What happened to Bitcoin (Bitcoin gone crazy)

08/17/2023 16:43 • Blockchain Buzz • 117 views

What happened to Bitcoin? Why did so many people get involved, what does it look like? Bitcoin was created by Satoshi Nakamoto on January 16, 2009 (the appearance of the Bitcoin genesis block), and it experienced a rapid growth in a short period of time.

In early 2013, the price of Bitcoin reached $36,000, then entered a bear market. At the end of 2014, due to the increase in Bitcoin mining difficulty, the price plummeted to around $3,000, but later recovered to around $48,000. Starting from the end of December 2015, it continued to rise and has now risen to $55,000. However, since 2016, it has been in a continuous decline and has fallen by 80% or even more since the end of 2017. In the first quarter of 2020, Bitcoin’s increase exceeded 10%, and there was a large number of newcomers participating, raising expectations for the cryptocurrency market in 2020. (Note: Since 2011, it has always been an established exchange platform in the crypto industry).

Bitcoin gone crazy

Editor’s note: This article is from the Fenghuolun Community (ID: FHBT18), author: Peipei, authorized to be reproduced by Odaily Planet Daily.

Hello everyone, I’m Xiao Ai. Today, I want to talk about the recent surge in the market and Bitcoin hovering around $10,000; yesterday’s market was also very strong. In the past few days, there have been news that BTC prices will continue to rise starting from November 10th, and it has already reached a high of $11,008, breaking through the $10,000 mark that it has been unable to surpass. In fact, this situation has occurred as early as the beginning of March this year: “If we look at historical experience, there is probably a rebound period.” Of course, some people believe that this pullback is a relief for risk aversion, “because the market is generally in a loose state.” So why did this phenomenon happen so quickly? The answer may lie in the fact that there are many reasons for the crash in the cryptocurrency market, such as the impact of regulation and other factors, but most investors still don’t know the exact reason for such a result. Firstly, for domestic users, many governments of countries have changed their attitudes towards virtual currency this year or let it go, and there are some restrictions and measures in some areas including China, which are indeed risky. Therefore, a very important part of this is the negative effect on the return on investment of encrypted assets: On the one hand, the recent epidemic has affected many overseas people, and they are now more willing to hold digital currencies; on the other hand, due to changes in the global economic situation, many people are worried about the future. The central banks of countries will control inflation, stimulate economic growth, and other related issues through various tools. US President Trump has also repeatedly emphasized the issuance of his own CBDC to curb inflation, so he hopes to convert all cash reserves into Bitcoin as the primary means of value storage and maintain stable growth in the current macro environment. “But personally, I don’t want to be the last person to take over and establish my own future wealth system… at least I think this is a trend worth watching.” Another thing worth noting is that Bitcoin’s performance in the past two weeks has been on par with gold or the S&P 500 index, and even surpasses the Nasdaq 100 index. After reaching a high point of nearly $20,000 in September last year, it has now returned to a high position. According to BitMEX data, as of the end of December 2019, the open interest of Bitcoin has reached nearly $1.5 billion, reaching a new high. In addition, the number of holding addresses has also increased, with the top five ranking accounts having 180,000, 100,000, and 350,000 addresses respectively.

This article and pictures are from the Internet and do not represent SipPop's position. If you infringe, please contact us to delete:https://www.sippop.com/24649.htm

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

What happened to Bitcoin (Bitcoin gone crazy)

Bitcoin gone crazy

Related recommendations