroused the curiosity of many people.

Matt Weller, global research director of GAIN Capital Group, said that according to Tesla's financial report, as of March 31, 2021, the fair market value of the company's bitcoin holdings was $2.48 billion, which means that if the company cashes out the digital currency , expected to earn about $1 billion. On March 31, the price of bitcoin was reported at US$59,000, and US$1 billion of the market value of US$2.48 billion was profitable, indicating that the average cost of Tesla’s bitcoin holdings was less than US$25,000 per unit.

"In the first quarter of this year, Tesla generated $4.4 billion in profit, the highest quarterly profit in history," Matt Weller said. "Among them, the sale of Bitcoin brought a profit of $100 million, but selling cars lost more than 100 million. , the remaining profit comes from the sale of carbon credits. There is a view that since the sale, of course Musk does not need to sing more bitcoins. Subsequently, bitcoin continued to fall until Tesla announced last week that it would suspend accepting bitcoin as a The car purchase payment method, Bitcoin Waterloo, once fell by more than 10,000 US dollars from its high point, and the entire cryptocurrency market evaporated more than 300 billion US dollars in market value."

The cost price of the "big currency holder" Grayscale Fund is far from the currency price. Currently, Grayscale holds 652,900 bitcoins at an estimated cost of $8.931 billion. In other words, the average cost of holding a bitcoin in Grayscale is only about $13,700.

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