Major cryptocurrency tokens, including bitcoin and BNB, reached record highs this week amid government turmoil around the world that drove up alternative asset prices, which elated China’s crypto community as the country reconsiders digital assets such as stablecoins.
Bitcoin passed the US$126,000 level on Monday, a new all-time high for the world’s largest cryptocurrency token, before falling more than 1 per cent to below US$124,000 on Tuesday.
Still, Zhao on Tuesday denied that figure, saying on social media platform X that it was “way too high”.
While the reaction of Chinese crypto enthusiasts to bitcoin’s new high was muted on mainland social media, many celebrated the token’s latest achievement on X and envisioned an unprecedented crypto bull market.
The latest gains came as global investors flocked to assets outside major currencies such as the US dollar, which has been under pressure amid a week-long US government shutdown.
