After a brief pause, the cryptocurrency rally triggered by Trump's victory in the US presidential election regained momentum on Wednesday during US trading hours. Bitcoin broke through the important $90,000 mark and continued to rise, with an intraday increase of 8.6% to $93,300, setting a new record high. The top digital currencies in terms of market value rose across the board. Dogecoin, which Musk strongly supported, soared by more than 16% in one day. Dogecoin is one of the strongest performing currencies in the cryptocurrency field in recent times. After strongly supporting Trump to win the US presidential election, Trump announced on November 12 local time that Musk would become one of the leaders of Trump's "Department of Government Efficiency" (DOGE) plan. The acronym of the department is obviously a nod to Dogecoin. In terms of cryptocurrency concept stocks, BTC Digital rose by more than 71%, and the two-fold long Bitcoin ETF rose by about 6.3%. Among Bitcoin ETFs, BTCW rose by 3.3% and ARKB rose by more than 3.1%. According to data from derivatives exchange Deribit, call option bets are concentrated on Bitcoin reaching $100,000.At the beginning of this week, inflows into U.S. spot Bitcoin ETFs exceeded $1 billion. Wall Street generally believes that Trump's commitment to go all-in on the cryptocurrency field has brought the price of Bitcoin to new heights. Trump has vowed to turn the United States into the world's cryptocurrency capital. Bitcoin speculators are betting that the regulatory environment will be more relaxed and expect that authorities may establish a cryptocurrency reserve fund to help boost continued demand. Galaxy Digital CEO Michael Novogratz said that people have to sell bonds at the long end of the bond market. Bitcoin prices may rise to $500,000. Bitcoin should rival gold within a decade. The probability of Bitcoin becoming a reserve asset is low. The international reserve currency status of the US dollar does not need something to support it. Other analysts pointed out that the relatively mild leverage in the cryptocurrency market mitigates the risk of a sharp correction. The market respite is likely to be short-lived, and the tailwind remains strong. However, there is no lack of skeptical voices in the market. Some industry insiders pointed out that although the possibility of further gains cannot be ruled out, a lot of good news has now been factored into the price of Bitcoin. In addition, U.S. Treasury yields and the US dollar are both climbing, and relatively high borrowing costs are unfavorable for risky assets such as cryptocurrencies.

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