Today's homework is also difficult to write. The market has once again experienced fluctuations, and many entangled factors are making it increasingly complex. The expectation of a standstill has already caused panic among investors. Then there is the latest consumer credit report released by the New York Fed today, which also shows poor data, as high interest rates have led to various types of credit for users reaching historical highs in the third quarter.

This indicates that the lives of the American public are indeed at risk. Whether it is credit card loans, home loans, or student loans, they are all fundamentally adjusted through the federal funds rate. If the Federal Reserve does not enter a phase of significant interest rate cuts, a credit crisis is likely to occur.

Looking at the data for Bitcoin, although it appears to be quite bullish, the turnover rate has been declining. In the last 24 hours, the turnover rate has normalized significantly, and at least there are no signs of panic among investors. The main sellers are still short-term investors, while earlier investors are still observing.

From the URPD data, stability remains quite high, and there are currently no signs of systemic risk. The supporting structure has not collapsed, and although the price of $BTC has fallen below the support level, as long as the support level does not encounter issues, it is unlikely to be a systemic risk.

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