First, there is too much bad news about virtual currency.
Recently, the disadvantages against virtual currency have disappeared too much, except for the emergence of major trading platforms? In addition to this kind of behavior and the decline of various cryptocurrencies, the joint statement of the three major associations is also a major blow to the currency circle. Under such circumstances, the price of virtual currency will naturally plummet, especially after the price of bitcoin, Ethereum and other virtual currencies plummet, it will also affect other virtual currencies in the currency circle, resulting in a collective decline in the price of virtual currencies. It can be said that negative news has affected people's confidence in virtual currencies such as Bitcoin, and thus led to a decline in their prices.
Second, it is also related to the end of this round of virtual currency speculation.
In fact, virtual currency itself will not generate value, and there is no trustworthy institution as a guarantee and supervision to give it corresponding trading attributes. Nowadays, the transaction nature of virtual currency is actually endowed by people. It can even be said that virtual currency is actually a commodity, and the decentralization that virtual currency has been boasting about cannot be realized at all. For example, capital hoards a large amount of bitcoin through purchase, so the current price of virtual currency is actually being speculated, in order to harvest leeks in the virtual currency futures market. Now that the hype is over, coupled with all kinds of news that is not conducive to virtual currency, the price of virtual currency will naturally fall.
Generally speaking, the price of virtual currency will drop sharply and the currency circle will shake, which is related to the excessive negative news of virtual currency recently and the end of this round of virtual currency speculation.