Introduction
This morning (20th), the BTC price hit a new all-time high, reaching as high as $93,880. However, the market then saw strong selling pressure, and the BTC price plummeted by more than $2,500, dropping to a low of $91,300. As of the time of writing, BTC is trading at $92,052, up 0.97% in the past 24 hours.
Latest BTC Price
According to Coinglass data, during the BTC's violent fluctuations, the total liquidation amount in the past 24 hours reached as high as $288 million, with $178 million in long positions and $110 million in short positions, and over 105,000 people being liquidated. The high volatility of BTC has once again drawn market attention.
Meanwhile, Cathie Wood, the founder of Ark Capital, emphasized that although BTC has broken through $90,000, this is just the beginning. She believes that the price target for BTC by 2030 is $650,000, and it could reach as high as $1 million to $1.5 million during the bull market. She pointed out: "From our investment in BTC at $250 in 2015 to today, we believe its long-term potential has not yet been fully realized."
MicroStrategy Increases BTC Investment, Realizing Significant Unrealized Gains
It is worth noting that institutional confidence in BTC is further strengthening. The globally renowned business intelligence company MicroStrategy announced yesterday that it has spent an additional $460 million to acquire 51,780 BTC at an average price of $88,627. This large-scale increase in its holdings has brought its total BTC holdings to 331,200 BTC, with a total value of approximately $29.954 billion. Compared to its cumulative cost of $16.518 billion, it has realized an unrealized gain of approximately $13.4 billion.
During the BTC price fluctuations, MicroStrategy's strong increase in its holdings has also brought confidence to the market, and the price has rebounded at times. Data shows that the quarterly return on MicroStrategy's BTC investment is 20.4%, and the year-to-date return is 41.8%.
Coinbase CEO Proposes Tax Reform, Potentially Driving Policy Integration with Cryptocurrencies
At the policy level, cryptocurrency tax reform has become a hot topic recently. Coinbase CEO Brian Armstrong called for the abolition of personal income tax on social media and advocated replacing it with a sales tax or corporate income tax. This view was put forward in response to Solana founder Anatoly Yakovenko's proposal for a single tax system. Armstrong stated that the current tax system is overly complex and inefficient, and reform would simplify the tax process and promote economic growth.
Furthermore, according to The Wall Street Journal, former President Trump met privately with Armstrong yesterday (19th) to discuss potential policy cooperation. The meeting agenda may have involved personnel arrangements for Trump's second term, including the establishment of a cryptocurrency advisory committee. This meeting has sparked market speculation that the cryptocurrency industry may receive greater policy support and opportunities for industry experts to serve in the government.
U.S. Stocks Mostly Rise, Market Focuses on NVIDIA Earnings
In the macroeconomic environment, U.S. stocks mostly rose yesterday, with the four major indices performing as follows:
Dow Jones Industrial Average: Down 120.66 points (-0.28%), closing at 43,268.94 points.
S&P 500 Index: Up 23.36 points (+0.4%), closing at 5,916.98 points.
Nasdaq Composite: Up 195.66 points (+1.04%), closing at 18,987.47 points.
Philadelphia Semiconductor Index: Up 30.39 points (+0.62%), closing at 4,919.16 points.
The market is closely watching the upcoming earnings report from NVIDIA, which is expected to provide guidance for the subsequent performance of tech stocks.
Against the backdrop of institutional giants increasing their positions, the discussion of tax reform heating up, and the overall market environment improving, the future of BTC remains highly anticipated. Whether it's Cathie Wood's optimistic long-term forecast or MicroStrategy's large-scale increase in its holdings, the potential of the cryptocurrency market is being continuously explored.
Conclusion
As the BTC price continues to hit new highs, its high volatility is also testing the market's resilience. From the large-scale increase in holdings by the institutional investor MicroStrategy to Ark Capital's firm belief in the long-term value, the market's confidence in BTC remains strong. Coinbase's proposed tax reform and potential policy cooperation may also open up more development space for the cryptocurrency industry.
Combined with the overall upward trend in U.S. stocks and the strong performance of tech giants, global investors are focusing on the role of BTC and cryptocurrencies in the macroeconomic landscape. Whether it's institutional investment, policy support, or the superimposed effects of technological development, BTC is becoming an important symbol of global asset allocation and economic transformation, and its future prospects are worth looking forward to.
