Today's market crash should leave no doubt; it is entirely due to Trump's article regarding China. The market had already accepted that the relationship between the U.S. and China, while not particularly friendly, could still maintain a prolonged tariff timeline that would create an ostrich effect. However, Trump's article directly tore apart a weak link in the tariffs, as the issue of rare earth minerals has led to a potential re-escalation of U.S.-China tariff negotiations.

Since February of last year, any tariff issue involving China has caused the market to decline, and this time is no exception. However, I still believe that the U.S.-China relationship will not escalate to a very tense level. The last 125% tariff was resolved through negotiations between the two countries, so I personally do not think that the U.S.-China relationship will reverse the market trend.

But currently, there is indeed some panic in the market, which is unavoidable. It is uncertain how long this situation will last. Moreover, the panic may not be over yet, as we still need to observe the reactions from our Asian partners during Asian hours.

Looking at Bitcoin's data, although the price has dropped significantly, there are currently no signs of panic among investors. The key will be to observe the movements of the Asian market after daytime. If our partners in the Asian time zone also enter a state of panic, it could become more troublesome, especially if China issues countermeasures during the day, which could further amplify market panic.

From the perspective of the chip structure, no major issues have been identified; it seems to be panic driven by political factors. Investors who are currently at a loss have not shown obvious signs of panic yet. Let's see when this issue can be resolved.

This article is sponsored by #Bitget ｜ @Bitget_zh

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