Economic Daily: Risks rise as Bitcoin prices rise

The Economic Daily reported that in recent times, the price of Bitcoin has continued to rise, once reaching $99,000 per coin, setting a new record. Yu Jianing, co-chairman of the Blockchain Committee of the China Communications Industry Association and honorary chairman of the Hong Kong Blockchain Association, said that in the short term, Bitcoin may find new support or resistance levels in the fluctuations, and in the medium and long term, its price trend will depend on multiple factors such as global liquidity, economic prospects and regulatory attitudes. Yu Jianing analyzed that due to the relatively dispersed funds of encrypted assets, the market is easily manipulated by large amounts of funds, resulting in "dumping" or "pulling" behaviors, which in turn triggers irrational operations of retail investors. The article mentioned that my country's regulatory authorities have always had a clear attitude and determined that cryptocurrency-related business activities are illegal financial activities, and have maintained a strict regulatory posture on cryptocurrencies from various aspects and dimensions, such as cracking down on Bitcoin mining and cutting off the capital chain for cryptocurrency speculation. "In general, as the popularity of Bitcoin and cryptocurrency markets increases, new risks and uncertainties also rise. Investors should respond to the current market with a rational and prudent attitude, pay close attention to regulatory dynamics and market changes, and avoid blindly following the trend." Zhao Wei, a senior researcher at the OKX Research Institute, a digital asset trading platform, reminded. (Jinshi)