Bitcoin plummets, who pays for the losses worth hundreds of millions
The rise of Bitcoin is amazing, and the recognition from Wall Street has accelerated its rise. However, the Bitcoin market in the past two days has become confusing again. It quickly fell back after breaking through a new high. Yesterday, Bitcoin plunged by about 9%. The data analysis shows that BTC fell to a low of 54790.33U from Monday. Last weekend, based on the needs of the economy and various investors, the digital industry surged, while Bitcoin reached a record high of US$61,556.59.
However, what had happened?
Since 2020, the sharp drop of Bitcoin yesterday may be related to the news that India will legislate to ban cryptocurrencies. The massive divestment seems to coincide with a report on Sunday evening. The report stated that India will propose a law prohibiting trading and holding the digital assets. A senior government official revealed that the Indian government will propose a bill to ban cryptocurrencies. The official stated that the bill will become one of the most stringent policies for cryptocurrencies in the world, and it will criminalize the possession, issuance, mining, trading, and transfer of encrypted assets. If the bill is executed, India will become the first major economy to regard holding cryptocurrencies as illegal. Bitcoin has reversed and plummeted this week due to inflation expectations in the United Kingdom and the United States have risen to the highest level since the financial crisis. The latest payment data reveals that retail investors have become the main driving force of Bitcoin’s skyrocketing in the first quarter.
According to the market report, the liquidation value for the top three currencies are about US$1.81 billion in BTC, US$211 million in ETH, and US$9.79 million in BCH. In the past 24 hours, about US$2.34 billion has been liquidated, with 190,000 people involved. Among them, Binance liquidated about US$873 million, Bybit liquidated about US$936 million, Huobi liquidated about US$191 million, OKEx liquidated about US$197 million, and BitMEX liquidated about US$88.85 million.
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