In the midday of December 4, market data showed that the price of Bitcoin fell below US$42,000 for a short period of time, with a 24-hour drop of more than 20%, reaching a minimum of US$41967. Ethereum fell below US$3,500, a 24-hour drop of more than 21%. In the past 1 hour, the contract market has liquidated a total of US$1.13 billion on the entire network and a 24-hour liquidation of US$2.23 billion.

After entering December, the cryptocurrency market continued to fall.

On December 1, the highest price of Bitcoin hit $59,000, which is close to a high of $60,000. But since then, the waterfall quotation has been opened.

On December 3, Bitcoin fell by more than 12% during the day, with a drop of more than $5,000, reaching a minimum of $51,600, and it began to drop to the $50,000 mark.

On December 4, Bitcoin did not stop its downward trend. After falling below the $50,000 mark in one fell swoop, it was inserted shortly to near $42,000. The intraday drop exceeded $10,000, the lowest price since September 30.

Prior to this, the price of Bitcoin hit a record high in November, breaking through to US$69,000, and the overall market value of cryptocurrencies climbed to around US$3 trillion. However, after failing to break through the $70,000 mark, Bitcoin's price trend was obviously weak.

Ethereum, the world's second largest cryptocurrency, fell closely with Bitcoin. The current offer has fallen by nearly 20% from the historical high of $4,898, but the magnitude of the shock is smaller than that of Bitcoin.

Regarding this decline, the recent trend of the cryptocurrency market is in line with global stock markets.

On the morning of December 4, European and American stock markets closed down across the board. The Nasdaq fell nearly 2%, the Dow fell 0.17%, and the S&P 500 fell 0.84%; US banking stocks and large technology stocks fell across the board, and China concept stocks plummeted. At the same time, international gold prices rose by about 1%.

It is worth noting that recently, Huobi, the cryptocurrency trading platform that previously announced the withdrawal of mainland China, began to issue an internal letter to remind mainland Chinese users to clear their account assets, and it is clear that the deposit function of mainland Chinese users will be closed on December 14. On December 15th, the currency transaction function of mainland Chinese users will be banned, and on December 31st, OTC transactions will be removed.