BTC has now reached a critical moment of battle. The recent surge was quite dangerous, but fortunately, it has dropped in the last two hours. At this position, if another wave comes and breaks the 10-day moving average, I can only accept defeat on my short position. If it drops, I will continue to hold. After cutting losses and leaving, I have no immediate intention to buy back; at this position, I really dare not enter. I'll just wait and see if I can squat into a deep pit.
Today's Hong Kong stocks are doing okay. The market opened with a gap down and at one point fell below 2 points during the session, but eventually, the market gradually rebounded, with all three major indices not dropping more than 1 point. Gold stocks surged because U.S. President Trump announced an increase in steel and aluminum tariffs, intensifying market risk aversion, leading to a rise in international gold prices. Tongguan Gold increased by over 10%. Gold has also risen nearly 2 points now. Cryptocurrency concept stocks are strong, as Hong Kong (stablecoin regulations) has become law, promoting the development of related fields in Hong Kong, and Bitcoin prices have risen. New Fire Technology Holdings (still under Li Lin, although the Huobi exchange was transferred to Sun Yuchen, this stock is quite hot now, having once been the top-ranked exchange) rose nearly 9%, and OK Blockchain Chain surged over 35% (Xu Mingxing's OK license). LianLian Digital increased by 62.67%, and its wholly-owned subsidiary DFX Labs Company Limited obtained a Virtual Asset Trading Platform (VATP) license issued by the Hong Kong Securities and Futures Commission (SFC) on December 18, 2024. Compliance of exchanges does not necessarily attract players. Therefore, today it rose nearly 80 points, driven more by price speculation.
Huobi reminds me of Song Jiang from 'Water Margin', who always wanted to gain the rabbit's recognition, to be legal and compliant, but ultimately harmed his brothers. Watching TV back then was quite infuriating. This was around October 2020 when OK was put in a small black room, and the cold wallet was in his personal hands. OK suspended withdrawals; at that time, coins could still be traded, but withdrawals were not possible. A big V was privately collecting coins at a 30% discount, which was the only channel available. I just played dead, probably like many retail investors chose to do. When we didn't know what to do, we would choose to lie down and play dead. After a while, someone said Xu's WeChat had steps again; after the news, OK resumed normal operations, and this black swan event lasted about 20 days. The old Huobi leader also had no steps on WeChat back then, but later everything returned to normal. After this incident, Huobi began to withdraw from the mainland business. My HCT also died because of this incident, but thankfully I did not choose to lie down and play dead this time; instead, I liquidated and ran away. At that time, HCT was equivalent to today's Binance Alpha project + Square. It's a pity that because of this incident, Lao Li liquidated and left. Perhaps because Lao Li is a party member, his political awareness is relatively high. At that time, only Binance chose to embrace America, and now it seems Binance made the most correct choice.
Large tech stocks fell broadly, with Alibaba - W down 2.55%, Tencent Holdings down 1.08%, Meituan - W down 4.13%, but at the end of the day, Xiaomi Group rose nearly 2%, and NetEase rose nearly 1%. Domestic property stocks collectively fell, with R&F Properties down over 7%, due to pressure from fluctuations in the new housing market. Car stocks also fell broadly, with Li Auto down 4.19% and NIO down 3.56%, etc. The large financial sector declined, with China Construction Bank down 3.27% and China Life down 3.25%.
Currently, the NASDAQ futures are down 0.88 points, and it's estimated that the market will open low again tonight.
Trump reacted very strongly to the term 'TACO'. During a White House press conference on May 28, 2025, when Trump first heard about 'TACO trading', he severely refuted it, insisting that he did not back down on trade issues but rather used high tariffs as part of his negotiation strategy. He emphasized that this strategy was meant to push trade partners to negotiate and ultimately reach a more reasonable agreement.
TACO is what I previously wrote in the night report, meaning to operate contrary to Trump's words. Specifically, it is an abbreviation for 'Trump Always Chickens Out', proposed by Financial Times columnist Robert Armstrong. This term describes Trump's pattern of first announcing high tariffs during trade negotiations, leading to a market crash, and then suspending or lowering tariffs, which drives a market rebound.
Trump scolded his officials upon returning to the White House, asking why they didn't inform him about TACO. Trump believes he doesn't always chicken out; it's just his negotiation art.