On the afternoon of July 11, Bitcoin broke through the $118,000 mark, continuing to set new historical highs. This round of Bitcoin price increase was driven by Trump's tariffs and U.S. fiscal policy. Although Trump's tariff policy has caused market tension, investors' preference for risk assets has increased, making Bitcoin seen as a macro hedging tool. Some fiscal policies promoted by the U.S., such as the GENIUS Act, have brought a clearer regulatory framework to the cryptocurrency market, boosting market confidence. Combined with continuous institutional buying and a synchronized recovery in market risk appetite, Bitcoin's price has set a new historical record. During this rapid surge, the number of liquidations in the cryptocurrency market surged, with over $1.2 billion in liquidations across the network within the past 24 hours, and more than 260,000 people liquidated, with nearly 90% being short liquidations. $BTC $BNB $SOL