A "cryptocurrency winter" is coming. Under the continuous radical "shrinkage" of the Federal Reserve, it is difficult for digital currency to reverse the decline. On Thursday afternoon, the 24-hour decline of bitcoin once expanded to more than 14%, falling below US $27000 / piece, a new low since December 2020. As of press time, bitcoin has rebounded slightly to more than $27000.
In addition, Ethereum once fell below US $1800 / piece, with a decline of more than 23% within 24 hours, and the quotation hit a new low since July last year.
Source: Yingwei Caiqing
Terrausd, the stable currency, had plunged by 30%, which triggered the flight of investors in the digital currency market, and Asian stocks related to digital currency were also dragged down and fell sharply.
On Thursday, Hong Kong stocks of BC Technology Group Ltd., a digital asset and blockchain platform, once fell 7.5%, or hit the lowest closing point in more than four years.
In addition, MONEX Group Inc., a Japanese company with trading platform and coincheck trading platform, fell 8.6%, and Woori technology investment, a Korean blockchain company, fell 6.6%.
Ed Moya, senior market analyst at OANDA, a veteran foreign exchange broker, said in a report: "after the collapse of the controversial stable currency UST, the cryptocurrency market is in a very tense period. Most institutional cryptocurrency investors last year are now losing money."
On Wednesday, the digital currency avalanche plunged about 37% and Solana plunged 33%. Bitcoin fell 8.4% to $28402.78, the lowest level since December 2020. All three tokens rebounded in early trading on Thursday.
According to Wall Street's previous articles, many analysts unanimously pointed out that under the multiple pressures of high inflation fever and the Federal Reserve's radical "water recovery" or economic stall, investors flocked out of risky assets, and a "crypto winter" is coming.