This week, a series of macroeconomic events will have a significant impact on the cryptocurrency market. As the market anticipates the official implementation of tariffs on April 2, the cryptocurrency market has already preemptively reflected the fluctuations of the stock market. Last week, Trump announced a 25% tariff on all imported cars and medical products, hinting that similar measures may be taken against more countries, which has shocked the market. Currently, the market expects over 25 countries to face tariffs exceeding 20%.

If the final tariffs are lower than expected, or if there are further delays, the market may rebound. However, it is still uncertain which specific countries will be affected, and more importantly, how these countries will retaliate. Especially the latter could lead to an escalation in the trade war. Although the recent decline in the cryptocurrency market and the stock market has somewhat priced in the impact of tariffs, due to the uncertainty surrounding April 2, I believe there will still be significant market volatility this week; hence, the tension over tariffs has not been fully digested.

Unlike the past few weeks where trade tensions were mainly reflected in the U.S. stock market, global markets have also begun to decline sharply, with investors expecting multiple countries to be included in the list affected by tariffs. For example, Japan's export-oriented index, the Nikkei, fell 4% today, as the market worries that Japan's exports may be restricted due to tariffs. This downward trend in global financial markets is likely to affect the cryptocurrency market as well, making risk management this week more important than ever.

In addition to the implementation of tariffs on April 2, there are several macroeconomic events this week that may affect market price movements, including tomorrow's U.S. job openings data and Friday's employment data. Additionally, Federal Reserve Chairman Powell will also speak on Friday. Before the formal implementation of the tariff policy, it remains difficult to make clear judgments on these events. However, traditionally, if employment data is weak, it may exacerbate market concerns about economic recession and stagflation (concurrent economic growth slowdown and rising inflation), especially given that the previously released PCE inflation data exceeded expectations.