According to media reports, on September 19, Bitcoin fell to its lowest point in three months: $18,471.22 per coin. As of press time, the price of Bitcoin fell by about 72.8% from the highest record set on November 10, 2021 - US$69,044.77 per coin.

Cover News Reporter Wu Yujia

According to media reports, on September 19, Bitcoin fell to its lowest point in three months: $18,471.22 per coin. As of press time, the price of Bitcoin fell by about 72.8% from the highest record set on November 10, 2021 - US$69,044.77 per coin.

"Buy it will rise and fall, and buy it will fall and will rise. I lost almost 60,000 yuan, so I dare not enter it." "I don't dare to say it's the bottom after falling 90%" "cognition is very important"... The continuous decline of many currencies in the currency circle has also triggered many discussions among currency investors. The reporter noticed that some of them were planning to buy at the bottom, but more people bluntly said that the risks were too high and the losses were serious, so they no longer dared to enter it again.

html On September 21, co-director and researcher pan and Lin , co-director of the Digital Economy and Financial Innovation Research Center of Zhejiang University International United Business School, talked about their views.

What is the reason for this round of decline? Will there be further declines? Pan Helin believes that there are two reasons. On the one hand, it is because the belief that virtual currency itself becomes a global currency is gradually collapsed. Especially after Ethereum merged on September 15, Ethereum's proof-of-stake consensus mechanism will make virtual currencies centralized again, and it is difficult to continue to tell the story of virtual currencies. On the other hand, because the Federal Reserve raised interest rates in , under the strong US dollar, the dollar index has approached 110. When the US dollar appreciates, virtual currencies that replace the US dollar as the selling point will naturally burst the bubble. There will be further declines in the future, and the current strong US dollar cycle will continue to decline until the next US dollar easing cycle arrives. What chain reactions will

have on currency circles, mining circles, etc. under this round of decline? What is the impact? Pan Helin said that the currency circle is currently in the bubble burst stage, and it is also a problem that there is no bottom at the moment, or whether there is a bottom at the moment. As for the mining circle, the biggest negative is actually the merger of Ethereum. Proof of stake replaces mining and no longer requires mining. Therefore, the mining circle is not a problem of the decline in currency value. It may not exist and will completely become an elimination of production capacity. Proof of stake is not perfect, but at least the world no longer needs a lot of computing power and electricity to mine.

What risks do there exist in the hype behavior in the currency circle and the chaos in the market? Pan Helin pointed out that many people in the currency circle are actually very clear about the situation. You can see that the graphics card is in a downward trend, and many people in the currency circle are also monetizing and leaving the market. The risk that needs to be reminded is those who are still entering the currency circle under the current downturn. The current entry into the currency circle and the mining circle is likely to take over. Now there is no need to distinguish between the top virtual coins and the tail virtual coins. All virtual coins are in poor condition, so there is no need for investors to be the buyer at this time.

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