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The Overall Decline of Cryptocurrency, the Market Trend May Be Changing

Hong Kong, China -- (ReleaseWire) -- 04/21/2021 -- According to news on April 19th, bitcoin fell to a low point of nearly three weeks in the early hours of 18. The market bubble, which was supported by various market positive news, was temporarily compressed. The market value of bitcoin contracted by about 17%, and the second major encryption currencies ethereum fell nearly 13%.Other alternative currencies, such as the XRP, the LTC and the DOGE, fell 15%, 14% and 6%, respectively.

Affected by the market, according to the statistics of ZB Research Institute, as of the morning of the 19th, about 130000 transactions were waiting for confirmation on the blockchain.The average transaction cost of bitcoin is currently at a four month high of $46.88, up more than 200% from the beginning of April.

At present, the total market value of global cryptocurrency is about US $1.8 trillion. The lowest quotation of bitcoin in recent 24 hours is US $54843.44, and the highest quotation is US $61896.84. As of the morning of the 19th, the quotation of bitcoin was around us $56800.

Some analysts believe that bitcoin led the market down this time because of the bad news related to the regulatory rules of bitcoin and stable currency in the world's major economies.On April 18, Li Bo, vice governor of the people's Bank of China, said at the Boao Forum that he was studying the regulatory rules of bitcoin and stable currency. In the future, if any stable currency wants to become a widely used payment instrument, it must be subject to strict supervision, just like banks or quasi bank financial institutions.

On April 19, India's government will ban cryptocurrency and impose fines on those who trade or even hold such assets in the country.

In view of the current market situation, Fidelity Investment released a report called understanding bitcoin.In this report, it is pointed out that the price of bitcoin should grow much faster than that of its network participants.Bitcoin is a legitimate store of value, more scarce than gold, and demand is likely to grow exponentially.Compared with the market demand, bitcoin value is still in its infancy, and there is still a lot of value-added space in the future.

As a result of the large-scale decline of the market, more and more capital is turning to other value areas of the blockchain. There is relevant evidence that derivatives such as financial bonds, funds and digital asset NFT (non homogenous token) based on digital asset trading are growing rapidly.

On April 19, according to ZB Research Institute, the first NFT work "stay free" by Edward Snowden, the Discloser of "prism door", has been auctioned on the foundation platform, and the decentralized organization pleasant RDAO has successfully sold 2224 eth (about US $5.47 million).

In the field of digital asset trading derivatives, Bank of Brazil became the first state-owned bank to allow customers to invest in encrypted ETFs.Earlier, Canadian regulators approved three Ethereum exchange traded funds, all of which will start trading on Tuesday.

On the capital side, Morgan Stanley has confirmed that it will provide bitcoin exposure to its wealth management clients through two external cryptocurrency funds.In a conference call on Morgan Stanley's first quarter results on Friday, chief financial officer joanathan pruzan said Morgan Stanley allowed qualified investors access to two cryptocurrency funds.If customers show more interest, Morgan Stanley will provide more encryption services.

Therefore, ZB Research Institute believes that the mainstream digital asset trading is transferring to more digital derivatives, which is the fundamental reason for the decline of the cryptocurrency market this time.While the encrypted money market is still at an early stage, the overall global transaction demand is still increasing exponentially. After eliminating the market bubble caused by favorable news in the short term, the growth quality of the encrypted money market headed by bitcoin will be more solid.

About Bctype
Bctype is a media dedicated to blockchain information and market analysis.

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