As of early May 2025, the cryptocurrency market has experienced a significant pullback. Bitcoin has fallen from a high of around $109,000 at the beginning of the year to a low of about $83,000, a decline of more than 17%. The main reasons include the global market uncertainty triggered by the new tariff policies introduced by the Trump administration, as well as investor disappointment over the unmet promises of their 'crypto president'. Additionally, the adjustment of the SPX index has also put pressure on the cryptocurrency market; historical data shows that when the SPX corrects, crypto assets typically face selling pressure.