Odaily Planet Daily News Bitfinex pointed out in its latest report that on January 20, driven by optimism about President Trump's inauguration and the prospect of more cryptocurrency-friendly policies in the United States, the price of Bitcoin hit a new high of $109,590. Expectations for measures such as strategic reserves of Bitcoin and expanded regulatory transparency have stimulated speculative buying. However, Bitcoin has struggled to maintain momentum, falling back below its previous record high of $108,100 and is currently trading below $100,000. Bitcoin's correlation with the S&P 500 and Nasdaq has reached a new high so far this year, highlighting Bitcoin's evolving status as a major risk asset. However, despite the S&P 500 hitting a new high last week, Bitcoin remains vulnerable to the news agenda, liquidity and speculation. Similar to some other stock markets, Bitcoin reacted cautiously after the Bank of Japan's interest rate hike last week and continues to be closely correlated with the stock market.