$BTC

Recently, Bitcoin's price has performed strongly, breaking through the historical high of $70,000, becoming the focus of global market attention. The main drivers behind this surge include the official launch of the U.S. Bitcoin spot ETF, attracting a significant influx of institutional funds, and the market's increasing expectations of interest rate cuts by the Federal Reserve, leading to a overall rise in risk assets. On the other hand, large companies like MicroStrategy and GameStop have also announced their holdings of Bitcoin, further boosting market confidence.

Additionally, Bitcoin is set to undergo its fourth halving in April 2024, when the mining reward per block will decrease from 6.25 to 3.125, further constraining supply. The market generally expects this to provide long-term support for prices. Overall, as institutional funds enter the market and supply decreases, Bitcoin is gradually shifting from a speculative asset to a store of value.