Tonight, the world witnessed history again, everywhere is fishy…
First, the regular session of the State Council again, the domestic futures market opened overnight with a sharp drop in the black series.
Then, cryptocurrencies collapsed across the board. Bitcoin fell 30% near the $30,000 mark, and Ether fell 46% at one point, causing the exchange to “unplug the network” at one point.
Finally, the U.S. stock market opened, and the Dow fell 500 points at one point.
Let’s see what’s going on.
The cryptocurrency world collapsed
The “myth of wealth creation” and wealth zeroing out overnight.
Since late afternoon Beijing time until now, the digital currency market collapse has further accelerated, with mainstream cryptocurrencies almost completely “cut down” in one day.
On May 19, virtual currencies plunged across the board. Bitcoin once fell below $31,000, down 30% in 24 hours, hitting a new low since the end of January this year; Ether fell below the $2,000 mark, down more than 40%; Dogcoin lost $0.3 per coin, down more than 40% during the day.
There are also various coins that the fund manager can’t even name. All are down more than 50%.
Then look at the data of the burst, there are 500,000 people burst 40 billion, in the last 24 hours.
In addition, there are also intermittent screenshots of people’s burst positions.
The whole process can be said to be quite tragic.
Exchanges are also “unplugging”
Coinbase, the largest digital cryptocurrency exchange in the United States, reportedly went down today as the price of Bitcoin and other digital cryptocurrencies fell across the board.
In response, Coinbase said in a statement, “We have identified some issues with Coinbase and CoinbasePro, and some functionality may not be fully functional. We are currently investigating these issues and will provide an update as soon as possible.”
As a result, Coinbase shares fell 10% at one point in early trading today.
In addition to Coinbase, another popular trading platform for retail investors, Binance, also announced this morning that it will suspend some cryptocurrency withdrawals.
Binance, the world’s largest cryptocurrency exchange, has temporarily banned ethereum withdrawals due to network congestion. Coinan.com issued a notice saying that it has suspended trading of all leveraged tokens except BTCUP, BTCDOWN, ETHUP, ETHDOWN, BNBUP, and BNBDOWN, and suspended the subscription and redemption functions of all leveraged tokens. Trading, subscription and redemption will be resumed at a later date.
Bitcoin and other virtual currencies have been sluggish recently, partly because of regulatory factors and partly because of the market.
On the evening of the 18th, the China Payment Clearing Association, the China Banking Association and the Mutual Fund Association jointly announced yesterday that it is clear that financial institutions and payment institutions are not allowed to carry out business related to virtual currencies. On the same day, the Resource Conservation and Environmental Protection Division of the Inner Mongolia Development and Reform Commission issued an announcement on the acceptance of reports on virtual currency mining enterprises, pointing out that the Office of the Regional Energy Consumption Double Control Emergency Command set up a reporting platform for virtual currency “mining” enterprises and comprehensively cleaned up and shut down virtual currency “mining” projects. “project.
In addition, Tesla suspended the use of bitcoin to purchase cars, sold some bitcoin in the first quarter and Musk’s statement on bitcoin and dogcoin, all of which have made the virtual currency “frequently volatile” recently. In response, CityIndex’s senior financial markets analyst said, “Musk’s comments have led to volatile trading in the virtual currency space, and this is not the first time, nor will it be the last.”
Black futures close sharply lower in overnight trading
Coking coal, iron ore and power coal all fell nearly 8%
In addition to the cryptocurrency world, commodities also collapsed.
On Wednesday (May 19), the domestic commodity futures night black system closed sharply lower, coking coal fell, down 7.98%; iron ore fell 7.92%, power coal fell 7.81%, hot-rolled coil fell 7.21%, rebar fell 7.07%, coke fell 6.45%. Energy chemicals also suffered a significant setback, with glass down 6.06%, soda ash down 5.33%, methanol down 4.97%, fuel oil down 3.82% and PVC down 3.68%.
On the news, Li Keqiang chaired an executive meeting of the State Council on May 19 to deploy a good supply of bulk commodities to stabilize prices and keep the economy running smoothly; determine measures to optimize notary services to better facilitate enterprises and benefit the people; and adopt the “Regulations on the Management of Pig Slaughtering (revised draft)”.
Tesla plunges over 4%
U.S. stocks are not very calm tonight either, with the Dow down 500 points at one point.
In addition, Tesla, which holds bitcoin, plunged 4%, once down more than 5% during the day, hitting a low of $546.98, down nearly 40% from its record high on January 25, with market value now reported at $532.8 billion, more than $300 billion having evaporated in late January, when Tesla’s market value once exceeded that of FACEBOOK.
Finally, bless the A-share!
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