In the world of virtual currency, Bitcoin has always been the focus of attention. Recently, Bitcoin has experienced an unprecedented plunge and then soared rapidly, and its market value has set a new high in the virtual currency market. This amazing change has aroused people's attention and heated discussions on virtual currency. Let's take a deep look at Bitcoin's amazing performance this time to reveal its mysteries and influences.

The plunge and surge of Bitcoin is like a thrilling roller coaster ride. In the recent plunge, the price of Bitcoin once fell to the bottom, causing panic among investors. However, just when people thought that Bitcoin would be unable to recover, it re-emerged in a shocking manner, and the price rose rapidly, regaining the attention of the market. This drastic fluctuation is not only stunning, but also makes people begin to re-examine the potential and value of virtual currency.

In the process of Bitcoin's surge after the plunge, people have speculated on the reasons behind it. Some people think that this is a natural fluctuation in the market, while others attribute it to the influence of external factors. Whether it is for speculation or long-term holding, the surge in Bitcoin has made people feel the uncertainty and charm of the virtual currency market. This surge not only made investors profitable, but also made more people pay attention to and understand the operating mechanism and future development trend of virtual currency.

The surge after the plunge of Bitcoin is not only a surprise in the virtual currency market, but also a subversion of traditional financial concepts. In this digital age, the rise of virtual currency is changing people's payment methods and investment concepts. As one of the best, Bitcoin's surge and plunge performance undoubtedly brings people more room for thinking and exploration. In the future, how will the development of virtual currency evolve and what kind of future will Bitcoin usher in? These issues are worth our in-depth thinking and discussion.

In summarizing the soaring journey of Bitcoin after the plunge, we can't help but sigh at the unpredictable and infinite possibilities of the virtual currency market. The performance of Bitcoin not only makes people see the charm of virtual currency, but also makes people begin to re-examine the position of digital assets in the future financial system. Both investors and ordinary people should maintain a cautious and exploratory mind towards virtual currency to cope with the challenges and opportunities of future financial development. The surge after the plunge of Bitcoin is not only a market fluctuation, but also a baptism and enlightenment of people's financial concepts. I hope that we can seize opportunities, meet challenges and jointly create a more prosperous and inclusive financial world in this wave of digital financial revolution.

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Recently, Bitcoin has once again staged a roller coaster market. Affected by factors such as the US Internal Revenue Service sending educational letters to cryptocurrency traders and the US House of Representatives hearing on Libra, a virtual cryptocurrency owned by social giant Facebook, Bitcoin prices once fell below $10,000, and fell 30% in a week. However, stimulated by the Fed's interest rate cuts and the RMB exchange rate breaking 7, Bitcoin rose sharply for two consecutive days, breaking through $12,000 on August 6.

Multiple factors have led to a sharp rise in Bitcoin

According to the cryptocurrency data website Feixiaohao, as of around 15:00 on August 6, the unit price of Bitcoin reached $12,258, breaking through $12,000 in one fell swoop, with a 24-hour increase of about 5.42%, and an overall market value of $218.6 billion. Data shows that in the past 7 days, the price of Bitcoin has risen by 29.09%; in the past 3 months, the price of Bitcoin has risen by 108.86%; in the past 6 months, the price of Bitcoin has soared by 257.76%.

As the price of Bitcoin continues to rise, the market value of the entire Bitcoin in the overall market value of virtual currencies has also reached a new high. According to the cryptocurrency data website CoinMarketCap, the total market value of the current 2,426 cryptocurrencies included exceeds $318 billion, of which Bitcoin accounts for 68.5%, the highest record since April 2017.

Although the price of Bitcoin has soared again in the past two days. But just in early July, Bitcoin plummeted 30% in a week. The cryptocurrency website Feixiaohao market shows that at 22:00 on July 10, the price of Bitcoin broke through $13,000 in one fell swoop, reaching $13,051. But shortly thereafter, at 20:00 on July 17, the price of Bitcoin had fallen to $9,183. In this week alone, Bitcoin fell nearly 30%.

Why has Bitcoin risen sharply in the past two days? Various data show that this is related to factors such as the recent Fed rate cut, fluctuations in the RMB/USD exchange rate and risk aversion demand.

On July 31, 2019, the Fed cut interest rates by 25 basis points, and the global market reacted abnormally and fiercely. After the rate cut, European and American stock markets fell sharply for two consecutive days, contrary to convention, and triggered a global stock market decline. On August 5, the spot exchange rate of RMB against the US dollar, which more reflects the market's expected exchange rate, broke through "7". This is the first time in 11 years that the RMB exchange rate has broken through this mark in the onshore market. Almost at the same time, Bitcoin jumped sharply. According to the non-small market, at around 7 o'clock on August 5, the price of Bitcoin was still around $10,927, but then it rose sharply. On August 6, it rose straight until it broke through $12,000.

Bitcoin may become a safe haven

According to the foreign cryptocurrency data website cointelegraph, Jeremy Allaire, CEO of the encrypted payment company Circle, said that macroeconomic turmoil is the reason for the recent growth of Bitcoin (BTC).

In an interview with CNBC on August 5, Allaire believed that Bitcoin has become a safe haven for storing wealth during periods of geopolitical and macroeconomic turmoil. Allaire said that there is a correlation between recent Bitcoin gains and the RMB exchange rate, which has just hit an 11-year low.

In addition, the recent legalization of Bitcoin mining in Iran has also brought benefits to the rise of Bitcoin. According to PRESS
TV, on August 4, a bill approved and published by the Iranian cabinet stated that the government does not recognize as legal any trade activities involving cryptographic programs conducted in Iran. It stated that the government and the banking system will not regard digital currencies as legal tender, and the Central Bank of Iran will not guarantee its value.

However, the bill states that digital currency mining (mining) is allowed in Iran under certain conditions, such as if miners obtain approval from the Iranian Ministry of Industry and do not mine digital currencies within 30 kilometers of all provincial centers. In addition, the bill states that mining farms will be taxed like industrial manufacturing units; if foreigners want to set up mining farms in these areas, the Iranian Ministry of Industry is free to delegate power to the authorities of special economic zones.

Bitcoin prices fluctuate violently, and many of the world's giants are eager to try virtual digital currencies. According to media reports, French economist Philippe Simonnot recently said: "There are some new things now, such as Bitcoin and Facebook's Libra. Although these two digital currencies have many shortcomings, such as the sharp fluctuations in the value of Bitcoin and the private currency nature of Libra, their emergence is a manifestation of the chaos in the current monetary system, reflecting people's distrust of this system and the huge demand for simpler, healthier and more international currencies that are free from political uncertainty. These digital currencies have brought new inspiration and challenges to the globalization of the RMB and the reform and management of the future monetary system, which requires Europe, China and even the world to strengthen discussion and research."

As the market value of Bitcoin hit a new high in virtual currency, its influence has become increasingly prominent. As one of the most representative virtual currencies, the performance of Bitcoin directly affects the trend of the entire virtual currency market. Its soaring market value not only makes investors shine, but also makes more people pay attention to and study the technology and application of virtual currency. The prosperity and innovation of this market will inevitably bring new possibilities and opportunities for future financial development.