Prices fall from high levels, VC financing encounters obstacles

According to FX168, the price of Bitcoin fluctuated sideways in the Asian session on Thursday (December 31) and then fell, continuing the decline of yesterday. The quotes released by BITSTAMP showed that Bitcoin/ US dollar (XBT/USD) fell from a high of 434 to around 422 yesterday, and fell to 422 for the second time after fluctuating at a low level in the Asian session this trading day.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN show that Bitcoin/ Euro (XBT/EUR) fell from around 398 to below 388 yesterday, and fell further below 386 after fluctuating at a low level in the Asian session this trading day.

(Bitcoin/Euro time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by Huobi.com show that Bitcoin/ CNY fell from 2830 to around 2745 yesterday, and fell further to around 2710 after fluctuating sideways in the Asian session of this trading day.

(Bitcoin/RMB 30-minute chart source: Huobi.com)

In terms of industry , VC financing in the Bitcoin-related field has rapidly declined since the peak in the first quarter of 2015. The reason is that the big banks on Wall Street have begun to develop businesses in this field on their own instead of investing money in other companies.

Michael Sonnenshein, head of sales development at Grayscale Investments, said many banks and institutions are focused on developing their own blockchain technology rather than investing in bitcoin’s blockchain.

Indeed, JPMorgan Chase has joined forces with more than 40 banks to enter the blockchain field. A startup called R3 has reached a partnership with these banks to focus on blockchain technology research.

Blockchain technology startup Digital Asset Holding GS is one of the casualties of this round of financing difficulties. According to the New York Times, the company faces many difficulties in raising funds.

At 14:09 Beijing time on December 31, Bitcoin/USD was 422.00, Bitcoin/Euro was 385.39, and Bitcoin/ RMB was 2733.14.