Bitcoin has fallen

     According to the latest report from Bloomberg, Bitcoin's price has reversed recently, plummeting to below $300.

     Although the price of this virtual currency is still 20% higher than it was a month ago, the price has plummeted very quickly recently.

     It’s always a futile search for the exact cause of Bitcoin’s price changes, but there are two things that are worth noting about the rise in Bitcoin prices - one is the suspected Russian Ponzi scheme, and the other is the growth of Chinese demand. Now it seems that both of these points are inseparable.

     Some analysts also believe that this round of Bitcoin's rise is mainly driven by blockchain technology. As a derivative of blockchain technology, Bitcoin's true transparency has attracted the attention of many investment banks and financial institutions.

     Users register and trade on Bitcoin trading platforms like BTCC. Since mid-September, transactions in China have soared, almost at the same time as the Russian conspiracy was launched. According to BTCC data, Bitcoin trading volume increased from 540,324 in September to 1,152,889 in October. The platform's CEO said last week that the number of daily registrations has skyrocketed, and it has been crazy in the past few days. Customer service has been working almost around the clock and working overtime.

     Some argue that Chinese demand could be driven by investors seeking to circumvent China’s capital controls or to avoid losses from volatile stock markets.

     After hitting a high of $500 last week, the price of Bitcoin nearly halved within a week. Investors who bought Bitcoin at last week's high must be feeling the pain of being deeply trapped.

     At 13:12 Beijing time on November 12, Bitcoin/USD was 315.00, Bitcoin/Euro was 296.44, and Bitcoin/RMB was 2071.00.

     The experience was familiar. Investors had previously experienced prices near $1,000 in 2013, and then fell into a trough after the collapse of Mt. Gox, the world's largest bitcoin exchange.