bitcoin crashing

 Bitcoin sold off heavily on Wednesday. As investors and industry experts told MarketWatch,

the decline means that the downward trend of the world's leading cryptocurrency that began in the past 10 days has accelerated. They changed hands at CoinDesk for $38,732.56, which is actually a remarkable feat because it reached an intraday low of $30,201.96 before the rebound. After the Ether price ETHUSD on the Ethereum blockchain rose to an intraday low of 1,902.08 and Dogecoin DOGEUSD, it fell 22% to 2,608.84 USD, and fell 22% to $2,608.84.86% had a 25% discount and changed hands for 35.8 cents. When Bitcoin sneezes, other cryptocurrency groups catch a cold, because the dominant digital asset is increasingly becoming a sentiment indicator, not only in non-traditional markets, but to some extent. Risk appetite is greater. According to data from CoinMarketCap.com, the total market value of the cryptocurrency market has fallen by more than $850 billion. On the same day, the stock market also saw a lot of sell-off, which fell slightly as of the close. %, the S&P 500 SPX index fell 1.06% for the third consecutive trading day, and the Nasdaq Composite Index COMP rose 1.77%.Read: Bitcoin is melting. This is why a 30% drop from the highs of cryptocurrencies represents the risk sentiment of the stock market. Why did Bitcoin crash? Don't call it autumn. Bitcoin is falling, but this is an asset known for its volatility. Its current decline has nothing to do with any event or news, but with fear, uncertainty and suspicion or FUD in the language of cryptocurrency traders. Asset instructions. According to reports, the People's Republic of China is taking severe measures to crack down on the use of digital assets. These reports are nothing new for experienced cryptocurrency investors. At the same time, cryptocurrency enthusiast Elon Musk's bearish tweets were also attributed to the destruction of the cryptocurrency complex.Earlier this month, Musk stated that he would no longer allow Bitcoin to be used for payments on the electric car manufacturer Tesla TSLA (+4.14%) until the cryptocurrency becomes greener. Musk is one of the main reasons for the existence of cryptocurrency in the first place. The upward trend of his tweets about Dogecoin and Bitcoin Mmicoin confirms the upward trend of these assets. In any case, JPMorgan Chase & Co. JPM (-0.17%) analysts, including Nicholas Panigirtzoglou (Nikolaos Panigirtzoglou) stated that Bitcoin investors have turned to GC00 gold futures (-0.36%), The gold futures were stable in the last transaction, and the price has risen. They wrote: “Institutional investors seem to be switching from Bitcoin to traditional gold.” Market participants told MarketWatch that due to the use of leverage, Wednesday’s losses also increased, resulting in high profit margins on certain trading platforms. Some crypto trading platforms, including Coinbase Global COIN, +3, make things difficult.83% of companies fail, which seems to put more pressure on prices. A Coinbase spokeswoman said that the company's business problems have since been resolved. Will the Bitcoin price recover? Bitcoin and cryptocurrencies are inherently changeable. The Custom Investment Group reported that in the past ten years, the average transaction volume of Bitcoin has fallen by about 50% from the historical high, and Bitcoin has fallen by more than 40% from the historical high, accounting for 69% of all trading days. Even so, bullish investors advocate for long-term investors to stay the same or reconsider their original investment thesis before giving up ownership of cryptocurrencies. In the past 11 years, Bitcoin has found more than 750 cases. According to Dow Jones market data, the profit margin reached at least 10%, almost 50 times-in more than 230 cases, the profit margin reached at least 20%. Corrections in the cryptocurrency market are common. However, this does not mean that the bear market will continue. "-Allnodes CEO and founder Konstantin Boyko-Romanovsky wrote in an emailed comment. Past performance certainly does not guarantee future results, but optimistic investors tend to wait for long-term Bitcoin advocates. And hat to the nose.