Bitcoin's strong enough to beat $77,000 in New Firehouse

On 21 August, Bitcoin's strength today broke the $77,000 threshold, increasing by more than 8 per cent within 24 hours, breaking the three-month-long shock pattern since June. The latest transaction data of the New Fire Group (01611.HK) show that its App trade activity is synchronized with a 2.8-fold increase in the number of single-week transactions in the third week of August compared to the previous week, with a significant increase in the number of orders synchronized with a steady increase in the size of active clients. The New Fire Institute analysed that the breakthrough was driven by multiple factors: short silos added up as a direct catalyst, and Coinglass showed that short silos had reached a new high since June 2021; at the same time, the fall in long-end interest rates on United States debt had improved the macro-liquidity environment and institutional capital entry was expected to continue to warm. In addition, United States regulatory policy has given positive signals and confidence to the market. While the United States SEC disclosed a completely new regulatory framework for encrypted assets and set up a safe harbour mechanism: a $5 million cap for project start-up, up to $75 million per year for the conventional phase, the completion of compliance governance of the project would release securities from attribution, and significantly reduce uncertainty about early encryption project compliance financing, the White House held a encryption industry summit, and Trump once again publicly called on Congress to move forward with the "CLARITY Bill" and the continued benefits at the policy level to attract incremental funding to revisit the risk pricing of encrypted assets. The New Fire Institute recalled that since mid-May this year, the team had continuously advised the market to move into a high-value range and had reiterated that judgement on 6 July and 13 July, respectively, when Bitcoin was near $63,000. The combination of the bottoming of the chain whales and the outbreak of the Appp trade, which added to the current round, confirmed the earlier view that the market was accelerating the structural transition from panic sales to long-term deposits。