The recent performance of the cryptocurrency market has been robust, showing a growth trend, primarily driven by two important factors.

Firstly, on intrinsic factors, Bitcoin's halving mechanism has become an accelerator for the bull market. The Bitcoin halving mechanism leads to a gradual reduction in the future mining of Bitcoin, resulting in a continuous decrease in the total supply of Bitcoin, eventually reaching 21 million. This characteristic makes Bitcoin relatively scarce compared to traditional fiat currencies, with scarcity driving its price steadily upward. Historical data also shows that each Bitcoin halving cycle has triggered unprecedented prosperity in bull markets. The market is already beginning to anticipate the start of the fourth round of the cryptocurrency bull market in 2023, and market feedback on this expectation is increasingly evident.

Secondly, on external factors, the risk environment in the financial market has made the cryptocurrency market a safe haven. Various factors such as expectations of economic recession, inflation, banking crises, U.S.-China relations, etc., have impacted the stability of the financial market, favoring the development of the cryptocurrency market. Amid financial market uncertainty and investor concerns, cryptocurrencies have become a hedge choice for investors, potentially offsetting the impact of the possibility of further rate hikes by the Federal Reserve. Bitcoin is considered to become a hedge asset surpassing gold, gradually optimizing the investment environment in the cryptocurrency market.

Furthermore, the relief of the debt impasse and banking crisis provided a boost to market sentiment. President Biden and McCarthy expressed yesterday that they will strive to reach an agreement by the 21st to raise the federal government's debt ceiling of $31.4 trillion to avoid catastrophic economic default. This move brought positive signals to the market, alleviating investor concerns about the exacerbation of banking crises, while the latest deposit levels announced by Western Alliance Bancorp boosted investor confidence. The easing of the debt impasse not only drove the rise in oil and Bitcoin prices but also injected a strong tonic into stock market sentiment.

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