I really don’t know how to describe today’s market activity. After yesterday’s big drop, prices are starting to show signs of returning to normal. And the root of all this still comes down to Trump. First, Trump imposed an additional 100% tariff on China, and then today he hinted at the possibility of TACO. TACO basically means Trump Always Changes Opinion—it implies that Trump always makes things sound very serious but never actually follows through. It was the same with China back in April. Now, whenever the market senses there’s a chance of TACO, it starts to recover. No wonder Trump loves to stir things up right after the last trading day before the weekend—it minimizes the damage to U.S. stocks, but the entire burden falls on cryptocurrencies. As of now, $BTC has climbed back to $115,000, and it’s less than $2,000 away from CME’s Friday closing price. However, the damage to the market and the impact on investors’ assets are hard to undo. On Monday, the key focus will be whether China announces any new countermeasures. If not, there’s a good chance the 100% tariff scheduled for November 1 won’t actually be implemented. But who can you even complain to about this? Looking at Bitcoin’s data, although it has moved out of the downward trend, the turnover rate is still higher than a typical weekend. Investor sentiment hasn’t fully recovered yet. Right now, it feels like a frightened bird—probably needing some political stability to calm down. But don’t forget, the Fed’s interest rate meeting is at the end of the month, and the government is still in a shutdown. Next week’s PPI data is unlikely to be released. On Tuesday, there’s a speech by Powell—let’s see if he touches on monetary policy. Other than that, there’s not much to watch. In the short term, the focus will probably still be on Trump—whether it’s the shutdown, tariffs, or geopolitical tensions. This post is sponsored by Bitget ｜ @Bitget_zh