Bitcoin Surpasses $106,000
After two weeks of volatility and large-scale liquidation trends, Bitcoin broke through its previous high this morning, touching $106,000 for the first time, setting a new historical high, while Ethereum also rebounded and surpassed $4,000. In the past 24 hours, a total of 91,947 people worldwide were liquidated, with a total liquidation amount exceeding $300 million, primarily in short positions.
Bitcoin Fair Value Accounting Standards
This breakthrough may be related to the official implementation today of the fair value accounting standards for Bitcoin by the Financial Accounting Standards Board (FASB) in the United States. The new standard allows companies like MicroStrategy to use fair value measurement methods to more accurately reflect the actual value of Bitcoin assets in their financial statements, thereby reducing the accounting burden and potential risks associated with holding Bitcoin. As a result, company management may find it easier to persuade shareholders and investors to accept the option of purchasing Bitcoin, thus boosting institutional demand. Additionally, after the implementation of this standard, Bitcoin's status in financial statements will be closer to that of traditional financial assets (such as stocks or bonds), which is also a significant benefit for Bitcoin's market position.
Altcoin Average Performance Lags Behind Bitcoin
It is worth mentioning that after last week's increase, Bitcoin also set a record for the first time since 2021, achieving seven consecutive weeks of gains. On the other hand, many altcoins have not kept up with this wave of Bitcoin's increase, causing Bitcoin's market share to rise back to 57%.
In terms of altcoins, infrastructure-related DePIN and Layer2 have shown the best average performance, followed closely by popular concept sectors such as GameFi, AI, and RWA.
(This article is reprinted with permission from GT Radar)
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