According to TechFlame, on July 11, the QCP released a briefing stating that the price of Bitcoin broke through US$118,000, a record high. This milestone level reflects market excitement

and structural strength.

The main macroeconomic factors driving the rise of cryptocurrencies include the acceleration of imports and inventory construction by global manufacturers before Trump's tariff policy, and the loose financial environment dominated by the US treasury. Although the Federal Reserve maintains high policy interest rates, the US Treasury implemented an “active issuance strategy” under Bessant's leadership to effectively reduce interest rate volatility by issuing short-term treasury bonds

and repurchasing long-term bonds.

Meanwhile, ETF capital inflows and purchases by listed cryptocurrency companies have outpaced token issuance and miner sell-offs. Market observers note: “Signs of a bubble are often difficult to distinguish from signs of mass adoption. “Copper prices and global stock indexes have also boosted currency depreciation hedging assets such as gold and bitcoin

.