Bitcoin finally broke through the $97,000 mark this week, ending over two months of stalemate. To be honest, it had fallen behind in comparison to stocks and precious metals, but now it has broken through the resistance line of $95,000 since November, and the situation has clearly improved.

Interestingly, the potential continued depreciation of the US dollar is boosting precious metal prices. Against this backdrop, Bitcoin's relatively low valuation appears highly attractive—capital flows from precious metals into digital assets may be brewing. The market sentiment index has also shifted from neutral to "greedy," a change often indicating that risk assets are regaining favor.

There is a variable in regulation to watch: the U.S. Senate Banking Committee has postponed the revision of the Crypto Market Structure Act. A compliant exchange has already withdrawn its support for the bill. The specific impact of these regulatory actions on the crypto market remains to be seen, but at least in the short term, no new regulatory shoes are expected to drop, giving the market a brief breather.