Recently, the cryptocurrency market has experienced significant volatility, reflecting the enormous influence of political and policy factors. The South Korean National Assembly is considering lifting the state of emergency, and the market anticipates that a policy shift will bring liquidity support. In addition, the listing of MORPHO perpetual contracts on Coinbase International may drive trading activity and further stimulate investor sentiment. Data shows that in the past 24 hours, the amount of liquidation in the cryptocurrency market reached $647 million, most of which was long positions being forced out, indicating that the market is under pressure in the short term. Meanwhile, Bitcoin's price has surpassed $96,000, demonstrating the resilience of its market demand. Grayscale has transferred 7,225 Ether to Coinbase Prime, which may suggest an inflow of institutional funds and has boosted market confidence. However, the South Korean won has depreciated to a two-year low, and BTC exchange reserves have dropped to a multi-year low, indicating that the market still faces uncertainty. Therefore, it is advised that investors remain cautious. Summary: The current cryptocurrency market shows some signs of rebound driven by policy expectations and institutional investment, but it is still necessary to be vigilant against market volatility risks.