Asian session opened high and then fell back, Huobi.com's Li Lin is cautiously optimistic about Bitcoin

According to FX168, the price of Bitcoin opened high and then fell in the Asian session on Thursday (February 25), and rebounded sharply after fluctuating downward yesterday.

The quotes released by BITSTAMP show that Bitcoin/ US dollar (XBT/USD) fell to around 411 yesterday, and then rebounded sharply from there to around 423. It opened high in the Asian session of this trading day and then retreated to around 420.

(Bitcoin/USD time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN show that Bitcoin/ Euro (XBT/EUR) fluctuated and fell below 375 yesterday, and then rebounded sharply from there to around 384. After opening high in the Asian session of this trading day, it fell back to around 381.

(Bitcoin/Euro time-sharing chart source: Bloomberg, FX168 Financial Network)

The quotes released by Huobi.com showed that on Wednesday, the Bitcoin/ RMB price first fluctuated and fell to 2730, and then rebounded all the way from that point. The Asian market opened on the trading day and continued to rise to 2838, and then retreated from that point to around 2795.

(Bitcoin/RMB 30-minute chart source: Huobi.com)

On the industry side, this Tuesday (February 23), the financial elite social platform Financial Hakka Coffee organized a Financial Hakka Hug event. The first stop was Huobi, China's largest Bitcoin trading platform, to explore the mysteries of the Bitcoin industry and the future development of blockchain technology.

Huobi founder Li Lin expressed cautious optimism about Bitcoin, saying that as an ownerless currency, Bitcoin has similar properties to gold. However, compared with gold, Bitcoin eliminates the ineffective costs required in the process of technical verification, inventory, and custody.

Li Lin believes that the current payment and storage system is composed of many institutions and a huge infrastructure system. In today's Internet era, this system actually sacrifices technical efficiency and has a very high cost of use. The technical advantages of blockchain will bring about the decentralization of value, which may have an impact on various fields including finance.

At 13:20 Beijing time on February 25, Bitcoin/USD was 420.68, Bitcoin/Euro was 381.10, and Bitcoin/ RMB was 2793.72.