Recently, the crypto assets market has seen a significant breakthrough, with the Bitcoin price breaking through the $120,000 mark, attracting the attention of global investors. Behind this historic breakthrough, multiple macroeconomic factors are at play.

First, the U.S. government released $5 trillion in liquidity through the BBB bill to raise the debt ceiling, which means more funds may flow into the risk asset market. Meanwhile, the dollar exchange rate continues to decline, having dropped to 7.17, further enhancing Bitcoin's appeal as a hedging tool.

The Federal Reserve's monetary policy has also become a key factor. The market expects that there may be two interest rate cuts in the second half of the year, with some views even suggesting that rates could drop to 3%. This loose monetary environment is conducive to the performance of risk assets such as Bitcoin. It is worth noting that the question of Federal Reserve Chairman Powell's future has also added uncertainty to the market.

The participation of institutional investors continues to increase. Data shows that the proportion of Bitcoin in US spot ETFs has reached 6.43%, an increase of 0.39% compared to early June; the proportion of Ethereum is 3.77%, an increase of 0.75%. This indicates that institutional funds are accelerating their entry into the Crypto Assets market.

In terms of regulation, the stablecoin bill is expected to make more progress in the second half of the year, which will provide a clearer legal framework for the Crypto Assets market. At the same time, the trend of tokenizing US stocks and crypto companies going public in the US is also driving the development of the entire industry.

Despite Bitcoin's price reaching a new high, many analysts remain optimistic about its future performance, with predictions suggesting that Bitcoin's price could reach $150,000. However, investors should remain cautious, follow market risks, and view this round of price increase rationally.

Overall, changes in the global macroeconomic environment, increased holdings by institutional investors, and the gradual improvement of industry regulations have jointly driven the rise of the Crypto Assets market. The future direction of the market still needs to be observed with regard to the changes in various factors.