The reasons for the rebound in the crypto market are mainly as follows: First, changes in geopolitical and tariff policies. The Trump administration hinted at a relaxation of tariff policies, alleviating market tensions and boosting market risk appetite. Second, it is related to the movement of the US dollar. The Bloomberg Dollar Spot Index slightly rebounded after falling to its lowest point since the end of 2023 on April 22, and the negative correlation between Bitcoin and the US dollar has, to some extent, driven its price increase. Third, the approval of ETFs. The Hong Kong Securities and Futures Commission approved the applications for spot Bitcoin ETF and spot Ethereum ETF, bringing positive signals to the market and attracting more capital inflow. Fourth, the market's oversold condition. Previously, the crypto market experienced significant selling pressure due to global macroeconomic factors, with the total market value dropping by 30% from its peak. This oversold condition triggered a short-term technical rebound. Fifth, the impact of the halving cycle. The Bitcoin halving cycle is considered one of the important factors affecting its price. The fourth Bitcoin halving in April 2024 may continue to impact the market in the following period, driving prices up.