Odaily News The official QCP channel posted that traditional financial markets are still digesting the dynamics of the US economy and paying attention to the latest developments in the high-risk US-China tariff war. US stocks are weak, and the S&P 500 index is difficult to defend the 6,000 point mark. Market volatility in the past week has caused a sharp shock in the crypto market, with BTC briefly hitting $92,000 and ETH falling to $2,100. The US postponed tariff measures on Mexico and Canada, bringing some relief to the crypto market, but the US-China trade war remains a core risk.
In addition, U.S. crypto czar David Sacks announced the establishment of a working group at the conference yesterday to promote stablecoin legislation and evaluate the feasibility of establishing a strategic Bitcoin reserve (SBR). Although the short-term impact is limited, it may be beneficial to the crypto market in the long run. In addition, the lack of cryptocurrency-specific catalysts in the short term makes the market vulnerable to negative price shocks. In this environment, defensive strategies and risk management are key, especially considering the large-scale liquidations that occurred on Monday.