比特幣打破了紀錄的高度，飆升至110,000美元

旗艦加密貨幣高達$ 109,693，即2.2％，然後放棄了一些收益降至108,000美元左右

The price of Bitcoin broke its record on Wednesday, climbing to just shy of $110,000 to eclipse the previous high from January as risk sentiment continues to improve after last month’s tariff-induced sell-off.

比特幣的價格在周三打破了其記錄，從一月份開始升至上一月的高點，攀升至110,000美元，因為在上個月的關稅引起的拋售後，風險情緒不斷提高。

The flagship cryptocurrency surged to as high as $109,693, or 2.2%, before giving up some of the gains to fall to around $108,000 at the close following concerns in the broader markets over rising Treasury yields, consumer headwinds and fiscal uncertainty in Washington.

旗艦加密貨幣飆升至109,693美元，即2.2％，然後在更廣泛的市場上放棄了一些收益，以至於在更廣泛的市場擔心上升的債券收益率，消費者的逆風和費用不確定性。

Bitcoin’s surge capped a five-week rally fueled by institutional inflows, dollar weakness and optimism around regulatory clarity. The token is up more than 20% over that span.

比特幣的激增限制了一個為期五週的集會，這是由於機構流入，美元的弱點和樂觀範圍所激發的。代幣比該跨度增長了20％以上。

“Price action in Bitcoin looks outright bullish,” Chris Weston, head of research at Pepperstone, told Barron’s on Wednesday.

Pepperstone研究負責人克里斯·韋斯頓（Chris Weston）週三對巴倫（Barron）表示：“比特幣的價格行動看起來完全看好。”

“If the pullbacks remain limited and well supported, then a new record high could come into play.”

“如果回調仍然有限且得到良好的支持，那麼新的紀錄高就可以發揮作用。”

In equity markets, the Dow dropped nearly 2% — or more than 700 points as of 2 p.m. ET — as investors digested a volatile mix of earnings, economic data and legislative wrangling. The Nasdaq and the S&P 500 also were down about 1%.

在股票市場中，隨著投資者消化了收入，經濟數據和立法爭執的揮發性混合，道瓊斯指數下降了近2％（截至美國東部時間下午2點）。納斯達克和標準普爾500指數也下降了約1％。

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Report that UnitedHealth secretly paid nursing homes to cut hospital transfers sees stock plunge

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The 30-year yield climbed above 5% again on Wednesday, while the benchmark 10-year rose to 4.54%, extending a global bond rout.

30年的收益率在周三再次上升到5％以上，而基準的10年期則增至4.54％，擴大了全球債券潰敗。

Higher yields reflect expectations for more expensive borrowing, which could dampen both economic growth and equity performance.

較高的收益率反映了對更昂貴的借貸的期望，這可能會削弱經濟增長和股票績效。

Concerns are mounting over a tax-and-spending package championed by President Trump. The bill — which would extend and expand tax cuts — is forecast to widen budget deficits by about $3 trillion over a decade.

對特朗普總統擁護的稅收和支出計劃引起了人們的擔憂。該法案將擴大和擴大減稅措施 - 預計將在十年內將預算赤字擴大約3萬億美元。

Moody’s recently stripped the US of its final triple-A credit rating, exacerbating market worries and contributing to a spike in Treasury yields.

穆迪（Moody）最近剝奪了美國最終的三重信用評級，加劇市場的擔憂，並促成了國庫收益率的激增。

As risk sentiment erodes in traditional markets, investors are increasingly turning to Bitcoin as a haven asset.

隨著傳統市場中的風險情緒侵蝕，投資者越來越多地將比特幣視為天堂資產。

“I am watching the global M2 money supply [the total amount of money circulating in the global economy] and dollar weakness/confidence,” Steven McClurg, CEO of Canary Capital, told The Post via email.

Canary Capital首席執行官史蒂芬·麥克盧格（Steven McClurg）通過電子郵件告訴《郵報》，“我正在看全球M2貨幣供應（全球經濟中流通的總金額）和美元弱點/信心。”

“Based on M2 alone, Bitcoin should reach $140,000 this year. After US Treasury downgrades, investors are shifting to BTC for safety.”

“僅基於M2，比特幣今年應達到140,000美元。在美國財政部降級後，投資者將轉移到BTC以確保安全。”

Another key driver behind the rally: institutional adoption.

集會背後的另一個主要驅動力：機構收養。

“If you look at spot ETF flows, they offer key insights into the BTC rally since the Liberation Day market low,” Peter Chung, director of research at Presto Research, told The Post.

Presto Research研究總監Peter Chung對《郵報》說：“如果您看一下現場ETF流量，它們就會為BTC集會提供關鍵的見解。”

“Data shows over $5 billion has flowed into Bitcoin ETFs. This spot-driven, no-leverage rally over the past five weeks forms a strong foundation for future BTC price action.”

“數據表明，超過50億美元已流入比特幣ETF。在過去五周中，這種現場驅動的，無槓桿的集會為未來的BTC價格行動構成了強大的基礎。”

Spot ETF flows refer to the movement of money into and out of spot exchange-traded funds — ETFs that directly hold the underlying asset, such as Bitcoin.

現貨ETF流量是指貨幣向現貨交易所交易的資金轉移到直接持有基礎資產的ETF，例如比特幣。

Chung noted that the dynamic could shift if the Federal Reserve cuts rates before July, narrowing spreads with short-term Treasury yields and reviving the once-popular basis trade.

Chung指出，如果美聯儲在7月之前降低利率，以短期財政收益率縮小差異並恢復了曾經受歡迎的基礎貿易，則這種動態可能會發生變化。

Retailers including Target, Lowe’s and TJX reported mixed results Wednesday, revealing a fragile consumer landscape battered by tariffs and inflation. The Dow was also dragged lower by a decline in UnitedHealth after an HSBC downgrade.

包括Target，Lowe's和TJX在內的零售商周三報導了不同的​​結果，顯示出脆弱的消費者景觀，受到關稅和通貨膨脹的打擊。匯豐銀行降級後聯合衛生的下降也使道瓊斯指數降低了。

Target cut its outlook, citing weaker discretionary spending and falling confidence, as discount-focused TJX kept its upbeat tone and said it was benefiting from shoppers focused on deals. Lowe’s, meanwhile, kept its guidance unchanged.

Target認為，以折扣為重點的TJX保持其樂觀的基調，並說它從專注於交易的購物者中受益，理由是自由自由支出和信心下降。同時，Lowe的指導不變。