Original | Odaily Planet Daily (@OdailyChina_)
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"Return of the Bull!"
Last night, Bitcoin surged past the $90,000 mark, currently reported at $92,925, and today reached a high of $94,000, with a 24-hour increase of 6.37%, marking a new high since March 3. At the same time, Bitcoin has surpassed silver, ranking seventh in global asset market capitalization. Other altcoins have also entered an upward trend; according to Quantify Crypto data, most of the top 200 altcoins by market cap have seen increases in the past 24 hours, with ETH rising over 12% and SUI over 21%.
In terms of derivatives trading, Coinglass data shows that in the past 24 hours, the total liquidation across the network reached $581 million, primarily from short positions, amounting to $507 million. By cryptocurrency, BTC saw liquidations of $294 million, while ETH had $117 million.
Such a strong trend has led well-known trader Eugene, who had previously been bearish, to express concerns, stating, "Bitcoin reaching $90,000 has climbed to my wall of concern; the bearish preference has more or less failed. If this situation continues, I will look for bullish opportunities in altcoins, with SOL possibly being the current test choice."
Gold's purchasing power spills over to Bitcoin
In the past month, a series of policies, including Trump's tariffs, have caused turmoil in global markets, leading to heightened investor risk aversion, with funds primarily allocated to traditional safe-haven assets like gold. According to TradingView data, gold has been on an upward trend since 2025, reaching $3,500 per ounce yesterday, setting a new historical high, with a current market cap of $22.545 trillion.
The traditional market generally views Bitcoin as "digital gold," which also possesses high safe-haven attributes. Against the backdrop of continuous corrections in U.S. stocks and a weakening dollar, BTC has still managed to rise against the trend. Therefore, as gold continues to rise and breaks new highs, some funds will also spill over into Bitcoin.
Robert Kiyosaki, author of "Rich Dad Poor Dad," has repeatedly placed Bitcoin and gold on the same level, stating that those who take action and invest in gold, silver, or Bitcoin in the face of an impending financial disaster may become wealthy after the upcoming economic collapse. He firmly believes that Bitcoin will reach $1 million by 2035, and gold and silver will also see significant appreciation.
Trump backs down, Musk concedes
Another important factor in the market's recovery is that Trump has finally backed down, and Musk has also made political concessions. Senior reporter Charles Gasparino from Fox Business stated,
Today is a day of compromise in the market: Trump has softened his stance on trade policy and the fate of Powell; Musk has also announced he will gradually step back from the government efficiency department and return to Tesla's core business in May. The market is like this; it will always force you to bow your head and admit defeat. If you ask me: Make Caving Great Again!
According to The Wall Street Journal, Trump stated at the White House on Tuesday that although he hopes for a more aggressive interest rate cut from the Federal Reserve, he does not plan to fire current Fed Chairman Jerome Powell. Trump had previously criticized Powell harshly on social media, stating that his departure should come as soon as possible and expressed intentions to remove Powell. Such remarks had once caused market turmoil. Trump's latest statement has significantly warmed market sentiment, with the dollar and U.S. stock futures rising, and gold retreating.
Before Trump's official statement, Citi's chief economist and European Central Bank President Lagarde had both asserted that Powell would not be dismissed, stating, "This boundary will not be crossed."
At the same time, regarding tariffs, Trump is ending his "hostile" rhetoric towards various countries and is seeking to negotiate positively on trade. As financial website Forexlive analyst Adam Button stated: The dollar and stock market are strengthening, and the market is eager to hear good news. I believe today's good news is that Trump has remained silent on trade issues. This may lead some market participants to believe he is eager to reach an agreement and that anything could reverse the market.
In addition to ending "hostile" rhetoric, the Trump administration has also made tangible progress in trade negotiations. Previously, according to Politico, the White House is about to reach a comprehensive agreement with Japan and India to avoid imposing large-scale tariffs. At the same time, the U.S. White House has also stated that 18 trade agreement proposals have been drafted, and this week the trade team will meet with 34 countries, with potential trade agreements with China progressing very smoothly. White House Press Secretary Levitt stated that the situation with China is moving in the right direction.**
Cantor forms a $3 billion Bitcoin investment consortium, "New Strategy" born
In addition to absorbing funds spilling over from gold and the "return to stability and rationality" of the Trump administration, there is also a significant positive news in the market.
According to the Financial Times, Brandon Lutnick, son of U.S. Commerce Secretary Howard Lutnick, is leading the financial services company Cantor in collaboration with SoftBank, Tether, and cryptocurrency trading platform Bitfinex to form a Bitcoin investment consortium exceeding $3 billion.
According to three insiders, the consortium will absorb billions of dollars in crypto assets held by partners, emulating the successful path of Strategy (MSTR.O)—a software company that has transformed into a cryptocurrency investment firm, currently holding Bitcoin worth hundreds of billions of dollars, with a market cap soaring to $91 billion.
This move coincides with the Trump administration's push for friendly digital currency policies. Insiders added that Tether will contribute $1.5 billion in Bitcoin, while SoftBank and Bitfinex will contribute $900 million and $600 million in Bitcoin, respectively.
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