Bitcoin, the hottest virtual currency, stopped tra

2022-09-20
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Bitcoin, a virtual currency, stopped trading at the end of the month, and its quotation fell. The storm of strict supervision hit

"after some foreign financial concepts and financial platforms enter China, some will be over developed, increasing the risk of investors." Wang Shengzu, CO director of the investment strategy group of Goldman Sachs in Asia, pointed out to the Shanghai stock exchange that domestic investors are mainly retail investors, which is easy to have a follow-up effect and cause market fluctuations, which will cause financial market turbulence and investor losses. It is for the consideration of protecting investors and maintaining the stability of financial order that the regulatory authorities decided to tighten supervision. Bitcoin China announced last night that it would stop all trading business on September 30. As soon as the news came out, the official bitcoin quotation plummeted, rapidly falling below 20000 yuan. Bitcoin prices on the other two platforms also fell. Bitcoin China's offer for bitcoin was 18500 yuan, down 26% in 24 hours, nearly halving from the historical high of 32500 yuan in early September

as the bitcoin trading platform with the third largest trading volume in the world, bitcoin China is the first of the three largest bitcoin trading platforms in China to announce the suspension of trading business, which can reduce the consumption of oil resources by 30% - 50%. As of press time, Huo coin responded to Shanghai Securities News that no clear documents or notices have been received so far; Okcoin has not replied yet

strict supervision storm struck

14 evening, no obvious melting point; With high melt viscosity, bitcoin China announced that according to the spirit of the document "announcement on preventing the financing risks of token issuance" issued by seven departments on September 4, adhering to the principle of preventing investment risks and maximizing the interests of users, bitcoin China team decided to stop the registration of new users of bitcoin China digital asset trading platform from September 14; On September 30, 2017, the digital asset trading platform will stop all trading businesses. Bitcoin China's mining pool (guochi) and other businesses will not be affected and continue to operate normally

since September, it has been suggested that the risk of virtual currency trading mainly shows several characteristics: 1. On the evening of September 13, the China Internet Finance Association issued a risk warning, pointing out that the so-called virtual currencies such as bitcoin lack a clear value base, the market is full of speculation, the price fluctuates violently, and investors blindly follow the trend of speculation, which is easy to cause capital losses, so investors need to strengthen their awareness of risk prevention

on September 4, the central bank and other seven departments jointly issued strict orders, and the token issuance financing represented by ICO financing was suspended

as soon as the ban came out, all localities responded. The Beijing regulation office under the Beijing Municipal Bureau of financial work immediately issued a document to coordinate the clean-up and rectification of the ICO platform, and immediately stopped all kinds of ICO token issuance and its publicity and promotion activities

after some foreign financial concepts and financial platforms enter China, some will be over developed, increasing the risk of investors. Wang Shengzu, CO director of the investment strategy group of Goldman Sachs in Asia, pointed out to the Shanghai stock exchange that domestic investors are mainly retail investors, which is easy to have a follow-up effect and cause market fluctuations, which will cause financial market turbulence and investor losses. It is for the consideration of protecting investors and maintaining the stability of financial order that the regulatory authorities decided to tighten supervision

risk undercurrent accumulation

in recent years, the huge rise in the price of bitcoin has attracted a large number of retail investors, but under the undercurrent, the risk has gradually accumulated. With the surge of currency speculation, a variety of virtual currencies have followed the trend. Since the beginning of the year, the price of Wright coin has increased by 476%, the price of ripo coin has increased by 54 times, and the price of ether coin has increased by 13 times

unlike sovereign currencies, the credit basis of virtual currencies is mathematical algorithms, and its price depends on factors such as the reliability of algorithms and market confidence. Its value foundation is fragile, and it is difficult to find fundamentals to judge. Moreover, there are still defects and loopholes in technology. In the past, there have been many hacker attacks that caused investors to lose bitcoin

in fact, the confirmation of bitcoin point-to-point transactions (i.e. OTC transactions) takes one hour, and the holders are scattered, and their OTC market transactions are not active. More than 90% of the global accounts of bitcoin have less than 10 transactions a year

98% of domestic bitcoin transactions are conducted through bitcoin trading platforms. Usually, trading platforms have both information intermediary and transaction intermediary functions, but they are full of risks

insiders pointed out that most bitcoin can play a greater role only by advancing with the times. The central counterparty function of the currency trading platform, which provides information and trading convenience for speculation, is an important reason for the bitcoin market risk

in the special rectification of domestic Internet financial risks, a large number of illegal financial activities using virtual currency as props and guises are actually pyramid schemes, illegal fund-raising and so on. Overseas, bitcoin is increasingly becoming the preferred tool for the underground economy. In the so-called dark web world, by using unconventional server addresses, network transmission protocols and layer by layer encryption, it is difficult to track the location, identity and other information of both sides of the network communication. Bitcoin is its main means of payment

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