Will Bitcoin Return to $ 60,000? What should we make of the bitcoin price spike that hits the market once?

According to a report by Jiemian News, on October 16 Beijing time, the price of Bitcoin would have reached $ 60,000 and $ 63,000 each, the highest level since May of this year. Ethereum has crossed the $ 3,900 mark, hitting all-time highs.

According to data from CoinGecko, the total market value of cryptocurrencies has exceeded $ 2.6 trillion, reaching an all-time high. Previously, the cryptocurrency market peaked at an all-time high of $ 2.550 billion on May 12 and continued to decline for more than two months until it fell more than 50% to 1.25 trillion. of dollars on July 21. After that, all business prices slowly rose.

As the cryptocurrency market rises, the recently shrinking US stock market blockchain sector has seen gains. Riot Blockchain is up 5.86% and the market is starting to move ahead of the opening of the US stock market.

As for the Chinese market, Bitcoin continued to rise after being hit by the toughest regulations in history. According to market data, Bitcoin's weekly average has risen for the third consecutive session in a row, with its post-trade correction below $ 28,800 increasing by more than 100%. Bitcoin now hits an all-time high of $ 64,443.

To be honest, many people will be surprised to see that Bitcoin's current market value has hit an all-time high. Why the market value of Bitcoin?

First of all, it should be understood that trading in cryptocurrencies like bitcoin is illegal in our country, so many people believe that the rise of bitcoin is due to investment by individuals and retailers. should be clearly discussed in advance, as it rarely deals with domestic investors and can be seen as a reflection of all foreign exchange transactions.

Second, let's take a look at the macro market as a whole, the main reason Bitcoin has increased in value is because Bitcoin is a US dollar denominated cryptocurrency and the value of Bitcoin itself also exists. It will be directly affected by changes in the US dollar. As US revenues have recently started to falter, this has resulted in an increase in global defense and defense. Under these circumstances, since Bitcoin is already a very viable investment, it will experience an increase along with the exchange rate in the global investment market as a whole.

Thirdly, Bitcoin now rising sharply and falling may explain this problem because in the current market Bitcoin certainly has a lot of risk compared to other investments, especially in the physical, refer to stores of value. Insight gives it a strong speculative nature, as investing in Bitcoin inevitably requires low risk volatility, despite past sharp declines or current surges. If you do not understand the specifics of this situation, you would put yourself at greater business risk. Therefore, everyone should have a thorough understanding of the main risks associated with Bitcoin.