Text | Ratchet Ringer
Text | Ratchet Ringer
Stocks, gold, bitcoin... Since July, various assets have risen in turn, attracting investors' attention.
On the evening of July 26, after several days of rising Bitcoin, it reached the $10,000 mark. "The 5-digit bitcoin is back." Some players sighed.
Some foreign players even began to "thank God", or joked that "Bitcoin cured my depression".
Grayscale Investment, a large investor who once suspended the purchase of Bitcoin, also resumed its investment in Bitcoin.
In these turbulent times, what else could be expected from Bitcoin?
secondary title
$10,000 back
On the evening of July 26, the price of Bitcoin finally broke through $10,000, and then fell back slightly. On the morning of July 27, Bitcoin broke through $10,000 again.
image description
Source of Bitcoin price trend: Huobi
Huobi data shows that at noon today, the price of Bitcoin reached its highest point in nearly five months-$10,315.
This is also the third time that Bitcoin has broken through $10,000 since entering 2020.
The first time it happened was in February this year. At that time, Bitcoin rose instantly, reaching $10,500 at one point, and maintained above $10,000 for 24 hours before starting to fall.
The same goes for the second time. On June 1, Bitcoin suddenly rose from $9,600 to $10,000. But above $10,000, Bitcoin only lasted for 12 hours, and then quickly fell to $9,300, even lower than the previous price.
But this time, many people believe that Bitcoin can stand firm at $10,000.
"Compared with the previous two times, Bitcoin's road to break through the $10,000 barrier this time is more stable." A player in the currency circle said, "The previous two times were pulled up instantly, but this time it is slowly It went up."
According to the data, since July 20th at $9,100, Bitcoin has risen for 7 consecutive days, and the price has been rising all the way, and finally reached $10,315 on the 27th. Compared with the past, the upward trend of Bitcoin this time is gradual, and the time period of the upward channel is longer.
Compared with the historical low of $3,800 on March 13, Bitcoin has risen by 171% in four and a half months. In the past week, the price of Bitcoin has also achieved a 12% increase.
Not only Bitcoin, other mainstream digital currencies have also generally risen recently, and some currencies have even surpassed Bitcoin.
For example, ETH has led the rise in the currency circle in the past week, with an increase of as much as 34%, and set a new price high in the past year. Litecoin also outpaced Bitcoin by 14%.
According to AICoin data, the 24-hour trading volume of Bitcoin was 302.3 billion U.S. dollars, while the net inflow of funds was as high as 3.151 billion U.S. dollars.
The news of Bitcoin's surge has gone out of the circle and has become a social topic.
secondary title
player carnival
"At the beginning of the month, the stock circle is boiling, and at the end of the month, the currency circle is boiling again. Feng Shui turns, and capital never sleeps." Someone expressed emotion on Weibo.
Players in the currency circle who are chasing currency prices are getting busy.
On the overseas community Reddit, someone quoted the lyrics of Phil Collins' classic song "In the air tonight" to express their feelings: "Oh, God! I have been waiting for this moment my whole life."
While another Reddit user chimed in: “Bitcoin cured my depression.”
image description
Figure: Hottest Comments in Reddit Bitcoin Daily Discussion Area
The big players in the currency circle are also starting to move around.Take Grayscale Investment as an example. After the Bitcoin production was halved on May 12, the company bought 18,910 Bitcoins in less than a month, which even exceeded 150% of the total Bitcoin production during the same period. (See）
"Is there a pusher for Bitcoin's rise? Wall Street giants surfaced and bought 37,000 bitcoins in a single month
However, on July 1, Grayscale announced that it would suspend the sale of Bitcoin trust products. A Cointelegraph article published on July 17 stated that Grayscale had stopped buying Bitcoin for “at least three weeks.”
secondary title
On July 22, Grayscale released a report stating that investors (Greyscale customers) are buying Bitcoin at an unprecedented rate in history.
future
future
In the current round of Bitcoin rise, it is still a mystery whether Grayscale Investment is a pure gold digger or the driving force behind the scenes.
On July 25, a U.S. federal court stated in a judgment that Bitcoin is a “currency” under Washington, D.C.’s Money Transmitters Act. This news was reported by many media, and even interpreted as "the United States recognizes the currency status of Bitcoin."
But the significance of this judgment may not be as important as outsiders imagine.
The judgment issued by the US federal court is related to an underground bitcoin trading case. The court accused the suspect Harmon of operating a remittance business without a license and suspected of money laundering. Harmon defended himself by arguing that Bitcoin is not a "currency" and that his actions did not constitute a "remittance".
Ultimately, the Federal Court ruled that Bitcoin is a "currency." Previously, the U.S. Commodity Futures Commission had identified Bitcoin as a "commodity," and the U.S. Securities Regulatory Commission had identified some digital currencies as securities, but neither of them recognized the monetary attributes of any digital currency.
However, this case proceeds from the point of view of criminal defense, and its purpose is to convict the suspect. For Bitcoin, this news is not only not good, but even bad.
"Everyone in the industry knows this. Therefore, after the news came out, Bitcoin did not rise in response." Sun Yuan, a blockchain researcher, said, "One day later, Bitcoin began to rise sharply, which may be related to the public being stimulated by the news. Buying bitcoin is relevant, but unlikely."
In his view, the rise in the price of Bitcoin is mainly driven by factors inside and outside the currency circle.
Within the currency circle, the digital currency market has seen a lot of good news recently. Especially DeFi, this field has received a lot of industry attention in the past two months, and the price of DeFi currency has also led the currency circle.
Since then, ETH has risen with DeFi, while Bitcoin has followed with ETH, which has promoted the overall rise of the currency market.
Externally, the central banks of various countries are still releasing water, which has promoted the prosperity of the global investment market. At present, many major stock market indexes in the world have come out of the impact of the epidemic.
Under the influence of international political events such as Sino-US tensions, the prices of safe-haven assets such as gold have also risen sharply. These factors have all contributed to the growth of the currency market.
But it’s worth noting that many practitioners remain cautious about Bitcoin’s future despite continued price increases.
In some forums, "stop profit in time and get it in your pocket" has become a common saying among currency analysts.
"This round of bitcoin's rise is relatively stable, not a 'roller coaster market', but the current bitcoin market is not clear, and the future rise is expected to be limited, so avoid chasing high and covering positions." A currency circle analyst wrote.
In the mining circle, miners are also watching.
Miner Lao Xia told a blockchain that they are still in a wait-and-see attitude towards the price trend of Bitcoin.
"But in any case, the mining circle's confidence in the future is being boosted recently." He said, "Affected by the positive currency price, some miners with money in their hands may increase their investment."
BTC.com data shows that since mid-June, the computing power of the entire Bitcoin network is picking up. Today, the computing power of Bitcoin's entire network has exceeded the level before the halving.
"Bitcoin urgently needs a group of senior welders who can weld Bitcoin to 10,000." A player in the currency circle ridiculed on the Internet.
In the comment area below, someone commented: "Bitcoin urgently needs a batch of high-grade leeks, which are better than the previous batch of leeks."
From the peak of 20,000 US dollars in 2017 to the present, the Bitcoin market has undergone rounds of reshuffles. A crop of leeks followed one after another, and there were various dramas.
text
