💥Bitcoin has set a new record by surpassing the threshold of 110,000 USD, marking the highest price ever, amidst significant negative fluctuations in the traditional financial markets. While the Dow Jones index fell by 0.86%, the S&P 500 decreased by 0.30%, and the yield on 30-year US government bonds exceeded 5% due to concerns over the massive public debt, Bitcoin quietly made a spectacular breakout.

One of the main reasons putting pressure on the traditional market is the political controversy in the US surrounding the proposed 4–5 trillion USD tax cut bill by former President Donald Trump. According to the US Congressional Budget Office, if passed, this bill could add an additional 3.8 trillion USD to the national debt, which is approaching 37 trillion USD.

In this context, investors are turning to Bitcoin as a value store. Bitcoin's market capitalization reached 2.12 trillion USD, accounting for 64.15% of the total cryptocurrency market share, while pulling the entire crypto market up by 3.96%, reaching a total value of 3.44 trillion USD.

The trading volume of Bitcoin in the past 24 hours surged to 66.92 billion USD, and Bitcoin futures also recorded an increase of 11.18%, reaching 79.84 billion USD. This indicates that the sentiment among derivative investors remains very optimistic, expecting the upward trend to continue.

Data from Coinglass also shows that many short investors have been liquidated en masse, with a total amount swept up to 14.23 million USD, while long positions were only liquidated for about 785,000 USD, clearly reflecting the market trend leaning towards bullish speculation.