Bitcoin returned to the $100,000 mark. On the morning of May 9th, Bitcoin's price continued to rise, breaking through the $100,000 mark with a daily increase of over 6%, rebounding about 40% from the low in early April, reaching a new high since February. Ethereum also performed strongly, breaking $2,200 with a 24-hour increase of 21.4%.
Driven by Bitcoin's rise, other cryptocurrencies have also gone up, with Dogecoin, Cardano, Ripple, and others seeing significant gains.
According to Coinglass, in the past 24 hours, nearly 200,000 people in the cryptocurrency market were liquidated, with a total liquidation amount of $968 million, including $130 million from long positions and $840 million from short positions.
Who is pushing up Bitcoin? Three major 'fuels' have driven prices sky-high.
First barrel of oil: The U.S. 'eases up', and global dirty money finds an outlet.
Bitcoin's 'non-traceability' has made it a hard currency for underground transactions. Now, global regulations are tightening, and even bank withdrawals are being monitored, yet Bitcoin can be 'cleaned' with a click. The U.S. is using this to absorb global dirty money, profiting immensely.
Second barrel of oil: Trump's 'cryptocurrency gift package'.
Trump not only nominated a pro-crypto SEC chairman but also hinted at a U.S.-UK trade agreement, directly igniting market sentiment. Traders jokingly say: 'A single word from Trump, and Bitcoin rises for three days.' Even more striking, U.S. Bitcoin ETFs have absorbed $5.3 billion in three weeks, and institutional players are using real money to increase the stakes in this gamble.
Third barrel of oil: The depreciation of the dollar makes Bitcoin an 'anti-inflation artifact'.
In 2024, U.S. debt will surpass $36 trillion, gold will rise to $2,800, and Bitcoin, as 'digital gold', will soar accordingly. Analysts bluntly state: 'This is not faith; it's a collective flight from the dollar's credibility.'
Despite the overall positive market, the behavior of retail investors and whales has shown a divergence. Crypto analyst Santiment pointed out that during the 6 weeks of Bitcoin consolidating below $100,000, wallets holding 10 to 10,000 BTC increased their holdings by 81,338 BTC, accounting for 0.61% of their total holdings; meanwhile, small wallets (holding less than 0.1 BTC) reduced their holdings by 290 BTC, a decrease of about 0.60%. This divergence often indicates that the market may enter a new round of increases, and the continued accumulation by whales reflects long-term confidence.
New coin on Binance
On May 13th, Binance will implement an Alpha point consumption mechanism. For those of us who cannot meet the threshold right now, it's actually a good thing; at least it won't always be the top students getting airdrops, and we won't miss one opportunity after another. In the future, we should be able to choose which one to participate in, or after claiming once, points will be deducted, giving others a chance next time.
Yesterday $stx went live, launching over 3,000 in the launch pool. Holding 2 NFTs totals 20,000. The main rewards are definitely being enjoyed. Now there are trades for $aiot, $b2, $myx, and $zkj with rewards, but you need to rank high in trading volume. Those who enjoy trading should give it a try; I won't get involved.
$memefi
When market sentiment improves, if you bought $memefi, it would be really painful, as the methods of selling off are frightening. Altcoins still cannot have a grand vision. Gradually taking profits is always a good strategy. In today's crypto circle, news directly affects market fluctuations; proceed with caution and do not get too FOMO.
Finally, let's take a look at what's worth noting on-chain.
$koma seems to have entered the main stage.
$jager is a dividend coin, and after getting dividends, one should be able to break even in about a day.
$btz looks like it's launching an AI project.
$donkey has seen a severe pullback from 15 to 4m, but the gorilla is very strong and has already returned to alpha; now it's close to 10m.
