The continuous high-level shock suddenly fell sharply

The price of Bitcoin fell sharply in the Asian session on Thursday (January 28), and the short-term weak pattern reappeared.

The quotes released by BITSTAMP showed that Bitcoin/US dollar (XBT/USD) fluctuated at a high level around 395 yesterday, and quickly fell below 380 in the Asian session of this trading day.

(Bitcoin/US dollar time-sharing chart Source: Bloomberg, FX168 Financial Network)

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) fluctuated around 365 yesterday and plummeted to below 350 in the Asian session of this trading day.

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

The quotes released by Huobi.com show that Bitcoin/CNY fluctuated at a high level around 2625 yesterday, and fell sharply to nearly 2505 in the Asian session of this trading day.

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

On the industry side, the European Parliament's Economic and Monetary Affairs Committee (ECON) recently held a public hearing on virtual currencies and the role of regulators.

ECON policymakers have balanced and carefully considered the impact of virtual currencies and cryptocurrencies, taking into account both the advantages of both and the potential risks of adopting the technology.

Senior economist Sean Ennis said that although many governments may exclude virtual currencies because they may be used for illegal activities; but virtual currencies are safer than paper money in many ways. Virtual currencies are far less negative than cash.

At 13:00 Beijing time on January 28, Bitcoin/USD was 378.87, Bitcoin/Euro was 349.40, and Bitcoin/RMB was 2536.00.