Bitcoin broke through 96,000 last night, with the 100,000 mark just around the corner. This surge is not without foundation; two major factors are driving it.

First, let's talk about the inflation data from the US. The latest CPI increase is 2.7%, roughly the same as the previous month, and not the continued rise the market had feared. This suggests that the Federal Reserve may not rush to raise interest rates in the short term. For the crypto market, this is a key positive—liquidity doesn't need to rush out of risk assets back into traditional finance, and there is instead motivation to continue seeking opportunities in high-yield areas. Crypto markets are precisely an important destination for such capital.

Another driving force comes from the gradual clarification of the regulatory framework. US regulators have recently been advancing legislation for cryptocurrency regulation, clarifying that the Commodity Futures Trading Commission (CFTC) is responsible for market trading oversight, while the Securities and Exchange Commission (SEC) handles fraud enforcement. Interestingly, large capital is less worried about "rules" than about "no rules." The transparency of the regulatory framework, on the other hand, makes off-market capital see this as a market they can participate in long-term. Meanwhile, South Korea has also lifted restrictions on crypto investments. These signals are being released collectively, pointing to a shift in market sentiment.

From the market performance, Ethereum has already stabilized above 3300, while Bitcoin remains above 95000, with overall market sentiment clearly improving. This is not just a numerical breakthrough but also reflects a re-pricing of policy expectations. In the short term, this upward momentum still has inertia, but future trends will depend on specific policy signals from the Federal Reserve and the progress of regulatory legislation.