The cryptocurrency market is in turmoil, with 570,000 people liquidating their positions to the tune of 44.3 billion. On the evening of May 19, virtual currencies continued to plummet. That night, Bitcoin once fell below $31,000, falling 30% in 24 hours, hitting a new low since the end of January this year, falling below the 200-day moving average; (Ethereum) Ethereum fell below the $2,000 mark, falling more than 40%; (Dogecoin ) Dogecoin fell by US$0.3 per piece, falling more than 40% on the day and falling below the 50-day moving average.

However, losses narrowed after a counterattack in the cryptocurrency market. As of press time, the price of Bitcoin has rebounded to around US$39,000, with the 24-hour decline narrowing to 8%; Ethereum is selling for US$2,640, with the decline falling to 22%; Dogecoin is back above US$0.30.

Although cryptocurrencies have rebounded, the liquidation data is still worrying. Data from Bitcoin House shows that in the past 24 hours, more than 570,000 people broke positions in the cryptocurrency market, amounting to 44.3 billion yuan.

So, what are the routines in the currency circle?

Since the currency circle covers a wide range, let me briefly introduce one type below

On some OTC over-the-counter trading platforms, some scammers will fish in troubled waters. There are several main ways:< /p>

1. Make false payment vouchers. Some traders usually receive a lot of orders, and the other party says they have paid and provided proof of payment. When they looked at them with their eyes wide open, there was no problem, so they just put the money away.

2. In another case, the scammer will tell you through the chat tool in the trading platform that they will transfer funds through some payment methods other than those required by the trading platform. After you put money in, they will apply for a refund for various reasons.

In fact, solving these problems is very simple. You must make sure your card has received the money and the payment is correct before you can release the money. Bitcoin is irreversible, don't let your currency leave you easily, because once it leaves you, it really no longer belongs to you.

In addition, there is another point that everyone needs to pay attention to. When trading on such platforms, you must verify the other party's payment information and conduct KYC (identity verification). If the payer's information does not match that of the person you are dealing with, beware of wire fraud. If you call, the risk level is significantly reduced.