Beijing Business Daily News (Reporter Liao Meng): The coin circle is constantly fluctuating, with Bitcoin fluctuating. According to CoinGecko, a global currency website, Bitcoin fluctuated around $26800 on May 14th after a significant fluctuation in trading prices the previous day
Beijing Business Daily News (Reporter Liao Meng): The coin circle is constantly fluctuating, with Bitcoin fluctuating. According to CoinGecko, a global currency website, Bitcoin fluctuated around $26800 on May 14th after a significant fluctuation in trading prices the previous day. As of 17:00 on May 14th, Bitcoin was trading at $26859.11, with a 24-hour appreciation of 0.1%.
On the morning of the previous trading day, Bitcoin briefly fell below the $26000 mark, reaching around $25800, which is also the lowest trading price set by Bitcoin since March 2023. Subsequently, Bitcoin stopped falling and rebounded, with a daily close of 1.88% higher. In the past week, the overall depreciation of Bitcoin has reached 7.6%.
The Beijing Business Daily reporter further analyzed and found that since 2023, with the rapid rebound of Bitcoin trading prices around $16000, Bitcoin briefly reached above the $30000 mark on April 14, marking the first time since June 2022 that Bitcoin has exceeded the integer mark of $30000.
However, after achieving a consecutive upward trend in 2023, Bitcoin failed to continue to rise as expected by the market, with a cumulative decline of nearly 10% since May. During this period, Bitcoin "attacked" the $30000 level several times, all of which ended in failure. Among the numerous predictions about the future trend of Bitcoin, whether it can break through the $30000 mark in the near future is also highly concerned.
Accompanying the decline in trading prices is the "bearish" news in the market. On May 8th local time, Bittrex, a virtual currency exchange, filed for Chapter 11 bankruptcy restructuring in Delaware 30 days after being sued by the US Securities and Exchange Commission, with estimated liabilities of $500 million to $1 billion. On the same day, due to massive coin withdrawal transactions and soaring transaction fees, the world's largest cryptocurrency exchange, Coin Security, suspended Bitcoin withdrawals twice in a day, further spreading panic. After the relevant news spread, the trading prices of Bitcoin have also experienced varying degrees of decline.
The gradual collapse of virtual currency exchanges, including Bitcoin, is clearly a disadvantageous factor for virtual currencies. In addition to bearing losses caused by currency price fluctuations, virtual currency investors may also need to be vigilant about issues such as the inability to extract assets caused by exchange bankruptcy, which is a great blow to investor trust. "said Su Xiaorui, a senior consultant in the financial industry at Analysys.
Su Xiaorui pointed out that the increase in Bitcoin trading prices since 2023 is mainly due to changes in global financial market liquidity that have exposed the banking crisis, which is also the most optimistic market environment for the Bitcoin bull market. But it is precisely because of the crisis exhibited in the financial market in recent months that virtual currencies are facing a new regulatory environment. Despite the rebound in trading prices, trading volume has significantly decreased compared to before. The subsequent price trend of Bitcoin is still full of uncertainty under the influence of the lack of underlying value support.
On the other hand, Beijing Business Daily reporters have noticed that due to the dual gameplay of short and long virtual currencies, despite the sharp rise and fall of Bitcoin, many domestic users still have a lucky mentality to bypass regulatory covert transactions or profit from participating in virtual currency related projects. However, they are unaware that even a slight mistake may lead to being involved in illegal and criminal activities.
On May 13, Weifang Public Security Bureau disclosed that the criminal investigation team of Dongying Branch had beaten down a criminal gang that sold virtual currency for money laundering, and arrested four suspect. "The virtual currency runs, the latest project earns 2% a day, the principal is secure, and it is absolutely reliable!" Under the temptation of this kind of advertisement, the suspect buys the virtual currency at a low price and resells it at a high price. In less than half a year, the money laundering amount is up to 3 million yuan, and the illegal profit is more than 10 million yuan.
According to the suspect, they usually deal face to face with the buyer in the rental house. Although the offline price of this virtual currency is high, the virtual currency can still be quickly traded and realized overseas, so there is no shortage of sales. This type of criminal behavior has become an important helper for telecommunications network fraud gangs to evade the crackdown of public security organs. The fraud suspect, in order to evade investigation, purchased virtual currency domestically and sold it overseas, using this method of monetization to launder money.
From the investigation results of Beijing Business Daily reporters in the past, it can be seen that ordinary users need to convert fiat currency and virtual currency through intermediaries when participating in virtual currency transactions. During this process, it is difficult to identify whether the source of funds is legitimate, and ordinary users are also easily involved in illegal cases.
Regarding this, Su Xiaorui reminds that in the current situation where virtual currency transactions are completely prohibited domestically, ordinary users should have a deep understanding of the risks involved in participating in virtual currency, avoid being tempted by so-called high yield scripts, and avoid being deceived and causing their own financial losses.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
