Odaily Planet Daily reported that the Economic Daily published an article stating that recently, the price of Bitcoin has continued to rise, once reaching $99,000 per coin, setting a new historical record. Yu Jianing, co-chairman of the Blockchain Committee of the China Communication Industry Association and honorary chairman of the Hong Kong Blockchain Association, stated that in the short term, Bitcoin may seek 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 outlook, and regulatory attitudes. Yu Jianing analyzed that due to the relatively dispersed funds in crypto assets, the market is easily influenced by large amounts of capital, leading to behaviors such as 'dumping' or 'pumping', which in turn triggers irrational actions from retail investors. The article mentioned that regulatory authorities in China have always been clear in their stance, determining that activities related to cryptocurrencies are considered illegal financial activities, and have maintained stringent regulatory measures against cryptocurrencies from multiple dimensions, 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 respond to the current market with a rational and prudent attitude, closely monitor regulatory dynamics and market changes, and avoid blindly following trends,' warned Zhao Wei, a senior researcher at the OKX Research Institute. (Jin Shi)

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