比特幣觸摸$ 109,845，超過其一月的高位，在全球財政問題上

比特幣在周三上午的二元車上觸及了$ 109,845，超過其1月的高點109,588，並有望在越來越多的問題中達到110,000美元

Bitcoin price touched $109,845 on Binance Wednesday morning, surpassing its January high of $109,588 and heading towards the $110,000 mark. The rally in the world’s biggest cryptocurrency came amid mounting concerns over global fiscal stability, which also drove up gold prices.

比特幣價格在周三上午的Binance上觸及了109,845美元，超過了1.588美元的高點，朝著110,000美元的成績邁出。全球最大的加密貨幣集會在對全球財政穩定性的越來越持續的擔憂之中引起了人們的關注，這也推動了黃金價格。

At press time, gold futures due December rose 0.6% to $3,312 an ounce, after briefly touching their highest level since May 12, according to TradingView.

根據TradingView的數據，在發稿時，12月應付款的黃金期貨上漲0.6％，至3,312美元，此前短暫觸及了自5月12日以來的最高水平。

The rally in these assets came after Japan’s long-term bond yields surged to record highs—3.14% on the 30-year and 3.6% on the 40-year JGBs, following weak auctions that reflected growing investor unease over the country’s massive debt load.

這些資產的集會是在日本的長期債券收益率飆升以創造高高的高潮之後，在30年的高潮中，在40年的JGB中，每30年的債券收益率佔3.14％，這反映了不斷增長的投資者對該國巨額債務負擔的不安。

“Japan’s ballooning debt situation has long been a simmering concern, but it is now reaching a boiling point,” QCP Capital said in a statement.

QCP Capital在一份聲明中說：“日本的債務狀況長期以來一直是一個令人關注的問題，但現在已經達到了一個沸點。”

In the US, fiscal uncertainty is simmering as the national debt approaches $36 trillion and major policy deadlines loom in 2025. Without tax and spending reforms, the debt could exceed 120% of GDP by the next decade.

在美國，隨著國債接近36萬億美元，在2025年將迫在眉睫的重大政策截止日期，財政不確定性正在努力。沒有稅收和支出改革，到未來十年，債務可能會超過GDP的120％。

Rising interest rates have already increased borrowing costs, while political gridlock and expiring tax provisions threaten a fiscal cliff.

利率上升已經增加了借貸成本，而政治僵局和到期稅收規定威脅到財政懸崖。

Without a credible plan to control spending, the US may face higher borrowing costs, slower growth, and greater economic instability, analysts warned.

分析師警告說，如果沒有可靠的控制支出計劃，美國可能會面臨更高的借貸成本，較慢的增長和更大的經濟動盪。

This climate of uncertainty is now boosting demand for safe-haven assets like gold, and Bitcoin appears to be following suit.

現在，這種不確定性的氣候正在增加對黃金等避風付款資產的需求，而比特幣似乎也效仿了。

For months, market analysts have been keeping an eye on the relationship between Bitcoin and gold, noting how the flagship crypto is increasingly following gold’s lead rather than tracking traditional risk assets like US equities.

幾個月來，市場分析師一直在關注比特幣與黃金之間的關係，並指出旗艦加密貨幣如何越來越遵循Gold的領先優勢，而不是跟踪像美國股票這樣的傳統風險資產。

Market analyst MacroScope said in a recent post that the anticipated “gold-to-Bitcoin handoff” is now playing out, with Bitcoin decisively outperforming gold since March.

市場分析師MacRoscope在最近的一篇文章中說，預期的“黃金到比特幣交接”現在正在發揮作用，自3月以來，比特幣果斷地超過了黃金。

This pattern—where gold rallies first and Bitcoin follows—has held true at several key market inflection points in past cycles, often marking the beginning of a phase where Bitcoin outperforms both gold and risk assets, he added.

他補充說，這種模式（黃金首先集會和比特幣都會隨之而來）在過去的周期中的幾個關鍵市場拐點處保持真實狀態，通常標誌著比特幣比比特幣都優於黃金和風險資產的階段的開始。

March. Since then:

行進。自那以後：

BTC +22%Gold +10%

BTC +22％黃金 +10％

That’s the gold “handoff” to BTC we were watching for a few months ago. The longer-term scenario below looks increasingly likely. https://t.co/BSukszNxMp— MacroScope (@MacroScope17) May 20, 2025

那是我們幾個月前一直在觀看的BTC的黃金“交接”。下面的長期情景看起來越來越可能。 https://t.co/bsuksznxmp-宏觀（@MacRoscope17）5月20日，2025年

Other factors, including increasing corporate accumulation and steady institutional demand add momentum to Bitcoin’s price actions.

其他因素，包括增加公司積累和穩定的機構需求，為比特幣的價格行動增加了動力。