Bitcoin has been hyped again recently: up 30% in 4 days

Bitcoin, which had been gradually fading from people's sight, has been hyped up in the market in recent days. In the past four trading days, the highest increase of Bitcoin reached 30%, setting a new high in seven months, and it is likely to make a comeback. However, with the initial easing of the Greek incident, the price of Bitcoin may fall sharply in the short term, and investors still need to be wary of the risks brought by the rebound.

The price of Bitcoin has risen suddenly and rapidly. Since July 10, the price of Bitcoin has risen from 1,700 yuan per unit to 2,222 yuan per unit. Yesterday, the price of Bitcoin also surged to 2,000 yuan per unit after the opening, but fell back in the afternoon. During this period, the trading volume of Bitcoin has also increased significantly compared with the previous period, with the average daily trading volume reaching about 400 million yuan.

Speaking of Bitcoin, it is worth mentioning that after the price of Bitcoin soared to 8,000 yuan per coin in 2013, it was guided by the policies of Chinese regulators and then fell sharply. In January this year, it fell to 1,000 yuan per coin, a drop of about 80%. In the first half of this year, it has been hovering around 1,500 yuan, without any major breakthrough.

Regarding the arrival of this bitcoin rally, Du Jun, co-founder of bitcoin trading platform Huobi, analyzed and pointed out, " Since mid-June, bitcoin has experienced four days of increased fluctuations in its gains. The reasons for this round of gains can be seen from these time points. On June 16, bitcoin surged 8%. At the same time, the Chinese stock market, which had risen sharply in the previous period, began to adjust sharply. On June 30, bitcoin rose 4%. On the same day, Greek officials said that a debt default might occur. On July 6, bitcoin rose 5.5%. The day before, Greek people rejected a new round of rescue proposals from international creditors through a referendum. On July 10, bitcoin rose 6.3%. The day before, the probability of Greece exiting the euro zone increased."

Du Jun explained to reporters that he specifically checked the registration data of the past few days and found that the number of registered users increased significantly during these time periods, especially in Europe, which increased five times compared to usual, while other regions did not change much. So judging from the data, it was the geopolitical changes in Europe that caused the rise in Bitcoin prices, and coupled with the recent sharp correction in the stock market, users also began to return.

Xiao Lei, a senior researcher at Shiyuan Gold Bank, also told reporters that once there are stock market fluctuations, commodity fluctuations and geopolitical crises, they will stimulate the rise of Bitcoin, which is also the reason for the recent rise in Bitcoin.

In fact, every surge in Bitcoin is related to geopolitical changes. Bitcoin has gradually become known to the world from an unknown digital currency, mainly due to the Cyprus economic crisis. At that time, in order to prevent their property from shrinking, the Cypriot people were eager to find an investment product that could preserve its value, and then they set their sights on Bitcoin. They bought Bitcoin frantically, causing the price of Bitcoin to rise sharply. The price of Bitcoin also rose from a few yuan at the beginning to 8,000 yuan per piece at the highest. However, under the guidance of Chinese regulators, the price of Bitcoin began to fall, and speculative behavior in the Bitcoin market also improved. According to Du Jun, investors who currently hold Bitcoin are basically optimistic about Bitcoin and people who mine Bitcoin. "Now the price of Bitcoin is close to fair value. From the past six months, Bitcoin has been fluctuating above 1,000 yuan. The lack of a new low shows that Bitcoin is currently at a stage bottom and is held for a long time by a group of senior players." Xiao Lei said.

However, it is worth noting that due to the market news yesterday afternoon that the Eurozone and Greece reached a new rescue agreement, the price of Bitcoin fell accordingly. As of 19:00 yesterday, the price of Bitcoin on Huobi.com was 1,782 yuan per unit, down 10%.

Xiao Lei said that as the current situation in Greece has improved and the stock market has begun to rebound sharply, in the short term, the price of Bitcoin will fall significantly, and funds in the Bitcoin market may continue to flow out. It is not suitable for investors to buy at the bottom at present, and there is a great risk of volatility in the short term.