[Analysis: Cryptocurrency prices may experience short-term volatility due to unresolved macro risks] According to a QCP Asia analysis report, cryptocurrencies faced pressure during the Asian morning session on January 26, triggering the liquidation of over $550 million in leveraged long positions, with Bitcoin briefly dipping to $8.6K. Meanwhile, safe-haven assets like gold and silver continued their upward trend. This risk-off sentiment was primarily driven by the overlap of multiple macro concerns: Trump’s statement about potentially imposing a 100% tariff on Canadian imports, the rising risk of a partial U.S. government shutdown (current funding expires on January 30), and uncertainty surrounding potential U.S.-Japan coordinated intervention in the forex market to stabilize the yen. The New York Fed’s “rate check” on USD/JPY on Friday further heightened market vigilance over yen depreciation. In response to macro uncertainties, the crypto derivatives market has adopted defensive positioning: put skew and implied volatility have both risen, with significant capital flows shifting long-term put option positions to lower strike prices. Looking ahead, under a dense macro event calendar (including tech stock earnings reports and the Federal Reserve’s rate decision), implied volatility is expected to remain elevated. While the Fed is expected to keep rates unchanged, the market will closely monitor Powell’s guidance on future policy paths. Until multiple risks (especially the government shutdown risk) are clearly resolved, cryptocurrency prices are likely to exhibit a volatile pattern in the near term.