Bitcoin breaks through a new high of $110,000! Trump's tax reform triggers a 20-year US bond yield surge breaking 5%, and the US stock market is completely devastated.

Bitcoin topped $110,000 on May 22, 2025, a record high. Technical signals, institutional buying and the macroeconomic backdrop have combined to drive the market into a new phase of price discovery. (Synopsis: Bitcoin breaks all-time high, OKX spot reaches $109,457!) Binance market difference of 0.2%) (Background supplement: Standard Chartered Bank: Institutions are buying micro-strategies aggressively (MSTR) laying out Bitcoin, looking at $500,000 on BTC in 2029) The global crypto market witnessed another milestone at 07:15 on the morning of May 22, and the price of Bitcoin successfully exceeded the $110,000 mark, a record high, This marks the beginning of Bitcoin's new phase of price discovery, tentatively trading at $109,597 before the deadline. What drives new milestones for Bitcoin? There may be a combination of the following factors driving Bitcoin to this milestone. First of all, last night, under the suspicion that Trump's new tax reform system exacerbated the US government's fiscal deficit (if passed, the United States will expand the deficit by $3.8 trillion in the next decade), the US 20-year Treasury bond auction bid rate rushed to 5.047%, hitting a new high since the second half of 2023, accelerating the withdrawal of funds from the stock market, and the four major indexes fell across the board. The Dow plunged 816.8 points, or 1.91%, to close at 41,860.44 Nasdaq fell 270.07 points, or 1.41%, to close at 18,872.64 The S&P 500 fell 95.85 points, or 1.61%, to close at 5,844.61 The Philadelphia Semiconductor Index fell 88.07 points, or 1.80%, to close at 4,802.71 Bitcoin, although also affected, once fell below $107,000, However, macroeconomic uncertainties such as the resumption of gains after the close of US stocks and the continued increase in global fiscal debt have increased the attractiveness of bitcoin as a safe-haven asset. At the same time, the US spot bitcoin ETF continued to attract a large amount of funds, only two days after entering May, there was a net outflow, and the amount of funds was not large, which continued to help bulls and form support for prices. According to Coinglass data, in the past 24 hours, there have been more than $460 million in liquidation across the network, and more than 122,000 people have exploded, and the sharp fluctuations can be said to be long-short double explosion. The breakout also makes May 2025 one of Bitcoin's best performing months in nearly five years, with monthly gains of around 15.3%. Related reports Analysts dismantle bitcoin's ladder rise pattern: next target price of $115,000 Standard Chartered Bank: Institutions are buying micro-strategies (MSTR) layout bitcoin, looking at $500,000 on BTC in 2029 〈Bitcoin breaks a new high of $110,000! Trump's tax reform triggered the 20-year U.S. bond yield soared above 5%, and the U.S. stock market was wiped out" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".