Recently, the tension in China-U.S. trade relations has had a significant impact on the cryptocurrency market. The United States imposed a 104% tariff on Chinese goods, triggering market panic, causing the price of Bitcoin to briefly fall below $75,000, and the fear and greed index dropped to an extreme fear level.

Despite this, the cryptocurrency market has shown some resilience. After the Trump administration announced a 90-day suspension of tariffs on non-retaliatory countries, market sentiment improved, and the price of Bitcoin rebounded to around $84,000.

Analysis suggests that the economic uncertainty brought about by the trade war may lead investors to view cryptocurrencies as a hedging tool, especially against the backdrop of increased volatility in traditional markets. However, in the short term, the market still faces volatility risks, and investors should closely monitor the progress of China-U.S. trade negotiations and changes in macroeconomic policies.