比特幣（BTC）的價格集會至新歷史高於$ 109,000

比特幣價格集會到新歷史最高高於$ 109,000

Bitcoin price rallied to a new all-time high above $109,000 on May 21, propelled by a sudden thaw in global trade tensions and expectations of looser monetary policy.

5月21日，比特幣的價格在5月21日的新歷史高度高於109,000美元以上，這是由於全球貿易緊張局勢突然解凍的推動以及對寬鬆的貨幣政策的期望。

The cryptocurrency traded around $109,369 on late trading, extending a rally that lifted prices about 6% in the past week.

加密貨幣的交易交易額約為109,369美元，延長了一次集會，在過去一周中提高了約6％的價格。

This move follows a breakthrough above $100,000 earlier in May, as investors responded to signs that President Trump’s global tariff offensive might be easing.

這一舉動是在5月初早些時候的100,000美元以上的突破之後，投資者回應了特朗普總統全球關稅進攻可能正在緩解的跡象。

Trade Truce Sparks Global Rally

貿易休戰激發全球集會

The immediate catalyst was a surprise 90-day “tariff truce” between the United States and China.

直接的催化劑是美國和中國之間的90天“關稅休戰”。

On May 12, officials in Geneva announced a pause on new levies and sharp rollbacks of existing duties, slashing reciprocal tariffs by roughly 115 percentage points to about 10%.

5月12日，日內瓦的官員宣布暫停新的稅款和現有職責的急劇回滾，將相互關稅削減約115個百分點，至約10％。

Global markets leaped on the news: stock futures and Asian equities jumped, and commodity prices rallied on hopes of a broad trade-war détente.

全球市場躍升了這一消息：股票期貨和亞洲股票躍升，商品價格隨著廣泛的貿易戰爭的希望而集中。

Bitcoin investors also took notice. Analysts note that the tariff pause removed the risk of ‘sudden re‑escalation’, which had been weighing on risk appetite.

比特幣投資者還注意到。分析人士指出，關稅停頓消除了“突然重新提升”的風險，這種風險一直在風險胃口。

In other words, as the trade conflict eased, risk assets like Bitcoin rallied without the overhang of fresh tariffs.

換句話說，隨著貿易衝突的緩解，像比特幣這樣的風險資產集會而沒有新鮮關稅。

Liquidity Surge and Institutional Flows

流動性激增和機構流動

Broader macroeconomic conditions have added fuel to the crypto rally. Central banks worldwide are signaling easier policy.

更廣泛的宏觀經濟條件增加了加密拉力賽的燃料。全球中央銀行的信號更容易。

In the U.S., futures markets are now priced at multiple rate cuts this year, and a weaker dollar has coincided with renewed growth in global money supply.

在美國，期貨市場今年的價格降低了，較弱的美元與全球貨幣供應的新增長相吻合。

Meanwhile, the European Central Bank has maintained an accommodative stance, and the Bank of Japan continues massive asset purchases, reinforcing the loose global liquidity backdrop.

同時，歐洲中央銀行保持了一定的立場，日本銀行繼續購買大量資產，增強了全球流動性寬鬆的背景。

China’s central bank has also begun pumping cash into markets. Such ample liquidity typically lifts risk assets, and Bitcoin has benefited accordingly.

中國中央銀行還開始將現金投入市場。這種充足的流動性通常會提高風險資產，比特幣受益。

At the same time, institutional investors have been pouring into crypto. Hedge funds and asset managers have funneled record sums into spot-Bitcoin ETFs and futures, betting on higher prices.

同時，機構投資者已經湧入加密貨幣。對沖基金和資產經理已將記錄總和匯入了現貨幣ETF和未來，押注了更高的價格。

Leading figures in the crypto industry have expressed firm bullish conviction. Former PayPal and Meta executive David Marcus tweeted, “the bull case for Bitcoin has never been stronger,” citing easier custody solutions at banks and competition from sovereign and corporate buyers.

加密業的主要人物表達了堅定的信念。前貝寶（Paypal）和元高管戴維·馬庫斯（David Marcus）在推特上發表了推文：“比特幣的公牛案例從未如此強大”，理由是銀行的監護權解決方案和主權和公司買家的競爭更加容易。

Changpeng Zhao, co-founder of Binance, echoed this optimism. Analysts even project Bitcoin could reach around $150,000 if regulatory conditions remain favorable.

Binance聯合創始人Changpeng Zhao回應了這一樂觀。如果監管條件仍然有利，分析師甚至比特幣項目也可能達到15萬美元左右。

Bitcoin Market Outlook

比特幣市場前景

Looking ahead, analysts are divided on just how far Bitcoin can climb. Some have raised year-end targets above $130,000. Jamie Coutts of Real Vision warns that the relentless expansion of fiat money means Bitcoin “may push…above $132,000” by late 2025.

展望未來，分析師對比特幣可以爬上多遠的距離有所分歧。一些人將年終目標提高到130,000美元以上。真實視野的傑米·庫特（Jamie Coutts）警告說，菲亞特貨幣的不懈擴展意味著比特幣“可能會在2025年底到達$ 132,000”。

Even major banks have revised their models: Standard Chartered’s crypto research team recently suggested that a $120,000 second-quarter price target might be “too low”.

甚至主要的銀行也修改了他們的模型：Standard Charter的加密研究小組最近建議，$ 120,000的第二季度目標目標可能“太低”。

On the other hand, many caution that the rally could pause or correct if global liquidity peaks or regulators tighten. Bitcoin’s price historically follows four-year “halving” cycles tied to new coin issuance, and some forecasters see the current monetary easing lasting through 2025.

另一方面，許多人警告集會可以暫停或糾正全球流動性或監管機構收緊。從歷史上看，比特幣的價格是在與新硬幣發行相關的四年“減半”週期之後，一些預報員會看到目前的貨幣寬鬆持續到2025年。

Those forces could cool Bitcoin’s momentum if central banks eventually reverse course or inflation spikes. For now, however, the rare alignment of easing trade tensions and abundant liquidity, coupled with growing institutional adoption, has set the stage for one of crypto’s strongest rallies.

如果中央銀行最終逆轉路線或通貨膨脹率，這些力量可以冷卻比特幣的勢頭。然而，目前，罕見的緩解貿易緊張局勢和豐富的流動性以及越來越多的機構採用的一致性為加密貨幣最強大的集會之一奠定了基礎。