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Bitcoin hit a new high. What's going on? The total market value was US $154.5 billion, up nearly 70%

Bitcoin hit a new high. What's going on? The total market value was US $154.5 billion, up nearly 70% in May. According to the news on May 28, the price of bitcoin hit a new high yesterday, breaking through US $8845 and the market value reached US $156.8 billion, setting a 12-month record for the price and market value of bitcoin.

According to the daily economic news, under the influence of bitcoin, the price and market value of many encrypted digital currencies, including ethercoin, Wright coin and REBO coin, have reached a new high.

Michael Hartnett, chief investment officer of Bank of America Merrill Lynch, believes that the recent surge in bitcoin prices is a symptom of Americans' concern about the imminent economic recession, according to cryptobriefing, a foreign encrypted digital hot money website.

The growing demand for bitcoin is due to investors' demand for higher returns in a low interest rate environment and to avoid risks such as potential economic recession in the United States.