Harvard makes a big move! Virtual coins rise across the board.

The cryptocurrency market is rising across the board. On August 9, the cryptocurrency market rose overall. Among them, Ethereum surpassed 4200 USD, with a rise of over 8% in 24 hours, and its total market capitalization exceeded 500 billion USD. The price of Bitcoin also reached 117000 USD, with a rise of over 1% in 24 hours.
According to the latest data from Coingecko, as the price of Ethereum breaks through $4200, pushing its market cap back above $500 billion, the total market cap of cryptocurrencies has also once again surpassed $4 trillion, with a 1.9% increase in the past 24 hours. CoinGlass data shows that over 100,000 people have been liquidated in the cryptocurrency market in the past 24 hours, with a total liquidation amount close to $400 million. Among them, the largest single liquidation occurred in Ethereum, worth $10.6284 million. On the news front, in the second quarter of 2025, Harvard's endowment fund is making significant investments in Bitcoin and gold. According to a filing submitted to the U.S. Securities and Exchange Commission (SEC) on Friday (August 9), Harvard Management Company (HMC) made large new investments in exchange-traded funds (ETFs) that track the value of gold and Bitcoin in the second quarter of 2025. Specifically, it purchased 1.9 million shares of BlackRock iShares spot Bitcoin ETF, valued at $116.7 million. According to the Harvard University campus newspaper, Rutgers University Business School Professor John M. Longo stated, "Due to the significant expansion of the global money supply—especially since the pandemic, some investors are viewing gold and cryptocurrencies as value storage tools." He also added that the Trump administration's supportive cryptocurrency policies and the increasing supply of related products from large financial institutions are driving Bitcoin prices to historic highs. Recently, U.S. President Trump signed an executive order allowing alternative assets such as private equity, real estate, and cryptocurrencies to enter 401K retirement savings plans. Since taking office in January, Trump and the Republican-controlled Congress have launched several measures to promote the application of digital assets, including preventing the federal government from exploring the issuance of central bank digital currency, establishing a "strategic Bitcoin reserve," and signing the stablecoin regulatory bill (the "Guidance and Establishment of a National Innovation Act for Stablecoins"). However, some market analysts believe that despite the popularity of exchange-traded funds (ETFs) due to their liquidity and substitutability, Bitcoin remains "a highly speculative asset" and is far from being a standardized medium of exchange, currently lacking any fundamental value.