Let's start with the conclusion: whether the cryptocurrency prices can rebound in the future mainly depends on whether there will be new signals of tariff escalation tonight and tomorrow.

The real culprit behind the recent Bitcoin decline is actually the transatlantic trade dispute. After Greenland-related countries were included in the tariff list, Europe immediately issued retaliatory messages, and the US was also clamoring to continue retaliating—this combination of actions has alerted the market to risks. Speaking of which, the last time we saw such a "standoff" was during the US-China tariff war in April.

But this time is truly different. The US's dependence on European imports far exceeds that of China. From auto parts, high-end manufacturing, pharmaceuticals, chemicals, to luxury goods, European exports cover the entire upstream and consumer end of the industry chain. Once tariffs are raised, US inflation expectations will immediately spike, which is a hard blow.

Data speaks: According to US Census statistics, as of October 2025, the US imported about $266.3 billion from China, but imported $537.9 billion from the EU—Europe's import scale is more than twice that of China. This means the impact area is even larger.

The short-term market trend is actually quite clear: if both Europe and the US calm down tonight, the market is likely to oscillate and recover. But if Trump continues to push market sentiment, the probability of a sharp decline tomorrow is not low. The key still depends on how the latest news unfolds.