Source: Zhitong Finance and Economics.

Due to the unexpected decline in job vacancy numbers in the United States in April, boosting investors' expectations of interest rate cuts this year, bitcoin once again broke through the $70,000 mark and rose for the fifth consecutive trading day. This is the longest consecutive rise for bitcoin since March.

After data showed that US inflation slowed down and the job market softened, traders expect the Fed to be more likely to cut interest rates in November, leading to lower US bond yields. The relaxation of the financial environment is positive for speculative assets such as cryptocurrencies. Tom Couture, Vice President of Digital Asset Strategy at Fundstrat Global Advisors, said, "The response of cryptocurrencies to a decline in interest rates is positive."

At the same time, optimists are anticipating the approval of a physical Ethereum ETF by US regulators, and expect cryptocurrencies to receive a boost in the US government's moves towards a crypto regulatory framework. The short-term 30-day correlation between bitcoin and the Nasdaq 100 index is at its highest level since early 2023, indicating that further gains in the stock index may be accompanied by a rise in bitcoin.

Galaxy Digital's founder and CEO Michael Novogratz said that a more positive political environment for digital assets in the USA may help push bitcoin to reach a record-breaking $100,000 by the end of this year, or even higher. He said in an interview, "If the bitcoin price rises to $73,000 in the next few weeks, it will rise to $100,000 or higher by the end of this year."

Various market sentiments indicate that memories of the 2022 cryptocurrency bear market and subsequent industry scandals (including the collapse of cryptocurrency exchange FTX) have faded, at least for now.

Editor/tolk