Cryptocurrency goes 'crazy' and Bitcoin goes back to $ 66,000. The risk after him is geometric.

Recently, cryptocurrency news is frequent. On November 8, the two largest cryptocurrencies, Bitcoin and Ethereum, continued their recent gains. The highest price in history. However, some market analysts have clarified that after various news cryptocurrencies appear to go up and down, not really profitable and other issues that are still "dead."

Two big pennies reappear as "crazy".

"Bitcoin bounces again" "Etherium is expected to surpass $ 5,000" ... On November 8, a reporter from the Beijing Business Daily pointed out that the cryptocurrency market has resurfaced. Bitcoin broke through $ 66,000 and Ethereum rebounded from its highs. Discussion on the gold market.

According to the global cryptocurrency trading news platform MyToken, the Bitcoin exchange rate peaked at $ 66,413 on November 8, which remains the highest price in the Bitcoin market since October 21. The Ethereum market price also rose sharply, reaching an all time high, and the daily market price hit a new high of $ 4,767.66.

After peaking during the day, market prices in the two main gains fell. As of November 8 at 7:00 p.m., Bitcoin was showing an increase of 4.19% over the 24 hour period to $ 66,186 and Ethereum was showing an increase of 2.23% over the 24 hour period to $ 4,734.11.

Description: Price trends in two main stocks

Based on the above, judging by the timing of the various markets of the two major currencies from 2021, Bitcoin is up 129% and Ethereum is up 542% year on year. A reporter from the Beijing Business Daily confirmed that Bitcoin and Ethereum suffered heavy losses in May, June and September 2021 due to regulatory and other factors. Since October 2021, the market value of the two major currencies has gradually declined. Strong economy, increase in October of more than 40%.

A blockchain industry expert believes that the recent rise in Bitcoin and Ethereum is the result of a combination of many factors. Payment methods and the like have played a role in the rise of cryptocurrencies.

“From an internal perspective, Bitcoin is about to receive the latest technology update, which is the Taproot modification. This is also considered“ the most important Bitcoin protocol. modify the agreement so far “. sufficient.” Added by analysis of the blockchain industry.

A reporter for the Beijing Business Daily noted that cryptocurrency news came mainly from overseas, while New York City Mayor-elect Eric said he would run City Hall in January 2022 and pay. in bitcoins until November 5. Inform the public. It became the second US market to accept bitcoin as a payment method, according to Tesla CEO Musk, who launched a Twitter poll on “if to sell 10% of the shares” on Twitter, Note: after the sale, trade assets equal to Bitcoin and buy $ 25 billion worth of Bitcoin or buy Dogecoin in bulk.

At the same time, the Zimbabwean government announced that it was deciding to use cryptocurrency as a legal means of payment to close the gap after "crab eaters" in El Salvador, the first country in the world to use the Bitcoin as the national currency. Differences in resolution across the border between African countries and other countries.

The crypto industry is sounding the alarm.

The rise of the first place behind various sources has led to the emergence of popular brands such as Dogecoin and Shiba Inu. In the money world, the magical result of the 'squid game', which exploded from nearly $ 3,000 to 0 in 5 minutes, has occurred. The cryptocurrency market has also heard an overheating warning. Some former analysts have made it clear that cryptocurrency is not an investment, but speculation and a joke.

In the past, blockchain industry leaders have pointed out that while the general interest in news related to foreign markets is now high, there are still many risks for institutions that accept cryptocurrency payments. or participate in cryptocurrency investments. Besides the potential for continued regulation, there are also significant market risks associated with changes in the value of the cryptocurrency.

On September 24, the central bank and 11 entities jointly convened a "report on the protection and risk management of virtual currency deposits", and the National Development and Reform Commission issued a "notice on the rights of virtual currency ”. 'Mining' operation Since then, the use of cryptocurrency at home and related activities has been completely phased out, and stock exchanges and mining companies have withdrawn from the Chinese market one by one and do not provide services to mainland users.

In the previous announcement, a reporter from the Beijing Business Daily repeatedly pointed out in the previous report that users of global profits are still facing the cryptocurrency market and are trying to break through it by depositing foreign currencies, trading coins. stocks and using currencies. . . Perform cryptocurrency trading operations under supervision.

"After a lot of news, cryptocurrencies seem to go up and down, and there is no real profit. The problem is still devastating." The blockchain industry analysts mentioned above have also warned that the impact on the industry and the economy is only now severely limited. Investing in cryptocurrencies by people is also not protected by law. Most home users should not be drawn to short term virtual currency bills and should not engage in cryptocurrency trading activities.