Analysis: Bitcoin broke through $8,800, and in trade tensions, hedging demand or pulling demand for virtual currency

On May 27th, Bitcoin broke through $8,800. An analysis article on Wall Street pointed out that the time of this round of pull was consistent with the time when some EU national parliamentary polls were released. The results showed that populism and extremist forces prevailed. But Zerohod's commentary suggests that there is no indication that buying pressure has arisen, and more likely, in trade tensions, investor demand for safe haven has driven demand for virtual currency. In addition, some analysts pointed out that many investors believe that increasing institutional support is the main driving force behind this round of market. For example, Facebook is building a digital currency-based payment system. If the project codenamed "Project Libra" is successful, it will likely subvert traditional e-commerce and become the largest mainstream digital currency application to date; in addition, Fidelity Investments began offering bitcoin hosting services earlier this year. And it will be announced that Bitcoin trading services will be launched.