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Bitcoin surpassed $40,000 in a short time, soaring $10,000 in less than a week
Source: Voice of Securities Daily
Securities Daily
Since 2021, Bitcoin has been on the verge of breaking through and its price has repeatedly hit new highs. Especially after breaking through the $30,000 mark for the first time on January 2, the price of Bitcoin went up all the way, reaching the $40,000 mark on January 8, again setting a new high for the year.
According to data from CoinGecko, an encrypted digital currency market website, the price of Bitcoin broke through $30,000 on the evening of January 2. Since then, Bitcoin has gradually risen. At 2 o’clock in the morning of January 8th (Golden Unicorn Analyst), the price of Bitcoin reached 40,000 US dollars, the highest was 40,180 US dollars. At this time, it was only 6 days after Bitcoin was $30,000. At present, the price of Bitcoin has fallen back to 38,000 US dollars.
The entry of overseas institutional investors is considered to be a major factor supporting Bitcoin’s rise. The chief researcher of the Binance China Research Institute told a reporter from the Securities Daily that the admission of overseas institutions can be said to be the main factor in the current round of Bitcoin’s rise, and the Grayscale Fund has played an important role. The Grayscale Fund has a unique design for Bitcoin funds. It can only be subscribed and cannot be redeemed. Investors can only choose to sell on the secondary market of US stocks. Bitcoin’s “only buy not sell” situation, and this is undoubtedly a huge support for the price of Bitcoin.
The relatively loose monetary policy around the world has accelerated the rise of Bitcoin. Chen Xiaohua, a review expert on major industrial Internet blockchain projects of the Ministry of Industry and Information Technology and chairman of the China Mobile Communications Federation’s Blockchain Professional Committee, told a reporter from the Securities Daily that global monetary policy has released liquidity on a large scale, putting the global market in a monetary easing cycle. The liquidity of funds has increased substantially, and investors’ demand for hedging has also increased. During the epidemic, investment channels and products were limited, which led to Bitcoin as a world-wide sovereign so-called “value preservation and appreciation” investment product, which caused investors to rush to raise funds.
“The Bitcoin market is already in the excitement of the bubble cycle.” OKExResearch chief researcher William analyzed to the “Securities Daily” reporter. It took more than a month for Bitcoin to rise from $10,000 to $20,000; from $20,000 It took nearly half a month for the U.S. dollar to rise to 30,000 U.S. dollars, and it took less than a week to go from 30,000 U.S. dollars to 40,000 U.S. dollars. This reflects that in the current Bitcoin market, speculation has become the dominant factor, and the market is too fanatical. Although it cannot be ruled out that the price of Bitcoin continues to break through the $50,000 mark. But it needs to be emphasized that the Bitcoin market has accumulated a sufficiently large bubble, and the risk of continuing to chase Bitcoin at this time is very high. Investors should invest rationally and exercise restraint, especially not to increase leverage.
Currently, investing in encrypted digital currencies such as Bitcoin is facing multiple risks.
Chen Xiaohua believes that investing in Bitcoin faces security risks. The issuance and transaction of encrypted digital currency is inseparable from the network, but the commercial website that issues encrypted digital currency cannot be indestructible. Even the extremely secure Bitcoin cannot be 100% secure, and the encrypted digital currency trading platform is mixed, investment People should be aware of the hidden safety hazards behind it. The network security threats of the trading platform mainly come from three aspects, namely, external attacks, system failures, and internal faults or damages.
“In addition, there are also legal risks. As a special commodity that may have an impact on the financial order and national macro financial policies, my country has gradually increased its management and regulation in recent years. The regulatory authorities have clearly defined it. Bitcoin is a special commodity, and we should strengthen the prevention of encrypted digital currency risks.” Chen Xiaohua further said.
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