The cryptocurrency market is up across the board.
On August 9, the cryptocurrency market rose across the board. Ethereum surpassed $4200, with an increase of over 8% in 24 hours, and its total market capitalization exceeded $500 billion. Bitcoin's price also reached $117,000, with an increase of over 1% in 24 hours.
Coingecko's latest data shows that with the price of Ethereum breaking $4200, its market capitalization has returned to over $500 billion, and the total cryptocurrency market capitalization has also once again surpassed $4 trillion, with a 1.9% increase in the past 24 hours.
According to CoinGlass data, in the past 24 hours, over 100,000 people in the cryptocurrency market have been liquidated, with a total liquidation amount approaching $400 million. Among them, the largest single liquidation occurred in Ethereum, worth $10.6284 million.
In news, in the second quarter of 2025, Harvard's endowment fund is making significant investments in Bitcoin and gold.
According to documents submitted to the U.S. Securities and Exchange Commission (SEC) on Friday (August 9), Harvard Management Company (HMC) made significant new investments in exchange-traded funds (ETFs) tracking the value of gold and Bitcoin in the second quarter of 2025. Among them, it purchased 1.9 million shares of BlackRock iShares spot Bitcoin ETF, valued at $116.7 million.
According to a report from Harvard University's newspaper website, Rutgers Business School professor John M. Longo stated: "Due to the significant expansion of the global money supply—especially since the pandemic, some investors are viewing gold and cryptocurrencies as value storage tools." He also added that the Trump administration's supportive policies for cryptocurrency and the increasing supply of related products from large financial institutions have driven Bitcoin prices to historic highs.
Recently, U.S. President Trump signed an executive order allowing alternative assets such as private equity, real estate, and cryptocurrencies to enter 401K retirement savings plans. Since taking office in January, Trump and the Republican-controlled Congress have introduced several measures to promote the application of digital assets, including blocking the federal government from exploring the issuance of central bank digital currency, establishing a 'strategic Bitcoin reserve,' and signing the stablecoin regulatory bill (guiding and establishing the U.S. Stablecoin National Innovation Act) among others.
However, some market analysts believe that although exchange-traded funds (ETFs) are often favored for their liquidity and substitutability, Bitcoin remains 'a highly speculative asset.' It is far from becoming a standardized medium of exchange and currently lacks any fundamental value.