Witness historical moments! Chinese assets erupted late at night, with Chinese concept stocks like iQIYI and Xunlei soaring over 20%. The Nasdaq Golden Dragon Index of China surged strongly, supported by the A-share Shanghai Composite Index hitting a 10-year high and a total market value surpassing 100 trillion yuan! Foreign capital is accelerating the allocation of renminbi assets, and global capital is voting with real money on the potential for China's economic recovery.
On the other hand, the cryptocurrency market is staging a "Game of Ice and Fire"—Bitcoin has dropped below $115,000, Ethereum plummeted over 6%, with more than 130,000 people liquidated within 24 hours, and $500 million in contracts vanished. The expectation of a Federal Reserve rate cut has cooled, and the U.S. has expanded steel and aluminum tariffs, impacting market confidence, alongside profit-taking leading to a chain reaction of sell-offs.
The drama in the market has never been so intense: while A-share investors welcome wealth appreciation in their sleep, the crypto world is experiencing a "zeroing" impact.
