Trump Increases Tariffs 📉 Spring Festival Market Disappears

The Spring Festival market did not appear, due to an executive order signed by Trump on February 1, local time in the U.S., which imposes a 25% tariff on imported goods from Canada and Mexico starting February 4, and a 10% tariff on Chinese goods. The U.S. stock market was not directly affected by this policy due to the weekend closure, but the cryptocurrency market experienced a surge in risk-averse sentiment.

The market, which rebounded on the evening of February 1, fell on February 2, with BTC dropping below $100,000, ETH falling below $3,100, and altcoins also declining, while gold surpassed $2,800 per ounce. Since Trump's inauguration, the market direction has been unclear, and his executive order on cryptocurrencies has had a positive impact, but the release of meme tokens before taking office has eroded industry confidence. The tariff policy adds macroeconomic risks, leading investors to seek safe havens due to inflation concerns. Currently, the macroeconomic situation is uncertain before the Federal Reserve cuts interest rates, and the market is expected to continue to fluctuate. It is difficult to see any significant upward movement before February and even before the next interest rate cut by the Federal Reserve.

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