#加密市场回调
The reason for the plunge in the crypto market has been found
Trump's tariff policy is crucial. The pessimistic sentiment from last week had just recovered a bit, but last night's two data points directly cooled down the market. It has never been the data itself that undermines market confidence, but the actual impact of policies on vested interests.
The new tariff policy plan from Trump's team adjusts key commodities. If this is indeed the case, it indicates a relatively mild approach, reducing the persistent adverse impact on inflation. Last night's service sector PMI growth indicates that demand for business activities at the end of the year and the preemptive responses to the tariff policy have led to a surge in supplier orders and inventory. This concern is a preemptive reaction, later reflected in the data, while the sustainability remains to be evaluated. If the actual tariff policy leans towards being mild, then its impact on inflation is not threatening.
In simple terms, the sentiment in the risk market is extremely unstable, with pessimism today and optimism tomorrow being common occurrences, but it will always shift from an extreme to a moderate stance. Prices will gradually return from large drops and rises to oscillation. Currently, the daily market is in such an oscillation range of 91,000 - 100,000, with small fluctuations undergoing a trend reversal, seeking key support and resistance. Proper order management in response is crucial.