The tragedy of waking up to reality: last night, US stocks, gold, and Bitcoin all plummeted. To put it simply: the “rate cut feast” everyone was expecting might not happen, and the Federal Reserve just poured cold water on those hopes. The market had been betting that the Fed would happily cut rates without tightening further, which pushed asset prices (gold at 4300, Bitcoin at 90k) to historic highs. But last night, a few Fed officials suddenly came out with some tough talk, saying inflation remains stubborn and opposing rate cuts or calling for continued tightening. This triggered two fatal consequences: 1. Expectations shattered (mental breakdown): It’s like thinking your year-end bonus is guaranteed, only for your boss to suddenly say, “We’ll need to reassess.” The psychological gap is huge. The market suddenly realized: borrowing money in the future might not be so easy, and interest rates could stay high for a long time. 2. A game of chicken (better to leave first): Since prices were already at high levels, any shift in sentiment (like surging US Treasury yields) made funds rush to sell off for safety without hesitation, leading to a total collapse. At the end of the day, it’s not that the news was too bad, but that the market had been overly optimistic before, and now it’s paying the price for that excessive optimism.