Not much today, all currencies have fallen (the reason for the sharp drop in the currency circle again today, 2021)

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Not much today, all currencies are down. Not much today, all currencies are down. BTC

Yesterday was the weekly closing, and the market was relatively normal. However, from an hourly level perspective, it has now reached the vicinity of the Nikkei Line’s orbit; And we can see that at 9 o’clock in the morning, there was a wave of decline. This position is not actually considered strong. However, if there were still some gains during the last rally, I think this round of upward adjustment is likely to lead to a high volatility trend So today’s overall direction is still a consolidation of a range. Let’s take a look at the big cycle analysis that started yesterday afternoon. It has now reached the position of 5 waves, followed by 4 major fluctuation stages, and then we need to make another adjustment (which may also lead to backtracking). At present, the overall structure remains in a horizontal operation state, and there is no indication of a slight or accelerated increase after a breakthrough

What is the reason for the sharp decline in the currency circle today, 2021

What is the reason for the sharp decline in the currency circle today

1. The volatility of Bitcoin is decreasing.

In recent days, the global digital currency market has undergone drastic price changes.

. From the beginning of May to the end of October, the attitude of major countries in the world towards crypto assets has changed greatly: the European Central Bank announced that it will launch a new interest rate increase and reduce bond purchase plans; The People’s Bank of China has stated that it will start researching the issuance of legal digital US dollars in 2022, which means that the central bank may initiate quantitative easing policies before 2025; The Federal Reserve Board of Governors of America is expected to implement a stricter new benchmark interest rate by the end of 2024; After Brexit, the Federal Reserve is considering increasing its bond purchasing power to resist the impact of the COVID-19; The French Finance Minister hopes to strengthen the preparation of sanctions against Economy of Russia’s economy and propose relevant bills

2. Bitcoin transaction costs have skyrocketed

According to a data report from the University of California, Berkeley, Bitcoin transaction costs have dropped by more than 10% for seven consecutive days, but compared to this, the decrease in network usage may be much greater than previously recorded.

. On January 3, 2020, the average transfer fee for Bitcoin reached its highest point in nearly seven months. (Cointelgraph)

3. The number of contract addresses of Ethereum 2.0 has risen for a short time

According to the latest data from Etherscan, the number of active addresses of ETH is currently 4890000, with a 24-hour increase of 11.4%. As of press release, the number of active addresses on the chain of Ethereum reached 947000, while the daily average of Bitcoin in the same period was only 186000, up 13.3% from last week

Although the price of Ethereum fell, Bitcoin remained relatively stable. Since December 17 last year, the average transaction value of Ethereum has dropped below 8700 dollars. In addition, the income of Ethereum miners has been increasing. According to Glassnode data, the continuous decline in Bitcoin’s computing power has led to an increase in mining difficulty, while other mainstream counterfeit tokens have not shown corresponding growth

4. Open position contracts of Ethereum futures are close to the highest level in history

According to Ethereum marketcap data, the current total transaction volume of Ethereum options is 27.12 billion US dollars, a record high

Source: Skew

The spot premium in the Ethereum derivatives market has risen significantly. In the past week, the total amount of open positions in futures trading of the Chicago Board of Commerce once reached 15.27 billion dollars. However, just a few weeks ago, the total positions of Ethereum futures suddenly soared. Up to now, it has closed more than 1.3 billion dollars of open positions According to Bitstamp data, as of 14:00 pm Beijing time on November 18, 2021,