Tariff policy impact: Trump plans to raise steel and aluminum tariffs to 50%, a move that has exacerbated global trade tensions. Investors' risk aversion has intensified, and funds have flowed into traditional safe-haven assets, such as gold, which rose 2.1% in a single day, and crude oil has also attracted attention from funds. In this case, risky assets such as cryptocurrencies have been neglected, and capital outflows have been significant, suppressing the price of cryptocurrencies
The Russian-Ukrainian conflict escalates: Ukraine launched a large-scale drone attack on a Russian military airport, and geopolitical risks have risen sharply. Geopolitical risks have always been an unstable factor in the financial market, pushing up market volatility, making investors more cautious in asset allocation, and reducing their holdings of high-risk assets such as cryptocurrencies.