The charm of asset prices lies in their pricing mechanisms being sometimes extremely simple and sometimes complex and unparalleled!
Recently, virtual currencies led by Bitcoin have entered a relatively complex stage. Just now, the entire virtual currency market plummeted. The price of Bitcoin is around $60000. Ethereum, on the other hand, saw weak gains and retreated around $3300.
In the past period of time, virtual currency has also experienced a period of madness. At that time, many investors attributed the reason for its rise to increased demand for hedging and the booming development of computing power. So, is this sell-off a retreat from safe haven sentiment, a stalling of computing power, or other reasons? Analysts believe that it may be related to supply, and there will be five new cryptocurrencies available for investment in July.
In addition, Binance, the world's largest cryptocurrency exchange, will cease trading services for the following six currency pairs: BTC/AEUR ETH/AEUR、AI/TUSD、CHR/BNB、GAS/FDUSD、LQTY/FDUSD， The revision will take effect on July 5th. The company did not disclose the specific reason for delisting, which may be related to liquidity.
Unexpected coin security actions
In early trading today, the virtual currency market collapsed across the board, with most currencies in a loss making state. According to CoinGecko's data, the global cryptocurrency market value is currently around $2.35 trillion, a decrease of 3.5% compared to the previous day. According to CryptoPotato data, the price of Bitcoin (BTC) has retreated to the $60000 mark, while Ethereum (ETH) has fallen to around $3300. Meanwhile, in the past 24 hours, a total of 112480 people have been liquidated, with a total amount of $309 million.
So, what exactly happened? Analysts believe that the direct cause may be related to currency security. The world's largest cryptocurrency exchange, Binance, will cease trading services for the following six currency pairs: BTC/AEUR ETH/AEUR、AI/TUSD、CHR/BNB、GAS/FDUSD、LQTY/FDUSD， The revision will take effect on July 5th. The company did not disclose the specific reason for delisting, but only reminded that it will regularly review all listed spot trading pairs and delete some trading pairs in the event of poor liquidity or other factors.
Meanwhile, Binance has recently added some new trading pairs on its platform. WIF/BRL, ZK/USDC, and ZRO/USDC have been added to the Binance spot. It is worth noting that this service is not open to all customers. At present, users residing in the following countries or regions will not be able to trade the above-mentioned spot trading pairs: Canada, Cuba, Crimea, Iran, the Netherlands, North Korea, Syria, the United States and its territories (American Samoa, Guam, Puerto Rico, Northern Mariana Islands, United States Virgin Islands), as well as any non-governmental controlled areas in Ukraine.
Since the beginning of this year, the exchange has implemented several similar changes. Last month, it ceased trading services for the following currency pairs: ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC, and XAI/BNB. A few months ago, Binance terminated all business related to Monroe Coin (XMR), which led to a sharp drop in the price of this popular privacy coin.
Supply increase
It is worth noting that the supply of virtual currency in the market has also increased significantly recently.
With mature cryptocurrencies such as Bitcoin and Ethereum dominating the market, savvy investors are increasingly focusing on emerging cryptocurrencies, seeking the next ample opportunity. In July, there will be 5 new cryptocurrencies available for investment, namely 5thScape (5SCAPE), DarkLume (DLUME), SMOG, PlayDoge, and PEPE.
Industry insiders believe that 5thScape and DarkLume will become leading competitors among the top new cryptocurrencies with potentially higher investment returns. 5thScape pioneered virtual reality gaming with its 5SCAPE token, providing immersive educational and cinematic experiences. Its strong pre-sales and constantly expanding virtual reality market make it a remarkable investment. DarkLume is at the forefront of the metaverse, providing a decentralized platform for secure transactions and social interaction.
In addition, there has recently been a variable that affects virtual currencies. Recently, the bankrupt Tokyo Bitcoin Exchange, Mt Gox will begin repaying approximately $9 billion worth of tokens to thousands of users. The platform went bankrupt in 2014 due to a series of theft incidents, resulting in losses of 650000 to 950000 bitcoins, valued at up to $59 billion at current prices. On Monday, the court appointed trustee responsible for overseeing the bankruptcy proceedings of the exchange announced that payments will be made to approximately 20000 creditors of the company starting in early July. The distribution methods will include Bitcoin and Bitcoin cash, the latter being an early branch of the original cryptocurrency.
Industry insiders believe that many people will cash out and enjoy this lost and regained wealth. However, the unresolved issue of nearly $9 billion in Bitcoin has long been a concern for those who see it as Bitcoin.
Can we see the bottom here?
