The recent market rise has been driven by two main factors:

① The game between Trump and Federal Reserve Chairman Powell has raised concerns in the capital markets about the independence of the Federal Reserve, impacting the foundation of the US dollar and resulting in a 'triple kill' scenario for stocks, bonds, and currencies. Amidst risk-averse sentiment, funds have flowed out of dollar assets, with some moving into gold (driving a significant rise in gold prices) and the cryptocurrency market.

② The depreciation of the dollar has caused risk assets to passively appreciate.

The decline in the market early in the morning can also be attributed to two reasons:

① At 1 AM, Google announced a new method for hybrid quantum computing, raising market concerns about breakthroughs in quantum chip technology (similar to the situation on December 9, 2023, when Google's release of a quantum chip caused Bitcoin to drop by 3%).

② The cryptocurrency market lacks sustained positive support, and after a spike, significant selling by large funds triggered a sharp drop (such phenomena may recur in the near future).

It is expected that the weak patterns of US stocks, US bonds, and the dollar (the triple kill scenario) will continue in the short term, and risk-averse sentiment may support Bitcoin's high-level fluctuations, but the momentum for significant increases is insufficient.

Starting this week, the impact of the tariff war initiated by Trump will gradually become apparent in economic data. If economic growth is hindered, US stocks may test lower levels again;

However, Bitcoin may be less affected by the decline in US stocks due to its property of attracting risk-averse capital inflows.