Bitcoin breaks through $66,000! More than 54,000 people were liquidated in 24 hours across the network, and 1 billion yuan evaporated! What's going on?

On May 16, Bitcoin broke through $66,000. It hit a new high since April 24. As of press time, Bitcoin was at $66,212.4, up 7.31%.

Ethereum rose more than 4%, and Dogecoin rose nearly 7%.

Bitcoin volatility intensified. According to the data from the cryptocurrency detection website coinglass, in the past 24 hours, a total of about 54,219 people were liquidated, with a total amount of $144 million (about 1.04 billion yuan).

Federal Reserve official Kashkari said: "I reiterate my view that Bitcoin has almost no practical use. It is neither an investment tool nor a currency. At the same time, I still doubt the value of the central bank's digital currency."

According to a previous report by the Economic Daily, since the advent of Bitcoin, prices have been fluctuating all the way, and sharp rises and falls are almost the norm. The multiple risks facing the market cannot be ignored. "Risk is an inherent attribute of financial activities, and the crypto industry is no exception. The cryptocurrency market faces potential negative factors such as increased macroeconomic uncertainty, the existence of industry "black swans", and unclear regulatory policies." Zhao Wei, a senior researcher at the OKX Research Institute, a digital asset trading platform, said.

According to a previous report by Beijing Business Daily, Yu Jianing, co-chairman of the Blockchain Committee of the China Communications Industry Association, pointed out that as a highly volatile asset, the price of Bitcoin may experience sharp fluctuations in the short term, which largely depends on factors such as market sentiment, the macroeconomic environment, and regulatory policies.