The US stock market and the cryptocurrency market have been in a cycle of consolidation. Currently, the cryptocurrency market is basically following the US stock market; it rises when the US market rises and falls when the US market falls. However, recently, the US stock market has been experiencing quite a significant decline.

There is an index called the "Dow Jones Transportation Average," which consists of stocks from 20 transportation companies, reflecting the purchasing activity of consumers and the production levels of factories. Since its peak in November of last year, it has already fallen by 19%, and a further decline of 1% would mean it has entered a bear market. Another index is the "Dow Jones Industrial Average," which represents the performance of large companies, and it has dropped by 9.3% since its peak in December of last year.

There is an old theory called "Dow Theory," which means that when transportation and industrial stocks decline together, it is usually a precursor to a significant drop. This indicates that the stock market will face more pain in the future.

This time, the decline in the US stock market is actually a game between Trump and Federal Reserve Chairman Powell, with the focus being on Trump; otherwise, the stock market would still be thriving. Trump wants to use tariffs and policies to stimulate production in the economy, but the cost is a severe slowdown in overall economic growth. Meanwhile, Powell controls interest rates, aiming to stabilize inflation and the economy, preventing Trump from acting recklessly.

Although the US stock market is indeed experiencing a sharp decline, it has not reached the point of collapse; the fundamentals of the US economy are still holding up. At this stage, it is just a phase of spreading fear.