Bitcoin has broken to its fourth cycle all-time-high, rallying above $72k, and pushing sentiment one step closer to Euphoria. The classic wealth transfer from the HODLer cohort to speculators is now well underway, with significant upticks in spot profit taking, and demand for futures leverage.

According to Coinbase data on March 12th, Bitcoin broke through $73,000 and is now priced at $73,027, continuing to reach new historical highs.

Bloomberg reported that Erik Thedeen, Governor of the Swedish Central Bank, said: "I hope to see as little Bitcoin as possible in the Swedish financial system. It is an unvaluable tool and is actually based on pure speculation. Although Bitcoin does not pose a threat to financial stability, it is still a risk to consumers."

In the ever-evolving landscape of blockchain and cryptocurrency, ZKBase has taken a significant leap forward with the introduction of ZKSwap(Bitcoin) V0.1 Testnet on March 11, 2024.

Trade Strategy: Call Ladder View: Moderately Bullish View on BTC

The market shows BTC has broken through $72,500 and is currently trading at $72,504.8, with a daily increase of 4.73%. The market is volatile, so please be prepared for risk control.

The nominal open interest of CME Bitcoin futures has exceeded 10 billion US dollars for the first time, which is twice the peak value of 5.2 billion US dollars during the bull market period in 2021, and also exceeds the market value of several top 25 cryptocurrencies such as Litecoin and Bitcoin Cash.

Former US President Donald Trump said in an interview with CNBC that "Bitcoin has been widely used, and I am not sure whether to ban it. I will not allow other countries to get rid of the US dollar."

On March 11th, the news "Bitcoin breaks through $71,000" landed on the Weibo hot search list, ranking 33rd temporarily.

According to Coindesk, Bitcoin rose on Monday as rumors of the Bank of Japan potentially loosening its policies regarding ultra-low interest rates shook the Asian market. Some Asian stock indices fell, with the Nikkei and ASX indices in Japan and Australia respectively dropping by 2%. Earlier reports suggested that the Bank of Japan may raise its benchmark interest rate this month, which would be the first time since 2007. In addition, the Bank of Japan may abandon its bond-buying program after ending its negative interest rate policy. Analysts have long warned that the Bank of Japan is a major source of uncertainty for both traditional and cryptocurrency markets. The potential lifting of the Bank of Japan's support for a liquidity stance and resulting strengthening of the yen could jeopardize yen carry trades, which could strengthen the risk appetite rebound of financial markets, including tech stocks and cryptocurrencies, that has lasted for a year.