#加密市场回调
The reason for the crypto market plunge has been found
Trump's tariff policy is crucial. The pessimism from last week had just recovered a bit, and last night two data points directly cooled the market. It's never the data itself that undermines market confidence, but the actual impact of policy on vested interests.
The new tariff policy plan from the Trump team adjusts key products. If this is indeed the case, it indicates a relatively moderate approach, reducing the sustained adverse impact on inflation. The PMI growth in the service sector released last night indicates that the demand for business activities at the end of the year and the proactive responses to the tariff policy have led to a surge in supplier orders and inventory. This concern is a preemptive response that later manifests in the data, and the sustainability of this needs to be assessed. If the actual tariff policy leans towards moderation, then its impact on inflation is not threatening.
In simple terms, the sentiment in the risk market is very unstable; pessimism today and optimism tomorrow are common occurrences. However, it will always shift from an extreme to a moderate state, and 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 levels undergoing trend reversals, seeking key support and resistance. Proper order management in response is crucial.