Bitcoin soared 13,000 US dollars to the highest level in 17 months Coinbase website crash caused a plunge

Tencent Technology News June 27 news, according to foreign media reports, the United States local time on Wednesday, the world's largest cryptocurrency bitcoin price soared to the highest level in 17 months, the rebound so far in June to nearly 60%.

At the high of the day, Bitcoin futures hit an intraday high at the Chicago Mercantile Exchange (CME) and soared to $13,680. Bitcoin prices also soared to more than $13,000 on CoinDesk. But after the collapse of the Coinbase website, bitcoin prices plummeted more than $1,700 in just a few minutes. The site was re-launched on Wednesday night and the bitcoin price was finally set at around $12,400.

The notice on the Coinbase website wrote: "An error has occurred. We have received a notification about this issue and are viewing it." According to the status page of the website, the problem was "solved" at around 5:40 pm. .

Bitcoin is a cryptocurrency that appeared as early as 2009, and its revenues have brought its market value (the total value of all bitcoins in circulation) to $237 billion. The gains on Wednesday mean that the value of Bitcoin now accounts for 62.6% of all digital currencies tracked by data site CoinMarkets Cap.com. At the peak of December 16, 2017, the market value of Bitcoin was $326.5 billion.

It is unclear what prompted the price increase of Bitcoin, but after the December value reached a low of 3,194.96 US dollars, Bitcoin assets have rebounded, rising by 319%.

Many market participants pointed out that as institutional investors, including traditional companies, launched encryption-related businesses, bitcoin investment increased, reflecting increased interest in Bitcoin encryption assets.

Michael Moro, CEO of digital currency trading platform GenesisGlobalTrading, said in an e-mail comment: "The amount of cryptocurrency transactions is two to three times higher than 12 months ago."

He said: "Although the increase in trading volume comes from the increase in activities of our usual buyer groups such as hedge funds and family offices, for us, an interesting new buyer group has emerged, namely the endowment fund of private schools. This new group helps highlight the popularity of bitcoin and cryptocurrencies."

Libra, the digital currency that Facebook plans to launch, will use blockchain technology, a digital bookkeeping technology that supports cryptocurrencies such as Bitcoin. The social media giant and its dozens of supporters, including Uber, Visa, Mastercard and PayPal, want to make it a global payment system.

This move is widely recognized as an endorsement of blockchain technology. More than a decade ago, when one or more people called Satoshi Nakamoto created the first bitcoin, these assets were digitally designed for the first time.

However, the strong rebound prompted many cryptocurrency experts to call on novice investors to be cautious.

Jeff Dorman, chief investment officer at cryptocurrency investment management firm Arca, said that the parabolic growth of Bitcoin in June showed that Bitcoin is now "overbought and will fall, and should be vigilant." We looked at various indicators, they are all signals of overbought status."

Last week, Fundstrat, a bullish cryptocurrency bullish, said he believes Bitcoin's rise is due to the investor's "FOMO" (worry to miss) mentality. He expects bitcoin prices to eventually reach $40,000. It is true that Thomas made many wrong predictions about Bitcoin in 2018.

Bitcoin futures have risen 270% so far this year, and the assets linked to Bitcoin have also risen sharply.

GrayScale Investments, a subsidiary of Digital Currency Group, rose 325% in the first six months of 2019. The group manages the Grayscale Bitcoin Trust, a popular way to bet on Bitcoin.

In contrast, according to FactSet's data on Wednesday afternoon, the Dow Jones Industrial Average (DJIA) has risen 14% so far this year, the S&P 500 index rose 16.5%, and the Nasdaq Comp (Nasdaq Comp) ended 2019. The year-to-date return is 19.3%.

Source: Tencent Technology (Tencent Technology Review / Jinlu)