What does it mean when Bitcoin is dumped (Bitcoin falls 17.83% and faces a large sell-off)
What does it mean when Bitcoin is dumped? On November 30, 2019, many people sold
What does it mean when Bitcoin is dumped? On November 30, 2019, many people sold off Bitcoin, but today some interesting coins have emerged, such as Litecoin (LTC), which has been rising in price in recent days. In fact, from this perspective, it is a quite fitting name “Bitcoin”.
In reality, during a period of time, many people have confused Bitcoin and Litecoin, thinking that these two cryptocurrencies are the same thing and different types of digital assets. Some people think this is typical speculation, while others believe it is just a temporary trend, but the final result is not like this.
Therefore, when we talk about Bitcoin, the most obvious word is the meaning of Bitcoin being sold. “Bitcoin” is an unrelated pronoun or the code name for a specific project. People may understand this project as a fundraising method similar to ICO; and this practice mainly refers to companies that have already issued products or services. If you want your company to make profits, you must conduct ICO to earn money, thus making profit, then buy stocks, securities, etc. of other desired products. Therefore, “Bitcoin” is also called “air coin”, which refers to the situation where the sale of its native tokens causes financial losses to investors.
So why is it called “Bitcoin”? Because for many ordinary people, they do not have any investment value to measure financial risks. Therefore, these so-called high returns are often caused by inexperienced people, and sometimes because there are many inefficient and unprofitable investment institutions in the market.
On the other hand, the high cost of using blockchain technology itself, due to its characteristics such as immutability, means that Bitcoin cannot be used for daily transaction fees and can only be used as a chip to maintain operations. In addition, with the increasing adoption of Bitcoin, Ethereum, and other virtual digital assets by more and more traditional financial institutions, the attention to blockchain technology has been continuously increasing. Therefore, Bitcoin may become an important investment tool for many mainstream populations and is currently the most common choice in the market. There will be more new demands once more new categories of digital assets appear.
Bitcoin falls 17.83% and faces a large sell-off
According to reports, Bitcoin has fallen by 17.83%, hitting a new low for this year. According to Bitmex data, BTC has fallen 17% in the past 24 hours. From the data, it can be seen that it has been continuously oscillating downwards since yesterday afternoon, hitting a low near $7260 and quickly bouncing back to above $7700. Currently, the price has rebounded below $7300, but the bulls did not continue the fierce selling behavior, instead it was a large sell-off that caused a sharp drop in price. Ethereum also saw a slight increase in volume, with a daily report of 381.2 points; Litecoin fell more than 12%. (Jinshi)
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