1. US dollar and US bond yields rose. Dutch cooperative bank said in a research report that the strength of the US dollar and the rise in the yield of US bonds in the past week triggered the decline in bitcoin and gold prices. 2. Take profits. Scott Minerd, chief investment officer of Guggenheim, who predicted that Bitcoin would eventually reach $400,000 in late June and February, said on social media that it was time to make a profit, and the parabolic upward trend of Bitcoin was unsustainable in the short term. 3. algorithmic trading. Hedge funds and other large American investors are becoming more and more active in the market, especially their use of trading algorithms.

Bitcoin is not issued by a specific monetary institution. It is generated by a large number of calculations according to a specific algorithm. Bitcoin economy uses the distributed database composed of many nodes in the whole P2P network to confirm and record all transaction behaviors, and uses cryptography design to ensure the security of all links in currency circulation.