The financial market is in turmoil again! The U.S. Senate successfully passed the 'GENIUS' law, which acted as a ticking time bomb, instantly igniting the Bitcoin market. Thanks to this good news, Bitcoin continued its
strong rise and entered a state of 'crazy rush'.
In the early morning of the 21st, Asian time, Bitcoin's price was 'on the rise', easily breaking the $107,000 mark initially, then fully opened and quickly broke through $108,000, just one step away from its historical high of $109,288 recorded in January of this year, with an increase of about 1%. This wave of strong rise has caused the entire cryptocurrency market to boil!
Ethereum, the second largest cryptocurrency in the world by market capitalization, is still leading the coins, currently rising by 4.37% to $2,598.79. The value of the Trump meme coin ($TRUMP ) has increased by more than 13%, becoming the dazzling 'dark horse' in the market.
Behind this wave of Bitcoin's rise are the combined efforts of many favorable factors. After taking office, Trump introduced a series of pro-cryptocurrency policies, such as establishing a strategic reserve of Bitcoin, which led to a strong influx of confidence into the market. Meanwhile, the easing of trade tensions between the United States and China significantly increased risk appetite in the market, and investors flocked to the cryptocurrency market in search of higher returns.
Additionally, data shows that Bitcoin exchange-traded funds (ETFs) have almost always seen net inflows over the past two weeks. The net cash inflow on May 19 was $660 million, the highest record since early May. This perfectly reflects the strong demand for institutional allocation, as everyone is frantically rushing to buy Bitcoin.
However, the market has always been full of variables. The ceasefire agreement in the trade war finally reached between the United States and China may be destroyed by the 'chip war' between the two superpowers. Many policymakers at the U.S. Federal Reserve warned on Tuesday that tariffs could lead to rising inflation, prompting the United States to take a series of measures, which also cast a shadow on the future direction of Bitcoin. In this volatile market, can Bitcoin successfully break through its historical highs and continue its legend? Let's wait and see!