Bitcoin is going crazy!!!
Bitcoin is going crazy!!!
Bitcoin is going crazy! 85,000 people were liquidated instantly, and the Federal Reserve made a strong statement!
What happened behind this?
Starting last night, Bitcoin started to rise like a wild horse, directly breaking through the $71,000 mark! Ethereum made a strong counterattack, soaring by nearly 20%, and the price soared to around $3,700! Other altcoins are not inferior, especially LDO under the Ethereum ecosystem, which rose by 20.1%, OP rose by 15%, ARB rose by 16.7%, UNI rose by 19.5%, and ENS rose by 19.3%. These mainstream concept coins all benefited from ETH!
Why is the crypto circle suddenly so crazy? There are three key reasons! First, a major incident on the supply side! On May 20, the Venezuelan government announced a ban on cryptocurrency mining because of the huge demand for electricity. It directly disconnected all Bitcoin mines from the power grid and seized more than 11,000 Bitcoin mining machines. The supply dropped sharply, but the demand side continued to expand. The net assets of Hong Kong ETFs soared by US$244 million, and the US ETFs accumulated more than 14,000 Bitcoins in the past week! Second, the credit of the US dollar has weakened severely! Specifically, spot gold has continued to rise strongly recently. You must know that Bitcoin is known as "digital gold", so it should also perform well. At present, although the US dollar index is still high, physical assets such as gold are rising! This pull-up is really unexpected, but it is reasonable to think about it. After all, the US CPI inflation data in April was in line with expectations, which once again raised the expectation of interest rate cuts. Once the interest rate is cut, liquidity will be released. At that time, it will undoubtedly be a major benefit to the crypto market! $BTC
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