Bitcoin: 2018's big crossover show


spring (time)



In just 3 months, bitcoin prices have fallen from the atmosphere to the earth's crust, and speculators' moods have fallen from the sky to the clouds. Bitcoin rose to an all-time high of around $20,000 on December 16, 2017, and fell as low as around $6,000 on February 5, 2018, a drop of up to 70% in a crossover drama. The people who are in it are helplessly acting and unwilling to go to the box, and the people who are outside it are laughing and watching the drama and want to apply for a mass actor, the result of the speculation of coins is never a definite.

I. Climax

On November 6, 2017, the price of bitcoin was still around $6,000, and inside the following month, bitcoin went up wildly to around $20,000 at an over-car pace, a bitcoin roller coaster that has thrilled and scared countless people.

The bitcoin trend at this stage was one price a day, or more accurately expressed as the price fluctuating dramatically every second, so much so that some of you who were heavily invested in bitcoin found that you woke up from a nap with tens of millions of RMB or hundreds of millions of RMB more.

II. Spike and plunge

After the price of bitcoin shot to the top, it then began its first plunge, falling 50% from $20,000 down to around $12,000 in the week since December 16. After the first plunge, a half-month rebound time began since December 18, after probing to around $11,000, and on January 6, 2018, Bitcoin rebounded to around $18,000, a rebound of around 70%.

It didn't end there, however, as the New Year approached, and while the leeks were still in the happy mood that Bitcoin would soon hit a new all-time high, screaming for a new round of rallies, they were greeted with a Bitcoin plunge, from $18,000 all the way down to around $6,000 on February 5, a 70% drop that continued to relentlessly undermine the confidence and courage of cryptocurrency enthusiasts.

iii. what are the reasons

The trigger for the plunge that began on January 6, 2018, was the South Korean government's statement that it would crack down on digital currency trading, even proposing to shut down digital trading platforms. While South Korea ranks among the top three countries in the world in terms of digital currency trading volume, the South Korean government's stance and actions are important, indirectly leading to the start of the plunge in digital currencies such as Bitcoin. This trend has been exacerbated by the launch of a new round of regulatory policies on digital currencies by various South Korean government agencies following the strong statement of the South Korean government.

Then, after the South Korean government, various countries around the world have taken a stand to tighten regulation of digital currencies, with tougher countries taking a stand to ban trading in them. This was followed by the theft of digital currencies from a trading platform in Japan, which led to a lot of panic selling, and these negative factors and panic continued to trigger a wild fall in digital currencies.

There's also a big reason for China's attitude towards virtual currencies. The announcement of a series of digital currency regulatory policies in China and plans to regulate offshore trading platforms, the Beijing Municipal Bureau of Financial Work saying that Beijing will crack down on digital currency and blockchain fraud, and Coinan not opening up trading for mainland Chinese users are all big negative factors.

The most critical moment came on February 6, 2018 at 11:00 pm when the U.S. Senate held a hearing on digital currencies, which ultimately set the policy and direction for digital currencies, with the overall aim of maintaining an open and inclusive approach to digital currencies and strengthening the regulation of ICOs. Just at the emergency moment when bitcoin fell to a low of around $6,000, the U.S. set the tone, allowing bitcoin, which represents the future, to bottom out and stabilize, with a rally of nearly 30% since Feb. 5.

If you look at the magnitude of the decline and market cap evaporation, this bitcoin crossover blockbuster is a disaster movie, but a big part of the virtual currency's appeal lies in its uncertainty, the ups and downs of buying and selling, and when we stand at the top of the bitcoin price in the future, we'll look back at the current ups and downs and be thankful for such an experience.

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