Golden Outpost | The Musk incident triggered retail investors to sell off, and the encryption market fell across the board

Jinse Finance data shows that BTC fell short-term and fell below the $43,500 mark, and ETH fell below 3,400. The crypto market is cascading across the board.

At the same time, digital currency concept stocks opened sharply lower, the GEM st Julong fell by the limit, Yuyin shares, Qitian Technology, Chutianlong, Zhidu shares, Gao Weida and others fell by nearly 8%.

In addition, OKLink data shows that in the past seven days, Grayscale has increased its holdings by 1,107 LTC, 51,600 XLM, 3,400 LINK, and 35,100 BAT. In addition, GBTC shares worth 16,513 bitcoins will be unlocked this week, of which the value of unlocked shares reached 10,500 bitcoins on May 19, the highest single-day unlocked share in the past 90 days. After unlocking, GBTC stocks will be able to enter the OTCQX market for trading. According to market analysts, the unlocked share may further cause market shocks.

Jinse Finance mining data broadcast | BCH's network computing power rose by 9.65% today: Jinse Finance reported that according to the data of the spider mining pool:

The computing power of the BTC network is 109.431EH/s, the mining difficulty is 15.78T, the current block height is 635084, and the theoretical income is 0.00000839/T/day.

The computing power of the entire ETH network is 186.490TH/s, the mining difficulty is 2340.54T, the current block height is 10280274, and the theoretical income is 0.00832414/100MH/day.

The BSV network computing power is 1.760EH/s, the mining difficulty is 0.28T, the current block height is 639700, and the theoretical income is 0.00051131/T/day.

The BCH network computing power is 2.976EH/s, the mining difficulty is 0.42T, the current block height is 639926, and the theoretical income is 0.00030237/T/day. [2020/6/17]

It is worth mentioning that the market has continued to fall in the past three days, and the direct trigger is a series of remarks by Musk.

Analysis| Golden Disk: FGI Fear Index remains at 18: Golden Disk Comprehensive Analysis: FGI Fear Index is 18, which is the same as the previous value. If you look at the rebound of BTC, the market does not buy it. Most people think that there will be another risk of falling here , but the market is indeed seriously oversold, and the deviation needs to be repaired. [2018/8/12]

On May 17, Tesla CEO Elon Musk hinted on social media: "Tesla may or has sold its Bitcoin holdings." A Twitter user left a message to Musk saying: "Bitcoin people (holders) will definitely slap themselves in the face next quarter (after the quarterly earnings report) if they find out that Tesla has sold off the remaining bitcoin holdings .” Musk responded to the tweet with the word “Indeed.”

Jinse Finance live report Tao Quming, deputy general manager of Wanxiang Blockchain: the underlying technology of the blockchain industry is very immature: Jinse Finance live report, at the 2018 Blockchain Technology and Application Summit, Vice President of Wanxiang Blockchain Co., Ltd. Manager Tao Quming believes that the underlying technology of the blockchain industry is very immature, and there are very few projects that can be maturely implemented. The blockchain supports the existence of the value Internet, but what is the value Internet? Our role in the value Internet is still gradually forming , then how should we evaluate the value of the Internet of Value. [2018/3/30]

In addition, Musk also quoted an article tweeting that Bitcoin is actually highly centralized, and the vast majority is controlled by a small number of large mining (aka computing power) companies. A coal mine problem in Xinjiang nearly killed miners and Bitcoin hash rate dropped by 35%. Sound "decentralized" to you? In addition to being bearish on Bitcoin, Musk also implemented his optimism on Doge. "Those nasty remarks make me think All In Doge," he said.

In addition, Musk commented on Michael Saylor's Bitcoin milk article saying that "he should wear sexy trousers with a Bitcoin logo-zce on Halloween." Musk directly satirized Bitcoin believers. At the same time, Musk pointed out that Bitcoin is actually highly centralized. The implication is: "You fanatical believers in Bitcoin are not qualified to say that doge is not good, and Bitcoin is not a good thing."

Faced with Musk's bearish remarks, more and more Bitcoin believers began to scold Musk, and Musk's Twitter messages were full of scolding from HOLDER. So he directly used the big move, suggesting that Tesla will liquidate Bitcoin on the next earnings release date. Such heavy bad news quickly caused the price of Bitcoin to plummet.

Earlier, Musk said, I probably know more about how money works than you do. He also pointed out that if doge's block confirmation speed is 10 times faster, the block size is increased by 10 times, and the handling fee is saved by 100 times, then it can win. Dogecoin developers have further recently stated that they have been working with Elon Musk since 2019. Musk "has been encouraging them to ramp up the deal," offering "a lot of advice and input," and sharing his extensive network of contacts. However, the market did not buy it. A large number of value currency investors began to express their desire to prevent Musk from "manipulating the market" and said that doge is a garbage currency.

It is worth mentioning that in the face of Musk’s series of operations, Binance CEO Changpeng Zhao stated that he has unblocked Musk’s Twitter.

In this regard, Paradigm co-founder and managing partner Matt Huang tweeted that cryptocurrencies such as Bitcoin often challenge traditional thinking, regardless of whether Musk eventually owns Bitcoin, Bitcoin will continue to move forward.

ZB market researchers analyzed that the Musk incident last week brought some changes in the data on the chain, but the overall situation is still relatively healthy. The recent decline is due to the impact of the Musk incident. It is an irrational panic selling, mainly retail investors. This is a normal phenomenon in the middle of the bull market, and the fundamentals of the bull market have no signs of ending.

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