On Singles’ Day, Bitcoin price dropped by 20%

During the Double Eleven period, e-commerce merchants were busy offering discounts on goods, and shopaholics were busy shopping. Even Bitcoin joined in the fun, with its price reduced by 20%.

As of press time, the average price of BTC on major Bitcoin trading platforms has fallen to 1,930 yuan. Compared with yesterday's highest price of 2,508 yuan, the price of Bitcoin has fallen by more than 20%. The rock-bottom price on the domestic Huobi platform has even fallen to 1,815 yuan. Many players who took the position at 3,300 yuan shouted: It can't go any lower, or it will be a leak!

In the industry, the 44,000 BTC auctioned by the US government has just been delivered. There are also reports that the rise in Bitcoin prices last week was driven by the MMM global pyramid scheme scam.

According to the Financial Times, MMM leader Sergey Mavrodi claimed that the recent rise in Bitcoin prices was due to the use of Bitcoin in MMM-China, where Bitcoin is the only payment method. In response, executives of several major Bitcoin trading companies in China have also given warnings before, and it is currently impossible to determine the impact of this incident on BTC prices.

CoinDesk reached out to a blockchain analytics firm for comment on last week’s price action but was not able to get further details.

In addition, a strange "Lite 1 cent" incident occurred on the OKcoin platform yesterday. After this incident, it also caused a reaction in the market. Starting from last night, the price of Bitcoin began to fall.

At the same time last year, the price of Bitcoin was around RMB 2,309.