Driven by dual attributes, Bitcoin hits a new record highOn Wednesday (July 9), Bitcoin rose 2.15% to an intraday high of $112,040, hitting a record high again since May 22, and is expected to record three consecutive weeks of gains. Ethereum rose nearly 6% to $2,797, just one step away from the four-month high of $2,880 set on June 11.It is worth noting that Bitcoin has risen by more than 50% since April 7, and the strong rise is mainly due to its dual attributes. On the one hand, in the context of de-dollarization, Bitcoin is used as a substitute for the US dollar similar to gold, and is favored by medium- and long-term funds. On the other hand, Bitcoin has similar attributes to technology stocks. When trade tariffs tend to ease, market risk appetite boosts Bitcoin's rise.There is no doubt that Bitcoin's current fundamentals are based on a medium- and long-term bearish US dollar, and in the short term driven by the rise of US technology stocks. Such dual attributes mean that unless there is a systemic risk in the market, Bitcoin is likely to continue its rise.The trade situation tends to ease, and the market Risk On is expected to continueIt is worth noting that the current US technology stocks are rising sharply, among which Nvidia closed up 1.8% overnight, setting a new record high. Since April 7, the cumulative increase has been nearly 90%, and the total market value has briefly exceeded 4 trillion US dollars, becoming the first company in the world to reach this milestone.