In early April, Trump's reciprocal tariff policy triggered a plunge in global assets. Trump then admitted that tariffs "will be significantly reduced" and confirmed that Federal Reserve Chairman Powell will continue to serve, easing concerns about turmoil in the Fed's leadership. After investors were appeased, a new wave of risk appetite was triggered, and Bitcoin took the lead in rising strongly.

In October, the Federal Reserve released the Beige Book, which revealed the current stable operation of the U.S. economy and dispelled traders' concerns about the macro-economy. The U.S. election became the main logic dominating market transactions; U.S. stock earnings week is approaching, and technology stocks suffered a sharp drop at the end of the month; the crypto market has become a safe haven for election uncertainties, and Bitcoin is approaching its historical high. A new crypto main uptrend may have arrived.