Here are two possible main reasons for today's decline, although they may seem unrelated:

1. Increased trade policy uncertainty: Trump threatened to impose high tariffs on imports from Canada, triggering global trade policy uncertainty. As a result, current cryptocurrency fluctuations are unable to retain risk-averse funds.

2. Expectations of foreign exchange market intervention: The New York Fed conducted a "currency check" on the yen exchange rate, sparking market speculation that the US and Japan might coordinate intervention to support the yen. This move caused the yen, as a carry trade funding currency, to strengthen, exacerbating the reversal of global capital flows and prompting investors to reduce holdings of high-risk assets.

By the way, Bitcoin fell below 88,000, Ethereum dropped below 2,900, but gold surged past 5,000, which also supports the above two reasons.

In this environment, is it really just a matter of blindly rushing into gold?