The Price of Bitcoin Rises and Risks Increase

Recently, the price of Bitcoin has continued to rise, once reaching $99,000 per coin, setting a new historical record. Yu Jianing, co-chair of the Blockchain Special Committee of the China Communications Industry Association and honorary chairman of the Hong Kong Blockchain Association, stated that in the short term, Bitcoin may find new support or resistance levels amid fluctuations, while in the medium to long term, its price direction will depend on multiple factors such as global liquidity, economic prospects, and regulatory attitudes. Yu Jianing analyzed that due to the relatively dispersed funding of crypto assets, the market is easily manipulated by large amounts of capital, leading to behaviors such as 'dumping' or 'pumping,' which in turn trigger irrational actions from retail investors. The article mentions that our regulatory authorities have always had a clear stance, deeming activities related to cryptocurrencies as illegal financial activities, maintaining strict regulatory measures against cryptocurrencies from various aspects, including cracking down on Bitcoin mining and cutting off the funding chain for cryptocurrency speculation. Overall, with the increasing popularity of Bitcoin and the cryptocurrency market, new risks and uncertainties are also rising. Investors should adopt a rational and cautious attitude to respond to the current market, closely monitor regulatory dynamics and market changes, and avoid blindly following trends.