The price of Bitcoin surged to over $1,000 at the beginning of the year! Is the once-crazy Bitcoin back?

According to Wall Street Journal, in the early morning of today (2nd), the domestic Bitcoin price soared to 7,218 yuan. Calculated based on the official closing price of the onshore RMB against the US dollar of 6.9495 last Friday, it has reached 1,039 US dollars.

The editor noticed that data from some domestic trading platforms showed that after about 10:30 this morning, the price of Bitcoin suddenly soared. As of 11:30, it was once at 7,300 yuan, which is about 1,050 US dollars when converted into US dollars.

At the same time, the real-time market of Wall Street News shows that the exchange rate of Bitcoin to the US dollar is 1010.67. From the candlestick chart, there is also a large increase after 10:30.

In the international market, the price of Bitcoin on the European Bitcoin trading website Bitstamp has exceeded $1,000, and is $1,003.55 as of press time.

Is the once crazy Bitcoin coming back?

The increase in 2016 was more than 165%

As early as 2013, during the bubble, the price of Bitcoin once exceeded $1,100, even more expensive than gold. But the bubble soon burst, and with the theft of the largest Bitcoin exchange and the increasing regulatory pressure, Bitcoin once fell by more than 80%.

On November 19, 2013, the highest price of Bitcoin reached 8,000 yuan, while the lowest price in November was only 1,256 yuan, with the largest increase in that month reaching an astonishing 473.63%. On December 5 of the same year, the central bank and five other ministries and commissions issued the "Notice on Preventing Bitcoin Risks" and then interviewed the heads of several third-party payment companies. The third-party payment channels of Bitcoin were blocked, causing a sharp drop in the transaction price of Bitcoin.

From the end of 2013 to now, the Bitcoin market has taken a "deep V". In January 2015, the price of Bitcoin fell below 1,000 yuan, and in the following dozens of months it fluctuated between 1,000 and 2,000 yuan. In 2016, a round of Bitcoin "bull market" began.

Data shows that on January 1, 2016, the opening price of RMB spot Bitcoin was RMB 2,559.23, and on December 31, the closing price was RMB 6,788.87. Based on this calculation, the increase in domestic Bitcoin in 2016 was about 165%.

Huobi COO Zhu Jiawei previously pointed out in an interview with Daily Economic News:

Recently, the economic situation in Europe, the United States and other countries has become more uncertain, and global risk aversion has been on the rise, leading to an increase in the price of Bitcoin.

Wall Street News said that the current price of Bitcoin is more driven by the Chinese market, and the trading volume in the Chinese market accounts for more than 90% of the world's total. The Financial Times mentioned that critics believe that the rebound of Bitcoin has all the characteristics of a new round of speculative bubbles, and it is more like an over-hyped technology stock than a practical currency. This violent volatility also prevents Bitcoin from developing into a stable practical currency, which runs counter to the good wishes of idealists.