Bitcoin Returns to 100,000 Yuan, Is the Crypto World About to Boil Again?

Everyone, witness history! Bitcoin has actually returned to the 100,000 Yuan threshold. The last time we saw this number was three months ago; this market is simply a roller coaster ride!

First, let's look at the data. From May 8 to 9, Bitcoin surged past 100,000 USD, reaching a peak of 104,000 USD, with a 24-hour increase of over 5%. This rise has led to a collective celebration among cryptocurrencies like Ethereum and Dogecoin, with Ethereum experiencing a daily increase of over 20%, and the market is jubilant.

Now, let's discuss the reasons behind this. Firstly, institutions are continuously entering the market. For instance, Strategy has invested a whopping 2.2616 billion USD to purchase 25,370 Bitcoins in the past month, and Japan's Metaplanet is also steadily increasing its holdings. Institutional buying has provided a strong boost to Bitcoin's price. Secondly, the US and UK have reached a trade agreement, which has improved market risk appetite, causing funds to flow towards riskier assets, making Bitcoin highly sought after. Additionally, some states in the US have passed legislation allowing the establishment of cryptocurrency reserves, with New Hampshire taking the lead, significantly boosting market confidence.

However, investing in Bitcoin is not without risks. It does not have a fixed value anchor; its price relies entirely on market consensus. Any slight disturbance in policy, news, or market sentiment can cause the price to fluctuate wildly. In the past 24 hours, nearly 200,000 people in the cryptocurrency market faced liquidation, with the liquidation amount reaching as high as 968 million USD, and this “harvesting” speed is astonishing.

What do you think about Bitcoin's return to 100,000 Yuan this time? Is it the start of a new bull market, or just a fleeting moment? Let's discuss in the comments and explore the trends in the crypto world together!