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Lei Technology Internet Group
Editor丨TSknight
After the country began to regulate virtual currency and mining businesses, the impact on the virtual currency market has been quite obvious. According to information provided by relevant channels, after provinces such as Sichuan began to clear mines, the computing power of the entire Bitcoin network has dropped from the peak of 198EH/s to less than 100EH/s. As of June 27, the computing power of the entire Bitcoin network once dropped to 61EH/s, falling directly to the level of 2018.
In addition to Bitcoin, the computing power of Ethereum's entire network has also continued to decline. It has dropped by nearly 20% in just one month, leaving only about 487TH/s computing power. Some people predict that Ethereum's computing power is likely to fall to 300TH/s, which is the level at the beginning of this year.
Moreover, around the world, the virtual currency market is also undergoing a huge change. Not only is it liquidated and banned in mainland China, many countries and relevant departments around the world have begun to investigate and restrict virtual currencies. Moreover, there are more and more fraudulent activities based on the virtual currency market. These have become the reasons for many countries to take control.
As the virtual currency craze recedes, the most obvious change is that the price of graphics cards has finally returned to normal prices. Although there is still some gap from last year before the price increase, it has dropped to 50% of this year's highest price.
Ethereum founder exits virtual currency market
In China, as the control of the virtual currency market has been significantly tightened, and currency prices and transaction volumes have plummeted, many currency circle tycoons have begun to quietly clear out most of the virtual currencies in their hands, retaining only ETH, BTC and other high-value and most recognized virtual currencies. Some tycoons have even announced that they will withdraw from the currency circle and switch to industry or other Internet industries.
This is not only the case in China, but also in foreign countries, many big names in the currency circle who have relied on virtual currencies to make a lot of money have begun to withdraw from the circle. Among them, the most concerned one is Anthony Di Iorio, the co-founder of Ethereum. As the virtual currency currently second only to Bitcoin in market value, Ethereum’s every move affects the hearts of all virtual currency investors.
When Anthony Di Iorio announced his withdrawal from the currency circle and no longer planned to be associated with any company in the currency circle, the result was another decline in the virtual currency market. This market has fully proven its instability in the past period, and it only takes a slightly bigger news to usher in a market shock.
According to Anthony Di Iorio, he quit the cryptocurrency community mainly due to personal security concerns. Anthony Di Iorio said that some recent problems have made him no longer enthusiastic about virtual currencies, and that staying in the virtual currency circle makes him feel very insecure, but he also said that if the virtual currency market needs him, he may still return.
However, the subsequent news revealed by Anthony Di Iorio is even more intriguing. He stated that he will devote himself to philanthropy and investment in other fields, provided that the field has nothing to do with virtual currency. Moreover, he has decided to sell all his shares in virtual currency-related companies and will no longer fund any blockchain projects in the future.
From this point of view, the statement "As long as the currency circle needs me, I will come back" is more like an excuse given to prevent the price of the virtual currency market from plummeting. Judging from the subsequent news revealed, Anthony Di Iorio has a tendency to have no contact with the virtual currency circle. What is even more curious is why the reason for withdrawing is based on "personal safety" considerations?
Of course, as a virtual currency that has been deeply connected with illegal activities such as money laundering and black network transactions since its birth, Xiao Lei also vaguely guessed some possibilities, but if he told them all, this article might not be able to pass the review. Haha.
However, from Anthony Di Iorio's withdrawal from the currency circle, we can also see many problems buried under the virtual currency market, so much so that they have threatened the life safety of some top figures in the currency circle, and they have to make concessions. Moreover, for countries with financial sovereignty, virtual currencies currently do more harm than good from any direction and are financial derivatives that require strict control.
In addition to Anthony Di Iorio, Jackson Palmer, the founder of the once popular virtual currency DOG coin, has also publicly stated that he believes that the current surge in virtual currency is irrational and will bring disaster to many people (countless people have liquidated their positions in the past two months), and Jackson Palmer also vowed not to step into the currency circle again in this life.
The big guys in the currency circle quit, and the country takes action
As the ancients say: good fortune never comes singly. As mainland China begins to pursue virtual currency transactions, virtual currency has lost its largest single market. At the same time, bad news has begun to spread from the markets of other countries.
First, Mexico announced that virtual currencies are not legal tender and will ban virtual currency transactions including Bitcoin within the financial system. This move is considered to be a response to El Salvador. El Salvador and Mexico are both Central American countries, and the former passed a bill in a congressional vote on June 9 this year to recognize Bitcoin as one of the national legal tenders.
However, El Salvador’s bill was quickly blocked by the World Bank. The World Bank believed that virtual currencies cannot currently exist as legal tender and rejected El Salvador’s request to list Bitcoin as its legal tender for international trade.
Also in June, the UK announced that it would ban Binance, the world's largest virtual currency exchange, from conducting any financial business regulated by the FCA in the UK, including personal loan business. Subsequently, Binance announced the suspension of pound withdrawal services. After losing the support of one of the world's core financial circles, the virtual currency fell again, with ETH falling to close to $1,700, and Bitcoin almost falling below $30,000.
In addition, the United States, Germany and other countries have launched investigations into virtual currency exchanges. The FBI in the United States even issued a serious warning, warning individual users not to participate in virtual currency-related transactions. Over the past few months, the number of scams related to virtual currencies has continued to rise, and many people have suffered large financial losses as a result.
Moreover, even if they are not deceived, considering that the currency price has dropped like a reservoir flooding in the past two months, many investors who entered the market recently have suffered huge losses. The current virtual currency market is not a good investment channel for individual users. Not only is the risk too high, but the current returns are not proportional to the risk.
At least for some time in the future, the virtual currency market should return to the calm period of 2019. Of course, this is the best result. Some pessimistic investors believe that currency prices will continue to decline slowly in the future.
However, Xiaolei believes that it is unrealistic to see the price of virtual currencies fall to the level of 2019. The price of Bitcoin in the future will most likely remain around US$30,000. Until there are new explosive points or new negative factors, the prices of Bitcoin and other virtual currencies may rise or fall significantly.
Compared with bullishness, Xiaolei believes that the possibility of decline is still greater. After all, with the investigation of financial departments in various countries and the implementation of further control measures, the difficulties for the virtual currency market have just begun.
For gamers, the collapse of the virtual currency market is good news. After all, graphics card prices are finally returning to normal.
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