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Why Bitcoin skyrocketed in 2017 (reasons for Bitcoin’s collapse in 2017)

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2017 Why Bitcoin skyrocketed

2017 Why Bitcoin skyrocketed Editor’s note: This article is from the Wind and Fire Wheel Community (ID: FHBT18), written by Pepe, and reprinted by the Daily Planet with authorization On December 31, 2017, the price of Bitcoin exceeded $40000, setting a new historical high; Subsequently, in early 2018, it skyrocketed to a high of nearly $14000, and the bull market of 2017 has come to an end! In January of this year, Bitcoin began to decline, but it has risen from its highest level a year ago to around $4000 currently, which is also a considerable increase. Why did Bitcoin skyrocket in 2017? The market in 2017 was also very crazy, and many friends have asked me, is it still just early summer, and there are many other currencies that have not yet risen? However, for many people, they are not so familiar with the market situation this year, after all, last year we talked about the halving of Bitcoin, the entry of institutional investors, and the changes in the overall environment in 2017. Let’s take a look at the major fluctuations in Bitcoin in 2017. 1. Since mid December 2017, the price of Cryptocurrency has been rising. Before the end of 2017, the price of Bitcoin remained basically operating within this range, only to experience a slight rebound at the end of October, and has since been hovering in high and narrow fluctuations; But in recent times, with more and more funds pouring in, the increase in this wave has almost doubled. Therefore, it can be said that this period of time is not considered good news for everyone. At the beginning of March 2018, the price of Bitcoin reached a historic high of $63000, and on May 2, 2019, it briefly exceeded $6000. But at the same time, due to the overall transition from bear to bull at that time, the price of Bitcoin continued to decline. From the second half of 2016 to the end of 2017, the trading volume of Bitcoin has remained basically stable, and at the end of 2017, the trading volume of Bitcoin reached its highest level in a year. 2. Since 2013, the price of Bitcoin has increased by an average of about 50% annually. Compared to the entire year of 2017, the market share of Bitcoin has not changed much at the end of 2017. At the end of 2017, the Bitcoin market share significantly decreased, mainly among retail investors. In the coming months, as more and more people enter the Bitcoin market, their participation will gradually increase. Later, as market sentiment becomes more positive, people will focus more on longer-term development. In addition, although most people in 2017 did not pay much attention to the future development plans or project progress of Bitcoin, such as the founder of the Ethereum Foundation, V Shen, who also posted on Twitter, saying, “If DeFi can be implemented on a large scale next year, there is likely to be greater opportunities in the near future.” 3. The reason why Bitcoin prices rose so rapidly in 2017 is partly due to a consensus in the market, The “decentralized blockchain” technology can improve the efficiency of financial services; On the other hand, smart contracts are used to reduce costs

The reason for the sharp drop of Bitcoin in 2017

According to the bitcoin exchange guide, another important reason for the sharp drop in the price of Bitcoin in 2017 was that United States Secretary of the Treasury Steve Mnuchin filed a lawsuit against the Cryptocurrency exchange Bitfinex. When the New York Attorney General’s Office (NYAG), accused of violating securities laws, announced its investigation results, the agency immediately responded, but refused to provide further details or clarify the facts. Brian Armstrong, CEO of Coinbase, said: ‘We believe this is a disaster and we will work with the government to address this issue.’; When regulators demand that we comply with our laws, we will begin to see this happen.

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