X's declaration of bankruptcy caused the price of Bitcoin to plummet from $237.57 to $80.05 on the same day, a decline of -72.15%, and the nominal market value of Bitcoin directly evaporated by more than $3.3 billion.

After the crash, it rebounded to $117.99 and closed the day at -50.39%.

The collapse of bitcoin was unexpected, but it was reasonable, the participants all knew that bitcoin would crash one day, and it was not an accident when it collapsed, but the only thing they didn't expect was that they took the last baton.

On the day of the Bitcoin crash, a major event also occurred in the domestic capital market that attracted the attention of the investment circle.

In the afternoon of the same day, Qunxing Capital announced that it had officially reached a private asset management plan of up to $8 billion with Merrill Lynch.

That's right, an additional $3 billion was added in the previous talks.

Merrill Lynch is one of the world's top five investment banks, and Qunxing Capital is a capital giant that has risen rapidly in China in recent years.

……

"When will Merrill Lynch's funding be available?" Fang Hong looked at Tian Jiayi, who came back to report to him, and asked, during this time, the price of bitcoin to $300 was operated by Fang Hong's team.

Launched this wave of epic market, so far not only did not make a profit in Bitcoin, but also generated a net loss of $672 million on the book.

But this is only the first step, to make X go bankrupt quickly, and now this has been achieved.

It's just the beginning now, and Fang Hong didn't think about shipping the goods to those players in the currency circle at all, they only have a few steel hammers? Where can I catch it?

As for who to ship the goods to?

Do you still need to ask?

Of course it's Merrill Lynch, isn't this already worth $8 billion......

If you don't cut the leeks that are sent to your door, you're really sorry for people's kindness.

Fang Hong didn't believe that the other party was here to cooperate with you at all, and wanted to use $8 billion as bait to fish out Qunxing Capital, so that he could fatten up and have a precise directional blasting when the time came?

At this time, Tian Jiayi replied: "In the next month, Merrill Lynch's funds will all arrive." ”

Fang Hong nodded: "Well, the time is about the same, in addition, Merrill Lynch's funds should be isolated from our own funds, and at the same time, Qunxing Capital will send someone to acquire the X trading platform, and after Merrill Lynch's funds are in place, let Merrill Lynch's money be invested in the platform." ”

At present, the X management team has chosen to declare bankruptcy and lie down directly, and the 750,000 bitcoins that have lost users must have been lost.

This is obviously bad news for crypto players.

At this time, Qunxing Capital incarnated as a "white knight" to clean up the mess, reorganize the X trading platform, and re-support the cryptocurrency market.

After that, the strategy is simple, launch a more violent market again, and then start shipping, not only to fill the current net loss on the books, but also to make a big profit, and the most critical purpose is to put Merrill Lynch's funds on the top of the mountain.

Then smash the price of bitcoin into the basement.

When Merrill Lynch's money is completely trapped, it will inevitably be extremely angry, but will it cut the meat?

Definitely not!

Because cutting meat is meaningless, what else can Merrill Lynch do if he wants to untie it? Of course, the cryptocurrency is blowing, and even if you don't believe it in your heart, you have to be forced to blow it, saying that this thing has a bright future.

"If you cut the leeks of Wall Street like this, this beam will be bigger, and it is best not to go abroad in the future." Tian Jiayi couldn't help but say, no wonder this guy wants to hide behind the scenes and control everything.

Hua Yu carried all the wood and ......

Fang Hong smiled and said, "They are only allowed to cut other people's leeks, and I am not allowed to cut his leeks?" If you have to come up and send it, it's hard to be warm. ”

The gang on Wall Street was originally holding back their bad intentions, and as a traverser, they knew how ugly the appearance of those people was.

……

At the same time, after the collapse of the price of Bitcoin, the X trading platform declared bankruptcy, and more negative news followed, and there were reports on the same day that the main reason for the hacking incident was the management chaos and technical vulnerabilities of the X trading platform.

In particular, there are major vulnerabilities in the X trading system, which allows hackers to transfer stolen bitcoins to their own accounts by attacking the trading system, and these vulnerabilities have not been fixed in time.

In addition, X's management team was also accused of lacking professionalism and effective management of the company's funds.

As the incident went out of the circle, it also sparked more discussions, and some people in the investment circle commented that the X incident is not only a technical vulnerability and management problem, but also involves the regulation of the cryptocurrency market.

At present, there are almost no regulatory bodies and regulations in the Bitcoin market, which makes it difficult to effectively protect the rights and interests of exchanges and investors.

This is true.

The X hack must have had a profound impact on the entire cryptocurrency market, and investors will definitely take a fresh look at the security and reliability of cryptocurrencies after this incident.

But on the other hand, it will definitely accelerate the market and development of cryptocurrency technology, which is also within Fang Hong's estimates, and he accelerated the push behind the scenes, which is a forward-looking layout that takes one step at a time and looks at ten steps.

Through this incident, especially the later trapping of Merrill Lynch, one of the world's top five investment banks, the financial institutions that pulled down the water, and forced to stand for cryptocurrencies in order to untie the trap, will inevitably promote people's further understanding of the potential of Bitcoin and other cryptocurrencies in the financial field in the future, and then promote people's in-depth discussion of blockchain technology and digital currency.

This is a statement of high emotional intelligence.

Low EQ means to speed up the cutting of leeks.

When the story is told, the bull blows and it's over.

But for now, the news of X is already a serious blow to the confidence of the bitcoin market, which is currently the largest bitcoin exchange in the world, and the bankruptcy has raised questions about the safety and reliability of bitcoin and increased panic.

After halving, on July 12, the next day, the price of bitcoin collapsed again, and after the halving, everyone went crazy shorting, and its price fell to the position of $54.89, and plummeted again by -53.48% on the same day, from the price of more than $300 to the latest price of $54.89 in three days, which evaporated the nominal market value of bitcoin by $5.1 billion.

Fang Hong's trading team that runs Bitcoin, and the chips in his hand are currently to further expand the net value loss, but this is only a floating loss rather than a real loss.

The trading team at the bottom can't understand the operation of the big boss, and can't figure out how to make a profit next if you want to break your head.

Obviously, the trading team didn't know that the real pick-up man was on the way, and they would never have thought that the big boss would cut Merrill Lynch's leeks.

……