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There are many reasons for the recent wave of declines: escalating trade disputes between the US and Europe, tense geopolitical situations, and fluctuations in the Japanese bond market. These factors have dragged down global risk assets, and Bitcoin and other mainstream cryptocurrencies have also been affected.
Interestingly, traditional safe-haven assets performed remarkably well—gold hit new highs, silver followed closely, while the crypto market continued to decline. This contrast itself reveals many issues: when macro risks emerge, the market treats cryptocurrencies as risk assets rather than safe havens. No matter how good the words sound in normal times, in a crisis, some still run to traditional safe harbors.
Also, pay attention to an important speech around 9:30 PM tonight at the Davos Forum. This brother has always been unpredictable, and no one can guess what he will say next. Market fluctuations are generally within expectations. Everyone should prepare psychologically and manage risks accordingly.