“Mining Disaster” May Really Come! People Can’t Withdraw Bitcoin

Bitcoin mining

Recently, cryptocurrencies have fallen sharply. Almost all cryptocurrencies have fallen by more than 40%. As for Bitcoin, it fell below the $40,000 mark for the first time since February 8 this year.

Later, Bitcoin fell below $30,000, a drop of more than 30% within 24 hours, a record low since the end of January this year; Ethereum once fell below the $2,000 mark,  a drop by more than 40%; Dogecoin fell below $0.3 per coin, a decrease by more than 40% within the day.

This has made many retail investors fall into panic. At the same time, many “miners” are evacuating a large amount of capital. This drives to congestion, causing serious stalls and even collapse of cryptocurrency trading platforms such as Binance and Coinbase.

Currently, Binance has suspended Ethereum and ERC20 withdrawals. Coinbase said it is investigating the downtime of the platform. Since May 12, hundreds of thousands of people on the entire network have lost their positions, and more than 50 billion funds have been wiped out.

Some users in the currency circle recently reported that the USDT’s peer-to-peer transaction and transfer process were blocked by banks. In other words, after making “money” by speculating coins, they cannot really be turned into “real money”.

So is this the end for Bitcoin?

According to the Bitcoin Obituaries of “99 BITCOINS“, the end of Bitcoin has been declared more than 400 times since its birth 12 years ago. After yesterday’s market crash, this number is still increasing.

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Although negative reports about Bitcoin mainly occur when the price drops, Bitcoin obituary data shows that such reports are not uncommon, but the market is still growing.

In fact, criticisms about it cannot go around the points, such as the price volatility of Bitcoin, the mystery of its creator Satoshi Nakamoto, and its decentralized structure, making it easy for Bitcoin to be used in illegal transactions. These all make Bitcoin easily become a “star of scandals”.

But despite the market crash, some experts still believe that the stock market will rebound. Yesterday, British financial expert Charlie Burton and Dutch financial expert Michaë l van de Poppe both responded in a live broadcast that today’s market turmoil is not the end of the bull market cycle.

Initially, Bitcoin’s vision was to bring financial freedom to the world. Even now, it can also bring well-being to people in economically underdeveloped areas. But many use it more as a speculative tool.

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