Today, the cryptocurrency market opened with a significant drop, with Bitcoin and Ethereum, the major players, falling more than 5% within a few hours. A bunch of bad news piled up behind this, so let me break it down.

On the news front: The Bank of Japan may be preparing to raise interest rates. The economy looks okay, but this is not good for the cryptocurrency market - with higher interest rates, money is more likely to be put in banks, who would take the risk to play with cryptocurrencies? The Asia-Pacific stock markets have taken a hit, and the cryptocurrency market is also facing difficulties. There are rumors from Trump’s side that the Federal Reserve Chair has been decided, and there are also rumors that the Chair may resign, causing panic among people; when everyone gets nervous, they tend to sell off their cryptocurrencies to avoid risks. The People's Bank of China has also come out to say that virtual currencies are not legal and that stablecoins are prone to money laundering, which has thrown a bucket of cold water on the situation, making people in Asia even more hesitant to act.

With all this turmoil, the cryptocurrency market is certainly under pressure in the short term, and prices are likely to continue to decline. Once the news of interest rate hikes and regulatory announcements comes out, funds tend to flee from high-risk areas, and a volatile market like cryptocurrencies will definitely take a hit first. Investors are currently feeling a bit anxious, and both buying and selling activities have become cautious; if things go poorly, the decline could be relentless.

From my perspective, the cryptocurrency market is indeed in a tough spot right now, with a pile of negative news. In the short term, don't be tempted to bottom-fish. For those of us involved in this, we need to keep a close eye on things and refrain from making impulsive moves, waiting for the market to calm down before acting. Don't forget that news changes quickly, and we need to follow up on what the Federal Reserve says next, or if there are any new regulations.

You issue coins, and I will analyze for you in the chat room which coin will surge next?