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Bitcoin: The Rise and Fluctuations of Digital Gold
In the past 24 hours, the price of Bitcoin has fluctuated sharply, once again falling below the $100,000 mark, touching a low of $99,611, triggering panic in the market. The Federal Reserve's hawkish remarks have extinguished interest rate cut expectations, leading to a sell-off of risk assets, with the total market capitalization of cryptocurrencies evaporating by over $1 trillion, and the Fear and Greed Index dropping to 'Extreme Fear' at 15 points. Institutions are going against the trend to buy the dip: Anchorage Digital has absorbed over 4,000 BTC (approximately $400 million) from platforms like Coinbase, and Harvard University's holdings have surged to $442.8 million. Discussions on platform X are fervent about bear market divergence signals, with whales heavily shorting $143.6 million positions, with a liquidation price of only $98,000. However, analysts are optimistic that by the end of November, it may rebound to $114,500, with a year-end target of $130,000. In the short-term fluctuations, in the long run, Bitcoin still benefits from the global liquidity glut, and HODLers may welcome a resurgence.
Bitcoin (BTC), as the world's first decentralized cryptocurrency, was proposed by the mysterious figure Satoshi Nakamoto in 2008 through the white paper 'Bitcoin: A Peer-to-Peer Electronic Cash System.' Officially launched in 2009, it discards traditional bank intermediaries and utilizes blockchain technology to achieve peer-to-peer transactions: transaction records are stored on a distributed ledger, verified through a 'mining' mechanism, with rewards halved every four years to control the total supply limit of 21 million coins. This design has earned Bitcoin the title of 'digital gold,' serving not only as a store of value but also driving innovations in ecosystems like DeFi and NFTs. Despite facing regulatory challenges, such as bans in some countries, its anonymity and cross-border convenience have attracted global investors. By 2025, Bitcoin's market capitalization is expected to exceed $2 trillion, having been designated as legal tender by countries like El Salvador.
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