Today, cryptocurrencies experienced a major decline again, with Bitcoin falling below $19,000 to a low of $18,461, a new low in the past week, with a daily decline of 6.12%.
Ethereum fell from US$1,400 to US$1,267, a daily decline of 7.08%;
The other cryptocurrencies have all declined to varying degrees, among which 91 fell and 9 rose in the top 100 market capitalizations, and cryptocurrencies are in a comprehensive downward trend.
The total market value of cryptocurrencies fell to US$912.723 billion.
Affected by the sharp decline, the contract market's 24-hour liquidation volume was US$147 million, of which Bitcoin was US$53.19 million and Ethereum was US$37.85 million.
The market sentiment index remains the same, with the panic and greed index of 20 (20 yesterday), the degree of panic is the same as yesterday, and the level is still extremely panic.
In terms of market data, performance is also worrying, and the activity level has dropped significantly:
Glassnode data shows that BTC trading volume (adjusted) reaches a 3-month low , with a seven-day average of $1,507,328,057.39;
At the same time, cryptocurrency capital outflows are also very obvious. Data shows that Bitcoin’s 24-hour capital outflows were US$204 million, and the net transfer to the exchange reached US$593 million, and the number of addresses holding 1 Bitcoin also decreased by 292; Ethereum’s 24-hour capital outflows were US$33 million, showing a huge negative impact.
The data of Bitcoin long-term assistant is shown as -11.88%, and the status is bearish, and there is basically no possibility of reversal and long.
However, as the cryptocurrency market continues to fall and bottom out, the phenomenon of giant whale increase in holdings has continued, and the long-term trend of the market provides a positive signal.
According to Ouke Cloud Chain OKLink multi-chain browser, Bitcoin’s third largest whale address (starting from 1LQo) has increased its holdings of 3,378 BTC since September. Currently, the address holds 139,282.78 BTC, which is worth more than US$2.819 billion based on the current price.
In terms of on-chain activity, the address has maintained high-frequency on-chain interactions in the past three months. Among them, the address was transferred to a total of 132,800 BTC in three days from July 19 to 21, making it the third largest whale address in Bitcoin.
On the other hand, the traditional market is becoming more and more positive in treating cryptocurrencies, which is conducive to long-term value development.
Feder Daly talks about cryptocurrency: allows innovation in cryptocurrency, but also needs to strengthen supervision of . Retail investors are vulnerable and must be protected.
Singapore Monetary Authority Director Menon said that the digital asset ecosystem has huge potential, but digital assets also have huge risks. The puzzle is to balance the benefits and risks of cryptocurrencies, and banning is not the right way to guide cryptocurrencies . Digital payments may be highly liberalized. Digital payments need to be cost-free and seamless. Tokenization is the key to promoting inclusive finance.
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