Turkey's currency collapsed, why can't cryptocurrencies be rescued?
The Turkish currency, the lira, has depreciated by about 26% against the U.S. dollar in recent days. Disturbing the U.S., Asian, and European stock markets, the U.S. dollar, euro, yen, renminbi, etc. fluctuate sharply, and it feels like a storm is coming. However, since the continued appreciation of the U.S. dollar, the global financial market dominated by the U.S. dollar has been surging. The currency "war" caused by the U.S. dollar interest rate hike is sweeping developing countries around the world. The cryptocurrency market, which was once expected to slowly get rid of the US dollar, has shown mediocre performance. There is no need for hedging, and it even fell into a bear market.
As more and more people appealed, the blockchain gradually returned to rationality. The bit price also fell to a new low of around $6,000 during the year.
Judging from the performance of the Turkish currency, this year’s depreciation is 40%. The rate of depreciation is staggering. The risk of further currency depreciation is not ruled out. At the same time, Turkey’s debt crisis and political crisis have had a risk spillover effect on European countries. Deterioration of irritation.
The mediocre performance of Bit also shows that it has not become a safe-haven currency similar to gold. It is inevitable that the bit will be depressed. Under the influence of the bit, all the cryptocurrencies of the blockchain have broken and cut in half, and the overall market value has shrunk significantly, indicating that the overall market is experiencing a bear market.
In the context of further interest rate hikes in the U.S. dollar, appreciation of the global U.S. dollar, continuous depreciation of currencies, and the demand for funds for hedging greater than investment needs, the financial market is turbulent. The performance in the international market is that the currencies of some developing countries have almost collapsed. After adopting the wrong monetary policy and development model, they are all in the midst of substantial inflation and debt crises. As monetary policy, trade policy, dollar liquidity issues, and debt crises approach the "threshold" of the market, financial risks may intensively erupt. The global hedging demand of the blockchain world has not replaced gold, and the blockchain itself is also facing a bubble bursting. Under the influence of capital trampling, the cryptocurrency bubble of the blockchain will burst at an accelerated rate.
The market is indifferent to the blockchain technology, because the blockchain technology has not yet seen large enterprises. Except for the cryptocurrency market, there is almost no story to tell. The distributed accounting and storage of the blockchain is not difficult for the current large Internet companies. When the total amount of data is not enough, the distributed storage method of blockchain does not seem to bring more value? Blockchain is gradually recognized as an "icing on the cake" technology. As the craze faded, people clarified the essence of blockchain: it is another technology, a technology that must be combined with other technologies to solve problems comprehensively, and it is best used by Internet companies with sufficient traffic and data.
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