The crypto market exploded! On July 7, Tesla CEO Elon Musk's statement 'Fiat currency has no hope, so yes' on social platform X directly ignited enthusiasm in the crypto market. This 'barometer of the crypto space' statement not only caused a short-term surge in Bitcoin prices but also opened new possibilities for the deep integration of traditional political forces and cryptocurrencies.
Musk's words set the crypto space ablaze.
When asked, 'Will the U.S. party embrace Bitcoin?' Musk responded with typical 'Musk humor': 'Fiat currency has no hope, so yes.' This seemingly short statement carries deep meaning. As one of the most watched business leaders globally, Musk has repeatedly influenced crypto market trends through social media. His 'love-hate relationship' with Bitcoin—ranging from Tesla accepting Bitcoin payments to pausing due to environmental concerns, and hinting at SpaceX holding Bitcoin—has already made the market highly sensitive to his remarks.
This statement comes at a critical time for U.S. policy. According to reports, the U.S. has officially recognized Bitcoin as a reserve asset and launched a 'strategic Bitcoin reserve' composed of seized cryptocurrencies. At the same time, Bitcoin ETF funds managed by institutions such as BlackRock and Grayscale continue to flow in, attracting over $4 billion just in June. Musk's 'political alignment' undoubtedly adds fuel to the fire for Bitcoin's legalization process.
Bitcoin price surges, institutions are buying frantically.
Stimulated by positive news, Bitcoin's price briefly broke the $110,000 mark in early July, reaching a historic high. As of July 7, the BTC price stabilized around $108,000, with a 24-hour increase of over 0.7%. Technically, Bitcoin's weekly chart shows six consecutive upward trends, with its market dominance exceeding 64%, further solidifying its position as 'king of cryptocurrencies.'
Institutional movements are becoming more frenzied. MicroStrategy holds over 597,000 BTC, worth about $63 billion; BlackRock's Bitcoin ETF scale has surpassed $75 billion, controlling more than half of the market share. Even traditional financial giants are getting involved—on the first day of trading, the first Solana ETF in the U.S. saw over $8 million in transactions. Although SOL's price did not fluctuate significantly, behind the 'good news has been fully priced in' is an urgent demand from institutions for crypto asset allocation.
Policy winds arise, and the world accelerates to embrace Bitcoin.
Musk's statement is not an isolated case. U.S. SEC Chairman Paul Atkins recently publicly stated that he 'does not exclude the tokenization of private equity,' and the U.S. Congress has designated mid-July as 'Cryptocurrency Week,' planning to clarify the regulatory framework for digital assets further through the (GENIUS Act) and (CLARITY Act). More notably, India is considering piloting a Bitcoin reserve plan, marking a shift in emerging markets' attitudes toward cryptocurrencies.
Meanwhile, Bitcoin's 'hard currency' attribute is becoming increasingly prominent amid macroeconomic fluctuations. The $3.8 trillion spending plan in the U.S. exacerbates inflation fears, while global central banks enter a loosening cycle, and Bitcoin's value as 'digital gold' is being reassessed by institutions. Standard Chartered even predicts that Bitcoin prices could soar to $135,000 in the third quarter.
Crypto space differentiation: Bitcoin leads the way, altcoins fall silent.
In stark contrast to the frenzy surrounding Bitcoin, mainstream altcoins such as Ethereum and Solana are showing weak performance. As of early July, the price of Ethereum fell below $2,600, and Solana also dropped below $150, creating a strong contrast with Bitcoin's six-figure prices. Data shows that Bitcoin's market dominance reached 64.6%, a near three-year high, while the overall market cap of altcoins only grew by 3%, indicating a significant 'risk-averse sentiment' among investors.
Analysis points out that Bitcoin's 'institutionalization' is the main reason for the differentiation. Positive factors such as ETF approvals and corporate reserve plans almost all flow to Bitcoin, while altcoins struggle to gain equivalent support due to technical bottlenecks and regulatory uncertainties. Industry giants like Vitalik Buterin have also warned: if decentralization remains just a slogan, Ethereum may become 'the tears of the era.'
Mars plan revealed: Does Musk want to take Bitcoin into space?
More intriguingly, Musk revealed in a recent podcast that SpaceX still holds Bitcoin, and that 'using some kind of cryptocurrency on Mars makes sense.' Although he joked about the long confirmation times for Bitcoin transactions, this statement is still seen as a signal for the 'moon landing plan' in the crypto space. If future Martian colonies adopt cryptocurrency, Bitcoin is undoubtedly the most advantageous choice.
K-line Judge · Determine by writing: Is $120,000 just around the corner?
Currently, Bitcoin faces a critical resistance level at $109,000. If it can break through, the short-term target will aim for $120,000; if it retraces, the $90,000 to $100,000 range may serve as support. However, most institutions believe that the long-term trend remains upward—under the triple benefits of ETF demand, corporate buying, and policy loosening, Bitcoin's 'super cycle' is far from over.
For ordinary retail investors, Musk's statement again confirms that the crypto market has shifted from 'grassroots speculation' to 'institutional game.' As regulations gradually clarify, keeping up with policy trends and focusing on the development of the Bitcoin ecosystem may be key to navigating through bullish and bearish phases.
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