The world of digital assets is buzzing once again as Bitcoin surges past $73,000—nearly 520,000 RMB per coin—reaching an all-time high on March 13. With a staggering intraday gain of over 2.7%, this latest leap cements Bitcoin’s position not only as the leading cryptocurrency but also as the eighth-largest asset by market capitalization globally.
In just under two months, Bitcoin has rocketed from around $38,000 to over $72,000, marking a near 90% increase. This explosive growth has reignited public fascination, drawing attention from seasoned investors and curious newcomers alike. As the market heats up, so do emotions—hope, greed, fear, and regret.
The Emotional Rollercoaster of Crypto Investing
For many, trading cryptocurrencies feels less like investing and more like riding a high-speed rollercoaster. Market slang reflects this volatility: Bitcoin is affectionately called “the big pie” (da bing), while Ethereum is “the second pie” (er bing). Together, they dominate the crypto landscape—Bitcoin above $70,000, Ethereum recently breaching $4,000.
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Six years ago, Xiao Zhi invested over $3,000 in Bitcoin while living in the U.S. She held through bull runs and brutal bear markets, barely checking her portfolio until recently. Now, watching daily gains equivalent to a Chanel handbag—and sometimes losing it the next day—she admits even her calm demeanor is tested.
“Sometimes I make a fortune in a day, sometimes I lose it all,” she says. “But I’ve learned to stay detached. It’s about mindset.”
Her long-term hold has paid off: her initial investment has grown nearly 24-fold. Yet she hasn’t sold. Her goal? Wait for $100,000. Whether that comes in months or years remains uncertain.
Chasing Highs: When FOMO Meets Reality
Not everyone has the patience—or luck—of long-term holders. Chu Yu bought Bitcoin in 2020 at $45,000 during Thailand’s tourism boom, drawn in by rising hype. Today, his investment is up over 50%, but he’s torn: should he cash out or ride the wave?
Back then, he also dabbled in speculative altcoins—Shiba Inu, Infinitecoin—many of which crashed or vanished entirely. Now, he holds only Bitcoin and Ethereum.
“I believed in ‘buy new, not old,’” he recalls. “But most new coins ended up being traps.”
In online forums, veteran traders urge him to hold: “It’s still time to buy blindly,” they say. “Wait for $90K or $100K.” They cite the upcoming Bitcoin halving, expected in April 2025, when mining rewards will be cut in half, reducing supply and potentially boosting prices.
But skeptics warn: when everyone agrees on a price target, retail investors become the ones getting left behind.
“Markets can shift from sky-high to rock bottom in minutes,” Chu Yu reflects. “No one truly knows how long this bull run will last.”
The Dark Side of the Boom: Losses, Scams, and Regret
While some celebrate gains, others face devastating losses. When Bitcoin peaked in late 2021,郭雪 (Guo Xue) was swept into the frenzy after hearing stories of instant wealth. Encouraged by so-called “experts,” she joined an offshore exchange promising seamless deposits and withdrawals.
She bought Bitcoin at $68,000. Then came the crash. Prices plummeted below $20,000 in 2022. Millions were wiped out overnight.
After three anxious years—marked by regulatory crackdowns and exchange failures—she finally sold at $65,000 in March 2025, accepting a $3,000 loss.
“I’m not regretful,” she says. “At least I got some money back. I don’t want to wait another three years.”
Even more tragic is the story of Hong Shu, whose husband secretly lost 500,000 RMB ($70,000) on a fraudulent exchange. The platform showed his balance growing—from 500K to 1.09 million RMB—but withdrawals were impossible.
“It was all fake numbers,” she says. “I couldn’t even get angry. I just felt numb.”
The exchange? ZB.com—one of Asia’s once-top four crypto platforms—which suspended withdrawals in August 2022 and never resumed operations.
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“Ordinary people should stay away from Bitcoin,” Hong Shu warns. “There’s no such thing as free lunch. Stability, family health—that’s real wealth.”
Why Is Bitcoin Surging? Key Drivers Behind the Rally
Experts point to both technical and external catalysts driving this rally.
1. The Halving Effect
As noted by Dr. Zhang Ruixiang, Director of Blockchain Research at Zhejiang University’s Institute of Internet Finance, Bitcoin’s protocol reduces block rewards every four years—a mechanism known as halving.
Expected in April 2025, this event will cut daily new supply in half, creating artificial scarcity. Historically, halvings have preceded major price increases.
2. U.S. Spot Bitcoin ETFs
A game-changer arrived in January 2025: the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs. These funds allow traditional investors to gain exposure without holding actual coins.
On their first trading day, ETFs saw $4.6 billion in volume. Giants like BlackRock and Fidelity attracted institutional capital into the crypto space.
“This opened floodgates,” Zhang explains. “Wall Street is now deeply involved. ETFs offer lower fees and regulatory protection—making crypto accessible even to small retail investors.”
Risks Remain High Despite the Hype
Despite its momentum, Bitcoin remains highly speculative.
- Price volatility: Sudden swings can erase gains overnight.
- Security risks: Hacks and thefts still threaten digital wallets and exchanges.
- Regulatory uncertainty: Laws vary globally; some countries ban crypto entirely.
- Market manipulation: Large holders (“whales”) can influence prices significantly.
In China, virtual currency transactions are illegal financial activities. Domestic exchanges were shut down in 2017, and a 2021 PBOC notice reaffirmed that crypto lacks legal tender status.
“Bitcoin isn’t suitable for average investors,” warns Wang Peng, researcher at the Beijing Academy of Social Sciences. “It may serve speculators, but for most people—stay away.”
Yu Jianing, co-chair of the Blockchain Committee at the China Association of Communications Industry, echoes this: “Respect the market—but don’t blindly chase returns.”
Digital asset values are influenced by global events, tech developments, and sentiment shifts. Liquidity can dry up fast during crises—especially for smaller tokens.
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Frequently Asked Questions (FAQ)
Q: What caused Bitcoin to reach $73,000?
A: A combination of the upcoming Bitcoin halving (reducing supply), U.S.-approved spot ETFs attracting institutional money, and increased global investor demand fueled this rally.
Q: Is it safe to invest in Bitcoin now?
A: While Bitcoin has delivered strong historical returns, it remains highly volatile and speculative. It's best suited for risk-tolerant investors who understand market dynamics and avoid leveraging.
Q: Can I lose all my money investing in cryptocurrency?
A: Yes. Due to extreme price swings, security breaches, exchange frauds (like ZB.com), or regulatory bans, investors can lose their entire investment—especially on unregulated offshore platforms.
Q: What is the Bitcoin halving?
A: Every four years, the reward miners receive for validating transactions is halved. This reduces new supply and historically precedes bull markets due to scarcity expectations.
Q: Are Bitcoin ETFs safer than buying crypto directly?
A: Generally yes. ETFs operate under financial regulations, offer transparency, and eliminate custody risks associated with self-managed wallets or shady exchanges.
Q: Why are experts warning against crypto for ordinary investors?
A: Because most lack the knowledge to assess risks like hacking, scams, liquidity crunches, or regulatory changes—and emotional discipline needed during extreme volatility.
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