Today's homework is hard to describe. After experiencing a significant drop yesterday, the current price shows signs of gradually returning to normal. The root of all this still comes from Trump. First, he imposed an additional 100% tariff on China, and then today he continued to indicate the possibility of TACO. TACO means that Trump has been backing down; it implies that Trump often presents the outcome as very serious but never truly follows through.

April was the same for China. Now that the market feels there is a possibility of TACO, it has started to warm up. Otherwise, why does Trump always like to stir things up after the last trading day before the weekend? It minimizes the damage to the U.S. stock market, while this damage is entirely borne by cryptocurrencies.

As of now, $BTC has returned to $115,000, and it is even less than $2,000 away from the CME closing price on Friday. However, the trauma inflicted on the market and the impact on investors' assets are hard to recover. On Monday, we should pay close attention to whether China will have new countermeasures. If not, it is very likely that the 100% tariff on November 1 will not be implemented. Who can we reason with then?

Looking back at Bitcoin's data, although it has moved out of the downward space, the turnover rate is still higher than a normal weekend. Investors' emotions have not completely calmed down; it feels like a frightened little bird that probably needs political stability to gradually settle down. However, the Federal Reserve's interest rate meeting is at the end of the month, and it is still at a standstill.

Next week's PPI data is unlikely to be released. There is also a speech by Powell next Tuesday; I wonder if he will touch on monetary policy issues. It might be worth listening to. Other than that, there isn't much else. The short-term focus may still be on Trump, whether it’s the standstill, tariffs, or geopolitical conflicts.

This article is sponsored by #Bitget ｜ @Bitget_zh

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