Bitcoin's price soared to a record high of nearly 20,000 dollars a piece in December of last year. But since then the cryptocurrency has lost over 80 percent of its value. What happened to bitcoin? CGTN's Li Jiejun reports from Hong Kong.

Livio Weng joined the first batch of Bitcoin miners in China，after Bitcoin was created in 2009. Now, he is the CEO of Huobi Global - a cryptocurrency exchange platform. Over the past 8 years, he witnessed Bitcoin's ups-and-downs.

LIVIO WENG, CEO HUOBI GLOBAL "I gained about 6000 bitcoins from mining in 2010. I heard that bitcoin was a new decentralized currency, which may be better than gold. In 2013, it began to rise greatly. And in that year, the related industry was shaped in China. Huobi was founded. From 2013 to 2015, some people tried to use bitcoin to overturn the existing currency system. But it's unrealistic. After several years development, bitcoin erupted in 2017 and the price reached the peak. But the market cooled down rapidly in 2018."

Bitcoin plunged over 80 percent from its peak over the past year. Hyde Li is the co-founder of Central Crypto - a digital asset consulting company. He gave several reasons for the steep fall.

HYDE LI, CO-FOUNDER CENTRAL CRYPTO "There are three stages. First, the price of bitcoin dropped from 20,000 USD to 8,000 USD. During this period, many speculators made huge profits and left the market. Second, the price fell from 8000 to 6000 USD. Many traders lost confidence about the bitcoin's development. Third, the price was down from 6000 to 4000. That is due to the ongoing 'hash wars' between the Bitcoin Cash community."

Some analysts say bitcoin hasn't reached the bottom. There's still possibility for further decline.

LI JIEJUN HONG KONG "There are plenty of anti-Bitcoiners who see the market as a bubble, ready to pop and sending its prices dropping back to mere cents. But plenty of pro-Bitcoiners still think the Bitcoin fever will go on."

During the peak, over half of the global bitcoin trading was done on the Huobi platform. But entering the bear market, the exchange volume dropped a lot. There's big pressure as many other bitcoin trading companies were closed, but Livio Weng remains optimistic.

LIVIO WENG, CEO HUOBI GLOBAL "The crypto-market is not mature. It's just like what the internet experienced in 2000. After years of development, the internet changed people's daily life. The blockchain technology is progressing, and the digital currencies should have potential."

Analysts say after the major market correction, people see bitcoin more rationally. Unless big boost comes, there will be small opportunity of a rebound in the short term. LJJ, CGTN, HK.