比特币（BTC）的价格集会至新历史高于$ 109,000

比特币价格集会到新历史最高高于$ 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，比特币的价格在5月21日的新历史高度高于109,000美元以上，这是由于全球贸易紧张局势突然解冻的推动以及对宽松的货币政策的期望。

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

加密货币的交易交易额约为109,369美元，延长了一次集会，在过去一周中提高了约6％的价格。

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.

这一举动是在5月初早些时候的100,000美元以上的突破之后，投资者回应了特朗普总统全球关税进攻可能正在缓解的迹象。

Trade Truce Sparks Global Rally

贸易休战激发全球集会

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

直接的催化剂是美国和中国之间的90天“关税休战”。

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，日内瓦的官员宣布暂停新的税款和现有职责的急剧回滚，将相互关税削减约115个百分点，至约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.

全球市场跃升了这一消息：股票期货和亚洲股票跃升，商品价格随着广泛的贸易战争的希望而集中。

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.

比特币投资者还注意到。分析人士指出，关税停顿消除了“突然重新提升”的风险，这种风险一直在风险胃口。

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

换句话说，随着贸易冲突的缓解，像比特币这样的风险资产集会而没有新鲜关税。

Liquidity Surge and Institutional Flows

流动性激增和机构流动

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

更广泛的宏观经济条件增加了加密拉力赛的燃料。全球中央银行的信号更容易。

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.

在美国，期货市场今年的价格降低了，较弱的美元与全球货币供应的新增长相吻合。

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.

同时，欧洲中央银行保持了一定的立场，日本银行继续购买大量资产，增强了全球流动性宽松的背景。

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

中国中央银行还开始将现金投入市场。这种充足的流动性通常会提高风险资产，比特币受益。

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.

同时，机构投资者已经涌入加密货币。对冲基金和资产经理已将记录总和汇入了现货币ETF和未来，押注了更高的价格。

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.

加密业的主要人物表达了坚定的信念。前贝宝（Paypal）和元高管戴维·马库斯（David Marcus）在推特上发表了推文：“比特币的公牛案例从未有过强大”，理由是银行的监护权解决方案和主权和公司买家的竞争更加容易。

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

Binance联合创始人Changpeng Zhao回应了这一乐观。如果监管条件仍然有利，分析师甚至比特币项目也可能达到15万美元左右。

Bitcoin Market Outlook

比特币市场前景

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.

展望未来，分析师对比特币可以爬上多远的距离有所分歧。一些人将年终目标提高到130,000美元以上。真实视野的杰米·库特（Jamie Coutts）警告说，菲亚特货币的不懈扩展意味着比特币“可能会在2025年底到达$ 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”.

甚至主要的银行也修改了他们的模型：Standard Charter的加密研究小组最近建议，$ 120,000的第二季度目标目标可能“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，许多人警告集会可以暂停或纠正全球流动性或监管机构收紧。从历史上看，比特币的价格是在与新硬币发行相关的四年“减半”周期之后，一些预报员会看到目前的货币宽松持续到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.

如果中央银行最终逆转路线或通货膨胀率，这些力量可以冷却比特币的势头。然而，目前，罕见的缓解贸易紧张局势和丰富的流动性以及越来越多的机构采用的一致性为加密货币最强大的集会之一奠定了基础。