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Bitcoin decline has become a trend?

In the Asian Games on Monday, Bitcoin once re-stopped the 1,000-kilogram mark, but the US time fell. It once fell below the integer mark of 9,000 US dollars, and it plunged to 8%.

As for Bitcoin's decline again, some media reports said that the official website of the World's fifth largest trading company, Fire Co., was once suspected of being inaccessible to mainland users.

However, the financial blogger Zero hedge analyzed the data of last week and discovered that bitcoin will drop by about 11:30 a.m. noon, which seems to be the latest model of algorithmic trading. Bitcoin prices did not fall only when algorithmic trading did not run last Sunday.
Last week, due to factors such as the US Securities Regulatory Commission, the Japan Financial Services Agency, and the Governor of the People's Bank of China, bitcoin fell nearly 20% during the entire week. At the beginning of this week, the cryptocurrency market is still not optimistic.

The Bank for International Settlements (BIS) issued a report on Monday that prior to issuing its own cryptocurrency, national central banks should carefully consider potential risks and spillover effects. According to the report, there is currently no evidence that the cryptocurrency is better than existing tools and can enable the central bank to better implement monetary policy.

Next week, the central bank governors and finance ministers of the Group of 20 nations will meet in Buenos Aires to discuss whether new regulations will be introduced for private cryptocurrencies.

In addition, an analyst team from Goldman Sachs Sheba Jafari issued a research report on Monday that there will be further selloffs in Bitcoin in the future, and the low of $5,922 in February may not be guaranteed because the short-term support price of $9,210 has been broken.

The team even warned that it is important to look out for a range of 7,000 to 7,500 dollars. They think that if this level is broken, then the low of 5922 dollars in February may not be guaranteed.

Prior to this, Sheba Jafari once issued a report that Bitcoin should be a reversal point if it is again $9,978. If there is no reversal, investors need to be vigilant that this decline will become a trend.