Investors "extremely fearful" Bitcoin once fell 17%

Bitcoin’s wild swings continue. On May 23, the Bitcoin index once again fell by 16.71%, with a minimum of 31192.40 US dollars per coin. Ethereum plummeted 21.34% within the day to $1,805.01 per coin; Ripple and Litecoin plummeted 26.60% and 26.33% respectively. Subsequently, major cryptocurrencies rebounded somewhat. As of press time, Bitcoin regained the 34,000-point mark, reported at 34,915.47 US dollars per coin, and rebounded by more than 3,000 US dollars.

CNBC: The U.S. tax law may provide relief to investors in platforms such as Celsius through the write-off of "non-commercial bad debts": News on July 7, cryptocurrency lending platforms such as Celsius, Anchor and Voyager Digital were suspended due to the collapse of cryptocurrency prices or Restrict investor withdrawals. CPA Shehan Chandrasekera said the U.S. tax code could eventually provide relief to investors through write-offs of "non-business bad debt."

It is reported that the condition for constituting non-commercial bad debts is that one party lends to the other party to form a debt, and the loaned funds are completely lost and irrecoverable. Lewis Taub, another CPA, emphasized that “there must be a complete loss of all funds lent to the platform before the debt funds can be considered deductible. Partial losses do not count. Frozen accounts, or limited withdrawals from cryptocurrency platforms, do not constitute total loss. losses.” Determining whether funds provided by users to a crypto platform constitute a loan is not straightforward. (CNBC)[2022/7/7 1:56:22]

Affected by the continued decline in the cryptocurrency market, a large amount of funds suffered losses again. According to the latest data from Coin, a total of 242,651 people liquidated their positions in the last 24 hours. The largest single liquidation occurred on the Huobi Ethereum transaction, worth $18.8 million.

Jia Jihui, CMO of TokenBetter Group: The exchange is a bridge connecting projects and investors: At 8:00 p.m. on July 24th, the industry in-depth interview column "Dimension Observation" elaborately created by TokenBetter was officially launched. Jia Jihui, CMO of TokenBetter Group, focused on the topic of "Mining Industry Trends in the Second Half of 2020", and gave a wonderful speech on "TokenBetter's Mining Industry Layout Ideal and Original Aspiration", and said that "Staking is currently in a bonus period, and the computing power and cost are not high. Energy consumption, The consensus time has also been reduced. Through Staking, users can participate in mining more efficiently and achieve greater profitability with a lower threshold. As a bridge connecting projects and investors, TokenBetter Exchange has unique advantages in developing mining and Staking businesses. "[2020/7/24]

BitGo will provide digital currency custody services for institutional investors: Blockchain security company BitGo recently released a new custody service, which will provide digital currency custody services for institutional investors. Tracy Olson, head of its product department, emphasized that although the company's wallet products currently involve 15% of bitcoin transactions, it will never disclose the total number of bitcoin assets under custody. [2018/5/14]

A popular measure of anxiety in the cryptocurrency market is the Fear and Greed Index, which came in at 14, which indicates extreme fear, after hitting a greed level of 55 last month.

It is worth mentioning that on May 13, a Huobi Mall customer service WeChat community announcement was circulated on the Internet. The announcement stated, "In order to cooperate with China's latest industry regulatory policies, the mall has decided to suspend the sale of mining machines and derivative services for users in mainland China. The provision of mining machine hosting services is suspended for users who have purchased BTC mining machine products. The machines will be released today. There will be a power outage and it will be removed from the shelves. Users who have purchased FIL with full computing power will not be affected."

The Huobi official stated that the pace of globalization of the mining machine mall business is accelerating. In order to concentrate on expanding overseas business, the mining machine mall has decided to suspend the provision of related services for users in mainland China. Perhaps affected by the news, the proportion of Bitcoin computing power in the Huobi mining pool plummeted.

The plunge in the cryptocurrency market over the weekend has caught the attention of bulls and market participants, including billionaire Mark Cuban, who appears to blame the plunge in part on excessive leverage and interest in bitcoin alternatives. speculation.

It is worth noting that a recent report by the blockchain analysis company Chainalysis shows that more than half of the $410 billion currently spent on buying Bitcoin was purchased in the past 12 months, with an average cost of about $110 billion of funds. Less than $36,000. This means that unless the price of Bitcoin reaches $36,000 or higher, the vast majority of investments will not be profitable.

In order to prevent risks, recently, China has rectified and tightened the chaos in the virtual currency market. On May 18, in order to further implement the requirements of the "Notice on Preventing Bitcoin Risks" and "Announcement on Preventing Financing Risks of Token Issuance" issued by the central bank and other departments, and to prevent the risk of speculation in virtual currency transactions, China Internet Finance Association, China The Banking Association and the China Payment and Clearing Association jointly issued an announcement on related matters: financial institutions, payment institutions and other member units are not allowed to use virtual currency to price products and services, and are not allowed to underwrite insurance business related to virtual currency or include virtual currency in the scope of insurance liability , shall not directly or indirectly provide customers with other virtual currency-related services.

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