Bitcoin, which had been holding its breath without volatility, fell by 7% in two months amid bad news such as China’s Hengda Group filing for bankruptcy protection, sinking to the 36 million won mark. In June, the world’s largest asset management company BlackRock’s bitcoin spot exchange-traded fund ( ETF ) returned the 40 million won line in the favorable news of the listing application, and returned all the increase it showed.
On the 18th, Bitcoin is trading at $26,326, down 8.11% from the previous day on Binance, the world’s largest coin exchange. Domestic Upbit is recording 36 million won, down 7.69% from the previous day.
Bitcoin rose more than 10% from $27,700 to $24,580 in about 10 minutes around 6:40 am on the 18th as news that Chinese subsidiary Hengda (Evergrande) filed for bankruptcy protection with the US court was reported. has fallen $24,580 is the lowest토토사이트 price since March 16th. Hungda filed for bankruptcy protection under Article 15 (Chapter 15) of the Bankruptcy Protection Act with the New York Bankruptcy Court. This is to secure time for restructuring and debt repayment.
The reason why Bitcoin reacted greatly to the news of Hungda is that there have been rumors that the stablecoin Tether has been exposed to Hungda risk for a long time. Overseas, in most cases, cash is exchanged for tether to buy virtual assets, and virtual assets are bought with tether. If the Tether company is exposed to Hungda risk, making it difficult to get cash back, investors are likely to sell their bitcoins and convert their Tether to cash sooner than others to avoid losses. However, Tether has clarified that it “does not hold any bills, bonds or securities of the Hengda Group.”
The news that SpaceX, a space development startup founded by Elon Musk Tesla Chief Executive Officer ( CEO ), has disposed of all of its bitcoins also boosted the decline. According to the Washington Journal ( WSJ ), SpaceX also sold a total of $373 million worth of bitcoin over the next two years from 2021. It was also reported that the court had allowed the US Securities and Exchange Commission ( SEC ) to appeal its lawsuit against Ripple.
Coins with large market capitalizations, such as Ethereum (8.4%) and Ripple (12.77%), also fell significantly. As price volatility increased, the global virtual asset trading volume soared by 85.52% compared to 24 hours ago, recording KRW 85.89 trillion. Upbit’s trading volume also recorded KRW 2.3868 trillion. According to CoinDesk, more than $1 billion (1.4 trillion) of Bitcoin futures positions were liquidated worldwide in the plunge.
What is unusual is that during this drop, the price of Bitcoin on Coinbase instantly became more than 3% higher than that of other exchanges. Coinbase is the leading coin exchange in the United States. “The high price of Coinbase is interpreted as someone selling a large amount of bitcoin on Binance, an exchange with great influence outside the United States, or because there was a large purchase of bitcoin in Coinbase,” said CryptoQuant CEO Joo Ki-young.