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Bitcoin reaches a new high of $112,000, global financial risks may trigger a correction.
Global financial risks resurface, Bitcoin faces adjustments after reaching a historic high
Recently, the global financial markets have experienced fluctuations once again. With a significant fiscal bill involving multiple sectors being approved by the U.S. House of Representatives, concerns over the U.S. debt issue have intensified. Meanwhile, the cryptocurrency market has shown a different trend.
Bitcoin has continued its strong momentum over the past week, reaching a historic high of $112,000. This surge has been driven by several factors: a significant inflow of funds into spot ETFs, increased purchases by publicly listed companies, and the U.S. Senate's passage of legislation related to stablecoins. However, as traditional financial market sentiment turns cautious, Bitcoin may also face the possibility of a short-term adjustment.
On a macroeconomic level, the large fiscal bill promoted by the U.S. government has raised concerns in the market. The bill could raise the U.S. debt ceiling to $40.1 trillion, accounting for 140% of GDP, a historic high. This has raised doubts about the U.S. government's ability to service its debt, leading to U.S. Treasury yields climbing to a high of 4.5%.
As a result, the US stock market experienced a decline this week, with all three major indexes showing negative growth. At the same time, the US dollar index also ended its previous streak of gains, falling by 1.03%. In this "triple kill" situation of stocks, bonds, and currencies, gold once again became a safe-haven asset, rising by 1.98% during the week.
Despite the sluggish performance of traditional markets, the cryptocurrency market has maintained a relatively independent stance. This week, a total of $5.574 billion flowed into the crypto market, with Bitcoin spot ETFs attracting $2.775 billion. However, with prices reaching new highs, there have also been signs of profit-taking. This week, 159,869.37 Bitcoins flowed into exchanges, and long-term holders sold off 1,195.43 Bitcoins.
At the policy level, both the United States and Hong Kong have made significant progress in the regulation of stablecoins. The U.S. Senate has passed a procedural vote on the "Genius Act," paving the way for the implementation of a regulatory framework for stablecoins. The Hong Kong Legislative Council has also passed the "Stablecoin Bill," establishing a regulatory framework for fiat-backed stablecoins. These advancements indicate that, in addition to serving as a store of value, blockchain-based applications are gradually gaining government recognition.
From a technical perspective, Bitcoin is still in a medium-term upward trend. It has been operating above the 5-week line for the entire week, and the trading volume has increased. The weekly MACD has just risen above the zero line. However, considering the significant rise over several consecutive days and the changes in the external market environment, there may be some degree of adjustment in the short term.
Overall, although Bitcoin has reached new highs, the market still needs to be vigilant about the potential impacts of global financial risks. At the same time, the advancement of the stablecoin regulatory framework also brings positive signals for the long-term development of the blockchain industry. Investors should closely monitor market trends and manage risks appropriately.