What are the reasons for today's Bitcoin and Crypto Assets price rise?
With the unfolding of China-US trade negotiations, Bitcoin and altcoins have seen a significant pump this week. As of now, Bitcoin has surpassed $109,477, with a 24-hour rise of 3.7%, reaching a new high since May 29. Ethereum has risen to $2,668, with a 24-hour increase of 7.3%. This round of rise has pushed the total market cap of Crypto Assets above $3.54 trillion.
The catalyst for this rise is the easing of tensions in the China-U.S. trade negotiations, which started on Monday in London and are expected to conclude on Tuesday (local time). Currently, the market generally anticipates that both sides will reach an agreement to relax export controls and possibly lower tariffs. Such an outcome could alleviate investors' concerns that have persisted for months due to escalating trade restrictions.
Meanwhile, Strategy purchased 1,045 Bitcoins last week, worth $110 million, bringing its total holdings to 582,000 coins, valued at over $63 billion. At the same time, the adoption rate of Bitcoin by enterprises is rising, as companies like Trump Media, MetaPlanet, and GameStop continue to buy Bitcoin.
According to Santiment data, this wave of coin hoarding has also led to a decrease in the number of Bitcoins held by exchanges from 1.57 million on January 1 to 1.18 million. This downward trend is generally seen as a bullish signal, indicating that investors are moving their assets to self-custody institutions for long-term holding.
In addition, after some financial giants made optimistic statements, market sentiment turned optimistic as well. Cathie Wood of Ark Invest believes that the price of Bitcoin could pump 15 times in the next 5 years. Tom Lee of FundStrat also believes that the price of Bitcoin is expected to rise to $250,000 by the end of this year.
In addition, with the activation of the Bitcoin cup and handle pattern, a continuous rise is expected. As shown in the figure below, Bitcoin has broken through the upper boundary of the downward channel, so analysts maintain a bullish outlook, believing that BTC is likely to soar to $142,000 in this cycle.
In summary, from the progress of Sino-U.S. trade negotiations, to the adoption of Bitcoin by enterprises, and the decline of Bitcoin balances on exchanges, multiple factors are driving the market's pump. At the same time, the optimistic forecasts from financial giants and the technical bullishness from analysts are injecting strong momentum and optimistic expectations into the market.
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What are the reasons for today's Bitcoin and Crypto Assets price rise?
With the unfolding of China-US trade negotiations, Bitcoin and altcoins have seen a significant pump this week. As of now, Bitcoin has surpassed $109,477, with a 24-hour rise of 3.7%, reaching a new high since May 29. Ethereum has risen to $2,668, with a 24-hour increase of 7.3%. This round of rise has pushed the total market cap of Crypto Assets above $3.54 trillion.
The catalyst for this rise is the easing of tensions in the China-U.S. trade negotiations, which started on Monday in London and are expected to conclude on Tuesday (local time). Currently, the market generally anticipates that both sides will reach an agreement to relax export controls and possibly lower tariffs. Such an outcome could alleviate investors' concerns that have persisted for months due to escalating trade restrictions.
Meanwhile, Strategy purchased 1,045 Bitcoins last week, worth $110 million, bringing its total holdings to 582,000 coins, valued at over $63 billion. At the same time, the adoption rate of Bitcoin by enterprises is rising, as companies like Trump Media, MetaPlanet, and GameStop continue to buy Bitcoin.
According to Santiment data, this wave of coin hoarding has also led to a decrease in the number of Bitcoins held by exchanges from 1.57 million on January 1 to 1.18 million. This downward trend is generally seen as a bullish signal, indicating that investors are moving their assets to self-custody institutions for long-term holding.
In addition, after some financial giants made optimistic statements, market sentiment turned optimistic as well. Cathie Wood of Ark Invest believes that the price of Bitcoin could pump 15 times in the next 5 years. Tom Lee of FundStrat also believes that the price of Bitcoin is expected to rise to $250,000 by the end of this year.
In addition, with the activation of the Bitcoin cup and handle pattern, a continuous rise is expected. As shown in the figure below, Bitcoin has broken through the upper boundary of the downward channel, so analysts maintain a bullish outlook, believing that BTC is likely to soar to $142,000 in this cycle.
In summary, from the progress of Sino-U.S. trade negotiations, to the adoption of Bitcoin by enterprises, and the decline of Bitcoin balances on exchanges, multiple factors are driving the market's pump. At the same time, the optimistic forecasts from financial giants and the technical bullishness from analysts are injecting strong momentum and optimistic expectations into the market.
#比特币价格上涨 # Sino-US trade negotiations #market catalysts