Original | Odaily (@OdailyChina）
Author | Golem (@web3_golem）
"Bulls are back!"
Last night, Bitcoin broke through the $90,000 mark, currently trading at $92,925, and reaching a high of $94,000 today, with a 24-hour increase of 6.37%, creating a new high since March 3rd. Bitcoin has also surpassed silver, ranking seventh in global asset market capitalization. Other Altcoins have also started rising, with data from Quantify Crypto showing that most of the top 200 Altcoins have increased in the past 24 hours, with ETH rising over 12% and SUI rising over 21%.
In terms of derivatives trading, Coinglass data shows that over the past 24 hours, the network liquidated $581 million, mainly short positions, amounting to $507 million. By cryptocurrency, BTC liquidations reached $294 million, and ETH liquidations were $117 million.
Such a strong trend has raised concerns from the previously bearish trader Eugene, who said, "Bitcoin has reached $90,000, climbing to my wall of worry, and the bearish preference has somewhat lost effect. If this continues, I'll look for longs in Altcoins, with SOL potentially being the current test choice."
Gold's Purchasing Power Overflows to Bitcoin
In the past month, Trump's tariffs and other policies have caused global market turmoil, with investors' risk-averse sentiment rising and primarily allocating funds to the traditional safe-haven asset gold. According to TradingView, gold has been in an upward trend since 2025, reaching a historical high of $3,500 per ounce yesterday, with a current market value of $22.545 trillion.
The (traditional) market generally believes that Bitcoin, as "digital gold," also has high risk-averse properties. Despite continuous US stock market pullbacks and a weakening US dollar, BTC has still managed to rise against the trend. Therefore, when gold continues to rise and breaks new highs, some funds will overflow into Bitcoin.
Robert Kiyosaki, author of "Rich Dad Poor Dad", has also repeatedly placed Bitcoin and gold on the same level, pointing out that those who take action and invest in gold, silver, or Bitcoin may become wealthy after the upcoming economic collapse. He firmly believes that by 2035, Bitcoin will reach $1 million, and gold and silver will also significantly appreciate.
Trump Backs Down, Musk Compromises
Another important factor in market recovery is that Trump has finally backed down, and Musk has also made political compromises. Charles Gasparino, a senior reporter from Fox Business Channel, stated,
Today is a day of compromise: Trump has softened his stance on trade policies and Powell's position; Musk has also declared a gradual withdrawal from government efficiency departments, returning to Tesla's main business in May. That's how the market is - it always forces you to bow down. As I would say: Make Caving Great Again!
According to the Wall Street Journal, Trump stated at the White House on Tuesday that although he hopes for more aggressive Fed rate cuts, he does not plan to fire the current Federal Reserve Chairman Jerome Powell. Trump had previously fiercely criticized Powell on social media, saying the sooner he leaves, the better, and expressing intentions to dismiss him. Such remarks once caused market turbulence. Trump's latest statement has significantly calmed market sentiment, with the US dollar and US stock futures rising and gold retreating.
Before Trump's official statement, Citigroup's chief economist and ECB President Lagarde were confident that Powell would not be dismissed, stating that "this line will not be crossed".
Meanwhile, on tariffs, Trump is ending "hostile" statements towards various countries and seeking active trade negotiations. As Forexlive analyst Adam Button stated: The US dollar and stocks are strong, and the market is eager to hear good news. I believe today's good news is that Trump remains silent on trade issues. This might make some market participants believe he is eager to reach an agreement and turn the market around.
In addition to ending "hostile" statements, the Trump administration has made practical progress in trade negotiations. Previously, Politico reported that the White House is about to reach comprehensive agreements with Japan and India to avoid massive US tariffs. The White House 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 said the situation with China is moving in the right direction.
Cantor Forms Bitcoin Investment Consortium Exceeding $3 Billion, "New Version of Strategy" Emerges
Besides inheriting gold's overflow funds and the Trump administration's "return to stability and rationality", there's another heavyweight positive news in the market.
According to the Financial Times, the financial services company Cantor, led by Brandon Lutnick (son of US Commerce Secretary Howard Lutnick), is collaborating with SoftBank, Tether, and crypto trading platform Bitfinex to form a Bitcoin investment consortium exceeding $3 billion.
According to three informed sources, the consortium will absorb billions of dollars in crypto assets from its partners, emulating Strategy's (MSTR.O) successful path - the software enterprise that has transformed into a crypto investment company, currently holding hundreds of billions of dollars in Bitcoin and with a market value that has soared to $91 billion.
This layout coincides with the Trump administration's promotion of crypto-friendly policies. Informed sources added that Tether will contribute $1.5 billion in Bitcoin, while SoftBank and Bitfinex will contribute $900 million and $600 million in Bitcoin, respectively.
