Trump said, Bitcoin plummeted by $7000!

Last night's cut caused the cryptocurrency market to directly bleed over $1.1 billion, with Bitcoin instantly hammered down to 103213, leaving wreckage everywhere from leveraged traders. The largest liquidation occurred on the BN platform, with over 201 million positions, making for quite a spectacle.

The trigger for the crash? Trump stated: "Choose your side within two weeks globally!"

With the trade agreement expiration approaching, Trump directly dropped the "tariff nuclear bomb," which simply means to act without negotiations. Coupled with his previous hints of wanting to fight in the White House, market risk sentiment exploded. The U.S. stock market can pretend nothing is wrong, but the cryptocurrency market is not that resilient; it shatters at the slightest touch.

The Federal Reserve is also in a tough spot, with data collapsing across the board: PPI, CPI, employment rate—none are performing well.

Unemployment benefits have surged, and Powell is being roasted on the volcano's edge. Trump hasn't forgotten to add insult to injury: "Isn't a 100 basis point cut reasonable?" This has put the Federal Reserve in a position where lowering rates feels like admitting defeat, while not cutting feels like original sin.

From a technical perspective, Bitcoin's recent drop has been excessive, and there is some support around 103000, possibly because the large players are also exhausted from selling.

But don’t think it’s stable; Trump’s words could cause another floor drop at any moment. Ethereum has also followed suit in the plunge, with rumors involving a certain financial company facing trouble, making the 2400 position precarious.

In the short term, this wave of selling has severely damaged market sentiment; what will support it next? It all depends on whether the Federal Reserve can genuinely ease rates in September. Don’t forget about the ETF, institutions, and regulations as stopgap measures; if any positive news is released, the fuse for a rebound could be lit at any time.

In summary: the current market is a dance on the knife's edge of risk assets; surviving is more important than anything else.

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