Why is Bitcoin Being Suppressed (Why does Bitcoin Rise and Fall)?

08/17/2023 10:57 • Tech Trends • 63 views

Why is Bitcoin being suppressed? Why does Bitcoin have significant fluctuations?

On June 19, 2018, the US government issued a ban on cryptocurrencies. Shortly after the announcement, a crazy downturn began. Since then, the price of Bitcoin has remained at a low point until this Tuesday when it rebounded to over $40,000. It has been rising steadily and eventually reached a high of $50,000. However, due to Bitcoin being a Ponzi scheme, it has faced scrutiny and prosecution from regulatory authorities, leading to some other events, such as:

1. Facebook plans to apply blockchain technology to the education sector.

2. Bitcoin Core development team has completed a comprehensive audit of all its code, data analysis, and related content.

3. The Japanese Financial Services Agency has taken restrictive measures on ICOs.

4. Four companies, including Chinese banks, have been included in the sanction list.

5. The Korean police arrest criminals suspected of money laundering through online fraud.

6. The CEO of the Australian Securities Exchange (ASX) stated that over one million Australians do not use digital assets and cannot access forex services.

7. The Indian Supreme Court revoked the RBI chairman’s approval for Coinbase’s listing decision.

According to Bloomberg, a survey in the first quarter of 2019 showed that almost 70% of people believe that Bitcoin is an illegal fundraising tool or a “speculative bubble,” and the majority of them have purchased these products. Furthermore, more and more respondents have reported losing their money this year.

Why does Bitcoin Rise and Fall?

According to CCN, why does Bitcoin experience significant rises and falls? On August 18, 2018, Bitcoin’s price plummeted from around $10,000 to below $30,000. Since then, Bitcoin has been continuously rising without a break. However, when the market gradually recovers, this trend seems to start changing because Bitcoin’s value has been increasingly recognized. It not only has the characteristics of a currency but also plays a vital role as a medium of exchange. Therefore, caution is necessary when dealing with it.

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Why is Bitcoin Being Suppressed (Why does Bitcoin Rise and Fall)?

Why does Bitcoin Rise and Fall?

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