Citibank: Since the US election, the crypto market has benefited from a positive environment

According to CoinDesk, Citibank stated in a research report on Thursday that earlier this week, due to a series of favorable factors, Bitcoin set a new historical high in the post-US election rally, breaking through the $100,000 mark. Paul Atkins, who is friendly towards digital assets was nominated as chairman of the U.S. Securities and Exchange Commission (SEC), providing the final boost for Bitcoin to break through $100,000 and set a new record high. As cryptocurrency adoption continues to rise, Bitcoin continues to be supported by ETF inflows and other buying behaviors; The macro environment is also beneficial for digital assets with loose financial conditions and robust economic growth being favorable for crypto tokens. However no significant increase in on-chain activity has been observed yet; In the long run, the utility or value of a network will be associated with its usage situation, macro relevance and production cost. A newer and more relaxed regulatory system may unlock more extensive application scenarios for blockchain assets. More relaxed crypto policies should expand this asset class but since Bitcoin has already been classified as commodity with existing spot ETFs and futures contracts its potential benefits might be smaller than other tokens.