Although Trump tried to force the Federal Reserve to lower interest rates through tariff policy to ease the burden of national debt, the Federal Reserve kept interest rates unchanged at its March meeting and clearly stated that "the impact of tariffs on inflation is uncertain." The market expects that there could be two interest rate cuts in 2025, but Powell emphasized that "inflation expectations still need to be closely monitored." This political divergence has led to a worsening liquidity crisis in the US stock market, with the S&P 500 index plummeting by 9.08% in a week, marking the largest drop since March 2020.

The traditional safe-haven asset gold recently experienced abnormal fluctuations: on April 3, the price of gold once surpassed 3167 US dollars per ounce, but later, as investors sold gold to cover losses in other markets, the price dropped below 3000 dollars. This phenomenon reflects market concern about "stagflation"; capital is shifting from safe-haven assets to potential buying opportunities, laying the groundwork for a recovery of risk assets (such as cryptocurrencies).
Short-term support for Bitcoin is at the level of 75,000 dollars; if there is a plummet, a test of the 70,000 dollar level is possible; key support for Ethereum is at 1,500 dollars. It is worth noting that data from the options market shows a significant increase in demand for put options, with the volume of put options with a strike price of 70,000 dollars for Bitcoin already exceeding other contracts, highlighting market concerns about short-term downside risks.
Although the Federal Reserve is keeping the interest rate at a constant level, the market has already priced in a reduction of 150 basis points this year. If inflationary pressures decrease, June could become the first moment of reduction, providing liquidity in the cryptocurrency market.