Bitcoin Once Again Snatch Headlines Or Open Panic Style Crash

In recent days, bitcoin has once again grabbed headlines, becoming a hot topic. The same as last time, this is also because of the central bank's sake. In February 8th, the central bank interviewed 9 principal executives of the bitcoin trading platform in Beijing and put forward a clear request for anti money laundering. A day later, the 9 exchanges held an industry conference. Then, China's largest two bitcoin exchanges, OKCoin currency line and fire money net, announced the suspension of the withdrawal.

The speed and system of action can be regarded as a paragon of the operation of the central bank. Looking back at the sharp rise and fall 1 months ago, things are quite different. In January 5th, bitcoin rose to a record high after a month's surge, and then plunged nearly 30% to 6000. After that, the central bank met with the responsible person in January 6th and asked him to carry out self-examination in the light of the recent abnormal situation and carry out corresponding rectification and rectification.

If it's January Central Bank After knowing the aftermath and making up for it afterwards, the central bank's strategy in February changed significantly. But there may still be some hidden dangers in analyzing the reaction after market. China's trading volume of the three major platforms, such as fire money net, currency bank and bitcoin, has been sharply reduced. According to statistics, the 24 hours of turnover of these three platforms are all about 20 thousand, compared with the previous 24 hours of peak turnover.

The collapse of trading volume stems from the fact that the central bank met with the head of the trading platform in February 8th and the three major platforms began collecting fees in January 24th. Insiders said, " Service Charge Come up, the volume of spanactions will naturally go down. "

With the decline in volume, there are cross-border capital, which is what the central bank has always wanted to curb. There is a view that bitcoin cross-border spanaction is a new form of capital outflow after Hongkong's large insurance policy and cross-border companies swap. In the domestic demand for foreign exchange is more stringent, people can achieve easier exchange through bitcoin.

After the central bank's talks, those who want to make capital spanfers through bitcoin spanactions may have to give up because of tighter regulation and higher costs. Therefore, the decline in bitcoin turnover reflects, to a certain extent, the reduction of cross-border spanactions in bitcoin, and also shows that the central bank has achieved its "small target".

There is a phenomenon worth pondering: after the central bank talked about the head of bitcoin trading platform, bitcoin had a "hang upside down" on the price of the RMB and the US dollar. At 17:30 in Beijing, the price of bitcoin against the US dollar was $977, accounting for 6723 yuan, compared to the same time. RMB The price is 164 yuan higher. Just two days ago (February 8th) 16:00, the price of bitcoin against the yuan was 159 yuan higher than the dollar price.

Before that, bitcoin prices in China were higher than those in foreign countries, which partly inhibited capital outflow and "swap". Bitcoin "exchange" means selling renminbi in domestic bitcoin trading platform, buying bitcoins, spanferring bitcoins to foreign bitcoin trading platforms, selling bitcoins, buying foreign exchange, so as to achieve the purpose of converting RMB into foreign exchange.

When domestic and foreign bitcoin prices appear "upside down", the price of bitcoin renminbi is low, while the high US dollar price will give rise to more capital outflows to a certain extent. "Bitcoin prices fluctuate all over the world. It is a hypothetical idea to exchange foreign currency through bitcoins, and its operation is far more difficult than traditional methods," he said.

For bitcoin's "swap" concept, OKCoin currency CEO Xing Star made a different view. He said that buying a large number of bitcoins in the domestic market will be strictly investigated by the trading platform, while the anti money laundering policy of foreign trading platforms is more complex, which has increased the difficulty of swap operations.

If bitcoin prices follow the model set by Jean-Paul Rodrigue, then the next stage, bitcoin will usher in panic selling, that is, the "straight down" trend. For today's bitcoin investors, when they can not mention currencies, they can neither hedge nor withdraw. It may be even more difficult to meet them.

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