Musk’s ＂Rebellion＂ Currency Circle’s ＂Crazy＂ Currency Circle is ten years from day to day.
Musk’s words have caused a storm in the cryptocurrency market.
Dogecoin soared 260 times in half a year, Shiba Inu currency rose 10,000 times in 30 days and 100,000 times in three months, while another kind of counterfeit currency, CSPR, rose 2213 times overnight. The madness of the cryptocurrency market can’t help but make people sigh: "One day in the currency circle, ten years in the world."
Under the mentality of "getting rich overnight", many people can’t help but rush into the currency circle. However, great risks are coming. Musk announced that Tesla suspended accepting Bitcoin as a payment method because of concerns about environmental problems caused by mining.
The above-mentioned major bad news has caused a bloody storm in the cryptocurrency market. Bitcoin once fell more than $10,000, and the decline in 24 hours was close to 15%. Ethereum fell more than 10% in intraday trading, Ripple currency fell more than 17%, Shiba Inu currency plunged nearly 40% in intraday trading, and dogecoin fell nearly 17%. Bitcoin home data shows that in the past 24 hours, there were 302,500 people in the cryptocurrency market, and the amount of short positions exceeded 23.8 billion yuan.
"mutinous"Musk
Musk said on Twitter that the company will not sell any bitcoin and will resume bitcoin for trading after confirming the transformation of bitcoin mining to more sustainable energy. Affected by this, cryptocurrencies collectively plunged and bitcoin prices fell sharply.
Suspend bitcoin payment for environmental protection?
Will not sell any bitcoin.
"Tesla has suspended the use of Bitcoin to buy cars. We are worried that a lot of fossil fuels, especially coal, are needed in bitcoin mining and trading, and their emissions are the worst among all fuels. Cryptographic currency is a good idea on many levels. We believe that it has a bright future, but this cannot be at the expense of bringing a burden to the environment. " Musk said in Twitter on May 12. According to the data of Cambridge University and the International Energy Agency, at the current rate, the annual energy consumption of bitcoin mining is similar to that of the Netherlands in 2019.
Musk also said on Twitter that the company will not sell any bitcoin, and will resume bitcoin for trading after confirming the transformation of bitcoin mining to more sustainable energy. He revealed that Tesla is also paying attention to other cryptocurrencies, and their energy consumption is less than 1% of Bitcoin.
Affected by this, cryptocurrencies collectively plunged and bitcoin prices fell sharply. According to the information provided by the website of Bitcoin Counter, a market information agency, the spot price of Bitcoin once fell to $46,294.72 on the 12th, which was 20.23% lower than the 24-hour high.
On May 11th, Musk also launched a vote on Twitter. Do you want Tesla to accept payment from dogecoin? Among the nearly 4 million netizens who voted, 78.2% expressed support and 21.8% expressed disapproval.
In the first quarter of 2021, Tesla bought $1.5 billion worth of bitcoin and sold $272 million worth of bitcoin. According to a financial document submitted by Tesla on April 26th, the profit from its bitcoin sales made the company gain $101 million.
United States Securities and Exchange Commission
Accused Musk of securities fraud.
When Tesla announced the purchase of $1.5 billion worth of bitcoin in February this year, Dan Ives, president of Widbush Securities, said, "This will have a chain reaction to other companies." Ives expects that other companies will soon start research in the field of bitcoin and will follow the pace of Musk.
The National Broadcasting Corporation (CNBC) reported that after Tesla, mainstream investors and some corporate buyers including Square, Metromile and Nexon flocked to the bitcoin market, believing that this digital currency was a potential inflation hedging tool. Big Wall Street banks such as Goldman Sachs and Morgan Stanley also plan to provide investment tools for bitcoin and other digital assets for high net worth individuals.
However, some investors such as Sun Zhengyi, the founder of Softbank, are cautious about the cryptocurrency craze. Sun Zhengyi said at a recent press conference, "To be honest, I don’t know whether Bitcoin is a good thing or a bad thing. What is its real value, and whether it is in a bubble, there is a lot of discussion. "
According to media reports, Musk has always been an open fan of Bitcoin and dogecoin. His remarks also greatly influenced the price of virtual currency. Last weekend, when Musk participated in hosting saturday night live, an old American entertainment variety show, he called dogecoin a "scam", and then dogecoin plunged more than 40%.
Because Musk actively encourages more people to buy cryptocurrencies on social media, it is considered to have deliberately raised the price of cryptocurrencies such as Bitcoin. Musk has been accused of influencing the market by tweets in the past. The most famous incident was that the US Securities and Exchange Commission accused Musk of fraud in 2018 because he said on Twitter that he would privatize the company at a price of $420 per share.
"Crazy"
Coin circle
Under the advocacy of Musk, a "madman with goods", dogecoin soared 260 times in half a year. However, when you think that dogecoin has gone against the sky, even more inhuman shanzhai coins appear. SHIB coins have increased by 10,000 times in 30 days, 100,000 times in three months, and have increased by more than 1 million times so far.
Come quickly
Shiba Inu currency rose 100,000 times in three months,
CSPR suddenly pulls 2213 times a night.
Previously, under the advocacy of Musk, a "madman with goods", dogecoin soared 260 times in half a year. However, when you think that dogecoin has gone against the sky, even more inhuman counterfeit coins have appeared. SHIB has increased by tens of thousands of times in 30 days, by 100,000 times in three months, and by more than 1 million times since its appearance.
In fact, Shiba Inu, like dogecoin, is a fake coin derived from spoofing Bitcoin. The recent surge in Shiba Inu coins has also contributed to Musk’s touting. On May 7th, some foreign netizens tweeted: "If investors want to trade SHIB Shiba Indog coins in a short term, they can. However, don’t consider doing the same thing for Shiba dogs. " As a result, Tesla CEO Musk replied under his tweet: "I am looking for a Shiba Inu."
On May 8, Shiba Inu coins rose by 251%, and the daily transaction volume reached 40.3 billion yuan, even making it on Weibo Hot Search. On May 10th, Shiba Shiba went online on the currency security exchange, and in just 10 minutes, it rose by over 100%. The huge trading volume directly shut down the currency security exchange, and the withdrawal was suspended for a time.
There is another rumor in the market that a big boss bought 720 billion SHIB by mistake before, but now its value has reached 80 million RMB, and 1,000 pieces have become 80 million. The madness of the cryptocurrency market can’t help but make people sigh: "One day in the currency circle, ten years in the world."
In addition to Shiba Inu coins, another counterfeit coin in the currency circle also became famous overnight. At 8: 00 p.m. on May 11th, the CSPR increased by 2,213 times from $0.03 to $66.4.
Go quickly
Tesla suspended the use of bitcoin transactions.
300,000 people exploded in the cryptocurrency market.
The madness of the currency circle is unimaginable. Under the mentality of "getting rich overnight", many people can’t help but rush in and speculate. However, great risks are coming to them.
After Musk announced that Tesla suspended accepting Bitcoin as a payment method, the cryptocurrency market staged a bloody storm. Bitcoin once fell more than $10,000, hitting a minimum of $45,500, with a 24-hour decline of nearly 15.29%. Ethereum fell more than 10% in intraday trading, Ripple currency fell more than 17%, Shiba Inu currency plunged nearly 40% in intraday trading, and dogecoin fell nearly 17%.
Bitcoin home data shows that in the past 24 hours, there were 302,500 people in the cryptocurrency market, and the amount of short positions exceeded 23.8 billion yuan.
It is worth noting that in addition to the influence of Tesla news, in the past week, compared with other encrypted assets, Bitcoin has been weak and its market share has continued to decline. The virtual currency market software non-trumpet App shows that the current total currency value of Bitcoin is about 950 billion US dollars, accounting for 44% of the global encrypted digital currency market, while last week, this figure was 47%.
Zhang Ming, a researcher at Bi ‘an China Blockchain Research Institute, said that this is because of the influx of speculative funds. These hot money have little interest in Bitcoin, which has increased too much, and instead they are crazy about "air coins" with low unit price and small increase. Many "animal coins" are among them. Another important event yesterday was that Vitalik, the founder of Ethereum, sold and donated many "animal coins", which led to a sharp decline. These irrational rising air coins are extremely risky, and investors need to pay attention to the risks.
insider
Coin evaluation circle
Viewpoint 1
Bitcoin mining is transitioning to sustainable areas.
The industry generally believes that the direct cause of this round of bitcoin decline is that Tesla stopped bitcoin payment.
According to the Securities Daily, Li William, the chief researcher of Ouyi OKEx Research Institute, told reporters that the incident had a short-term impact on Bitcoin in terms of impact. However, Musk still said that encrypted digital coins are promising in the future and will not sell bitcoin. As long as bitcoin mining transitions to other sustainable energy sources as soon as possible, Tesla will resume bitcoin payment.
Zhang Ming, a researcher at Bi ‘an China Blockchain Research Institute, said: "Tesla suspended bitcoin payment, which seriously hit investor confidence. At the same time, the high leverage ratio of the previous bull market boosted the rapid rise of Bitcoin, which also led to the sharp drop of Bitcoin this time."
"Whether Tesla accepts Bitcoin as a payment method is more formal than substantive." Zhang Ming believes that as bitcoin mining turns to clean energy, Tesla will use bitcoin as a payment method in the future, and Tesla itself is also involved in the field of clean energy, which leaves room for imagination for its future turn again.
William Li believes that at present, bitcoin mining is also transitioning to the sustainable field. From the perspective of bitcoin mining industry itself, hydropower and thermal power are mainly used at present. Which energy to choose for mining depends on the cost of electricity price, which is a market-oriented issue. In the medium and long term, with the development of green new energy and the tightening of fossil energy policies in various countries, the power generation cost of fossil energy is gradually rising, while the power generation cost of clean energy is gradually decreasing, and the bitcoin mining industry will eventually transition to sustainable clean energy.
Viewpoint 2
This speculation will make the whole
The market for encrypted assets increases risks.
Wang Feng, the founder of Mars Finance and the chairman of Blueport Interactive, said yesterday that the recent animal currency (especially the currency with similar names after the popularity of dogecoin) made the cryptocurrency market risky. After dogecoin attracted attention, Chai Gou coins came out, cat coins came out, pig coins came out, and the animal world all came out. I was very disgusted. First, the prosperity of dogecoin, Musk, has played a great role, and few people can become people like Musk; Second, I personally think we should be careful about the coins that appeared later. Third, animal currencies appear one after another, so speculation will increase the risk of the entire encrypted asset market.
Jeremy Grantham, who successfully predicted the past two market crashes, said that he believed that dogecoin investors would eventually lose everything, but they could not change their crazy behaviors and attitudes. Investing in bubble assets is not an intellectual problem, but a psychological problem. "Nothing is more annoying than watching your neighbor become rich", which may be a powerful driving force for irrational prosperity. "I have had such an experience, and I am very sympathetic. I know nothing can change their attitude. I feel sorry for them because I believe they can’t afford to lose everything. "
Previously, at the annual general meeting of shareholders, Buffett, the 90-year-old chairman and CEO of Berkshire Hathaway, rejected the related issues of Bitcoin, saying that he didn’t want to make everyone unhappy. The 97-year-old Munger is blunt. "I hate the success of Bitcoin. I don’t like this virtual currency to kidnap our existing monetary system. Bitcoin is like a financial product born out of thin air. I am not satisfied with this. I think this is contrary to the development of our civilization. " Chengdu Business Daily-Red Star Journalist Jiang Yijin Comprehensive Brokers China and 21st century business herald