The global market is constantly emerging.
At around 10 pm on September 19, Beijing time, the Türkiye index fell 5%, triggering an intraday circuit breaker. It is worth noting that this is the second recent collapse of the country's stock market. On September 13, the Turkish stock index fell 5%, triggering the market's circuit breaker mechanism .
According to Turkish media reports, on September 17 local time, Turkish President Erdogan was walking in Central Park, New York, USA. He shook hands with passers-by and greeted each other and took photos and chatted. Erdogan is reportedly attending the 77th UN General Assembly in New York.
html On the evening of the 219th, the cryptocurrency market collapsed again. Bitcoin has fallen below the two important marks of $20,000 and $19,000; Ethereum once fell below $1,300, a drop of more than 10%. Data shows that within 24 hours, more than 120,000 people in the cryptocurrency market had liquidated their positions, with a total liquidation amount of about 3 billion yuan. On the news front of, the UK and South Korea took action one after another: the UK Financial Conduct Authority (FCA) opened fire on cryptocurrency exchange FTX and issued a public warning to consumers that FTX does not have a license to conduct business in the UK. South Korean prosecutors have asked Interpol to issue a red warrant for Do Kwon, the main developer of cryptocurrency Luna.
In addition, Dogecoin investors sued Musk and others, accusing Musk of supporting Dogecoin by operating a "pyramid scam" and claiming $258 billion (equivalent to about 1.8 trillion yuan).
Bitcoin price collapsed again
On Monday, the price of Bitcoin plummeted again, and mainstream cryptocurrencies fell almost across the board. During the session, Bitcoin fell below the two important marks of $20,000 and $19,000, falling 7.87%, with the lowest price at $18,389.21, setting a new recent low. Bitcoin fell 60.15% this year, from the highest level of $69,273.13 last year to the latest $18,758.86, with a cumulative decline of as much as 72.92%.
, the world's second largest cryptocurrency, fell by more than 10%, and fell below $1,300 for a time, with a minimum of $1,291.05 per coin, a new low in the past two months. Although Ethereum has recently completed switching to the Proof of Stake (PoS) mechanism, its price has not stabilized, but has continued to fall. Ethereum has fallen by nearly a quarter since its "merger" last week. The recent decline has caused Ethereum to give up all the gains before the merger and lag behind most cryptocurrencies.
Bitcoin and Ethereum account for half of the total market value of cryptocurrencies. They are the two giants in the currency circle, falling 16% and 26% respectively in the past week. Cryptocurrency prices plummeted, and many investors suffered heavy losses. The latest data provided by Bitcoin 126 shows that in the past 24 hours, more than 120,000 people have lost their positions, and the largest single liquidation receipt occurred at Bitmex-ETHUSDT, worth US$14.9 million.
The specific reasons for this cryptocurrency market crash may be caused by the market's growing fear of Ethereum's "fork" and tightening global regulation. Last week, Gary Gensler, chairman of the U.S. Securities and Exchange Commission, , hinted that the new structure could attract more regulation. The Securities and Exchange Commission (SEC) said it is closely watching any new developments in the cryptocurrency market.
crude oil prices also collapsed
Fed is expected to have a sharp increase this week interest rate hikes is also one of the reasons for the recent cryptocurrency fluctuations.
Last week, the US CPI was even stronger than expected. In order to fight inflation, the Federal Reserve must make a more active interest rate hike strategy. Concerns about the Fed's more aggressive rate hikes have hit the entire cryptocurrency market. Most traders predict that the Fed will raise interest rates by 75 basis points this Wednesday, but there are also forecasts that the Fed will raise interest rates by 100 basis points.
After the Fed raised interest rates at Wednesday's interest rate meeting, the next window for hikes will be in November. Some market participants are also worried that if the Fed will continue to raise interest rates aggressively, U.S. interest rates will rise to the highest level since the 2008 financial crisis. Higher interest rates force investors to withdraw high-risk assets and turn to low-risk assets such as cash and bonds to seek protection. Both the stock market and the cryptocurrency market have generally weakened.
has experienced a sharp and rapid decline, and the price of cryptocurrency has not stabilized.The market is currently in a very bearish state and there is not much good news to support the price. Bitcoin options contracts that expire at the end of 2022 show that most traders bet that the price of Bitcoin will fall to the range of $10,000-12,000 by the end of the year.
The expectation of a sharp Fed rate hike this week has exacerbated market concerns about a possible weakening of the global economy and pushed up the dollar. The continuous rise of
USD suppresses the price of commodity . Both benchmark crude oil futures fell by more than 3% during the day, with WTI crude oil futures at $81.82 per barrel, and Brent crude oil futures at $87.3 per barrel, hitting a new low this year.
Guotai Junan Futures analysis believes that oil prices may continue to move downward since September and July, and at least it is not easy to see a smooth trend of rising market. The core logic is still that overseas central bank is temporarily pessimistic about the frequent hawkish statements on interest rates and frequent geopolitical conflicts.
cryptocurrency price continues to fall, and there is no sign of stabilization, dragging down cryptocurrency concept stock . Hong Kong stocks Ouke Cloud Chain fell 5%, Meitu fell more than 6%, and Huobi Technology fell 0.45%.
Red wanted order
cryptocurrency prices continue to fall, but the trial of cryptocurrency fraud has never stopped.
The UK " Financial Times " reported on September 19 that South Korean prosecutors asked Interpol to issue a red warrant against Do Kwon, co-founder of cryptocurrency operator Terraform Labs and the main developer of cryptocurrency Luna, saying that the latter refused to cooperate with South Korea's investigation into the $40 billion implosion of terra USD and Luna tokens. South Korea's Seoul South District Attorney's Office said on Monday that it has asked the South Korean Ministry of Foreign Affairs to revoke Do Kwon's South Korean passport .
Do Kwon
Luna currency was once called "Moutine Circle Moutai" by players in the currency circle. It ushered in a highlight moment in April this year, with a highest market value of US$41 billion, ranking fifth in the world's cryptocurrency. However, in May, Luna currency collapsed in a very short period of time, with a market value of more than 40 billion US dollars being wiped out. Luna victims filed a lawsuit against South Korean prosecutors over investment fraud charges, saying they suffered huge losses for CEO Do Kwon failing to inform the cryptocurrency of danger.
The joint investigation team of South Korea's financial securities crimes launched an investigation into core members of the team, including Terraform Labs co-founder Do Kwon. After more than 100 days of investigation, the South Korean court issued an arrest warrant on September 14 on the grounds of violating the Capital Markets Act and demanded extradition from Singapore . After the
arrest warrant was issued, Luna's price plunged with and fell 34% in the past 24 hours.
However, Singapore police confirmed that Do Kwon is no longer in Singapore. Do Kwon denied on the community website that he was on the run and said that his team was working hard for any government agency interested in communicating and had nothing to hide.
The South Korean prosecutor's office claims that Do Kwon has hired a lawyer to clarify that he has no intention of appearing in court for questioning by the prosecutor. At present, prosecutors are working hard to find Do Kwon's whereabouts and ask international agencies to collaborate in arresting him.
Dogecoin investors claim $258 billion from Musk and others
In addition to Luna coin investors suing its developer Do Kwon, the claims of Dogecoin investors have also been underway.
In June this year, Dogecoin investor Keith Johnson sued Musk for supporting Dogecoin by operating a "pyramid scam" and claiming $258 billion (equivalent to about 1.8 trillion yuan). Johnson said at the time that Musk and his affiliates Tesla and SpaceX extorted, promoting Dogecoin everywhere and pushing up its price, but then causing its price to plummet.
According to a revised indictment in Manhattan Federal Court, the case recently added seven plaintiffs and six defendants, including Musk's tunnel excavation company The Boring. The revised indictment states that Musk, Tesla, SpaceX, The Boring and others deliberately pushed Dogecoin's price by more than 36,000% over two years before letting it collapse.
Musk has always been a supporter of Dogecoin. He has previously continuously posted Dogecoin emoticons and pictures on Twitter . Dogecoin reached a market value of more than US$90 billion in May 2021.During the Bitcoin crash in March this year, Musk also said he would not sell his crypto assets. However, Tesla's Q2 financial report released shows that in the second quarter of this year, Tesla sold $936 million worth of Bitcoin, accounting for 75% of its total holdings , each Bitcoin was sold at an average price of about $29,000, while the income statement showed that cryptocurrency-related losses exceeded $100 million.
According to the latest data of the Bitcoin website, Dogecoin's market value has returned to the top ten in cryptocurrency market value, but its latest market value is still down 92% from its highest point.
Editor: Tactical Heng
Proofreading: Yao Yuan
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