Analysis: Due to numerous macro risks still unresolved, cryptocurrency prices may experience fluctuations in the short term.

PANews January 26 News, according to QCP Asia analysis report, cryptocurrencies came under pressure during the Asian morning session on January 26, triggering over $550 million in leveraged long position liquidations, with Bitcoin briefly dropping to $86,000. Safe-haven assets gold and silver continued their rally. The risk-off sentiment was mainly driven by multiple macro concerns: Trump’s statement that he may impose 100% tariffs on imports from Canada, the rising risk of a partial government shutdown in the US (current funding expires on January 30), and the uncertainty over US-Japan coordination to intervene in the currency market to stabilize the yen. The New York Fed’s “exchange rate check” on USD/JPY on Friday further heightened market vigilance against yen depreciation.

In the face of macro uncertainties, the crypto derivatives market has adopted defensive positioning: skewness and implied volatility of put options have both increased, and there has been significant capital flow shifting long-term put option positions to lower strike prices. Looking ahead, amid a dense macro event calendar (including tech earnings reports and Federal Reserve rate decisions), implied volatility is expected to remain elevated. Although the Federal Reserve is expected to keep interest rates unchanged, markets will closely watch Powell’s guidance on future policy paths. Before multiple risks (especially government shutdown risks) become clearer, cryptocurrency prices may experience recent volatility.