比特币触摸$ 109,845，超过其一月的高位，在全球财政问题上

比特币在周三上午的二元车上触及了$ 109,845，超过其1月的高点109,588，并有望在越来越多的问题中达到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.

比特币价格在周三上午的Binance上触及了109,845美元，超过了1.588美元的高点，朝着110,000美元的成绩迈出。全球最大的加密货币集会在对全球财政稳定性的越来越持续的担忧之中引起了人们的关注，这也推动了黄金价格。

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.

根据TradingView的数据，在发稿时，12月应付款的黄金期货上涨0.6％，至3,312美元，此前短暂触及了自5月12日以来的最高水平。

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.

这些资产的集会是在日本的长期债券收益率飙升以创造高高的高潮之后，在30年的高潮中，在40年的JGB中，每30年的债券收益率占3.14％，这反映了不断增长的投资者对该国巨额债务负担的不安。

“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在一份声明中说：“日本的债务状况长期以来一直是一个令人关注的问题，但现在已经达到了一个沸点。”

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.

在美国，随着国债接近36万亿美元，在2025年将迫在眉睫的重大政策截止日期，财政不确定性正在努力。没有税收和支出改革，到未来十年，债务可能会超过GDP的120％。

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

利率上升已经增加了借贷成本，而政治僵局和到期税收规定威胁到财政悬崖。

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

分析师警告说，如果没有可靠的控制支出计划，美国可能会面临更高的借贷成本，较慢的增长和更大的经济动荡。

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

现在，这种不确定性的气候正在增加对黄金等避风付款资产的需求，而比特币似乎也效仿了。

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.

几个月来，市场分析师一直在关注比特币与黄金之间的关系，并指出旗舰加密货币如何越来越遵循Gold的领先优势，而不是跟踪像美国股票这样的传统风险资产。

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.

市场分析师MacRoscope在最近的一篇文章中说，预期的“黄金到比特币交接”现在正在发挥作用，自3月以来，比特币果断地超过了黄金。

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.

他补充说，这种模式（黄金首先集会和比特币都会随之而来）在过去的周期中的几个关键市场拐点处保持真实状态，通常标志着比特币比比特币都优于黄金和风险资产的阶段的开始。

March. Since then:

行进。自那以后：

BTC +22%Gold +10%

BTC +22％黄金 +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

那是我们几个月前一直在观看的BTC的黄金“交接”。下面的长期情景看起来越来越可能。 https://t.co/bsuksznxmp-宏观（@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，包括增加公司积累和稳定的机构需求，为比特币的价格行动增加了动力。