Bitcoin surges past 1900 amid regulatory breakthrough

Beijing Business News (Reporter Cui Qibin   (Yue Pinyu) Bitcoin has seen another regulatory breakthrough. According to reports, the European Court of Justice recently officially ruled that Bitcoin exchanges that convert traditional currencies such as the euro into Bitcoin are exempt from VAT. This ruling is seen as a confirmation of Bitcoin's currency status in Europe. Affected by this, Bitcoin prices have been hotly speculated, breaking through the 1,900 yuan mark yesterday, setting a four- month high. However, analysts believe that Bitcoin is not currently suitable for currency status.

Recently, Bitcoin has received multiple positive factors and has attracted new speculators' attention, and its trend has been rising. According to Huobi.com data, yesterday, Bitcoin rose to 1,908 yuan per unit, setting a new high on July 15. As of 20:00 yesterday , it was reported at 1,888 yuan per unit . Last week , the price of Bitcoin rose by 3.75% . In terms of trading volume, it has increased significantly recently, and the trading volume in the past three weeks has exceeded 7 billion yuan.

The rise in Bitcoin prices is mainly due to the clarity of policies in various regions and the recognition of Bitcoin's core technology, blockchain technology, in the industry. In addition to Europe, among the regions with clear Bitcoin regulatory policies, the United States also supports Bitcoin policies. Previously, the U.S. Commodity Futures Trading Commission ( CFTC ) has officially recognized Bitcoin's commodity status.