I. Trade War Continues to Escalate, 24-Hour Cross-Market Flash Crash Relay
1.1 Global Financial Market Crash!
On the morning of April 7, global financial markets experienced a comprehensive crash amid panic over escalating trade friction with "reciprocal tariffs". Stocks, oil, precious metals, and even cryptocurrencies all plummeted. During the Asian market session, U.S. stock index futures continued their previous week's downturn, with Nasdaq 100 futures plunging 5%, and S&P 500 and Dow futures falling over 4%. European markets were equally gloomy, with German DAX futures dropping nearly 5%, and STOXX50 and FTSE futures breaking through the 4% decline mark.
The Asian market opened with a stampede: Korean KOSPI 200 futures plummeted 5% in the morning, triggering a circuit breaker and suspending trading; Australian stock indices expanded from a 2.75% decline to 6% within two hours of opening; Singapore's Straits Times Index plummeted 7.29% in a single day, creating a record. Middle Eastern markets previewed a "Black Sunday", with Saudi Tadawul index crashing 6.1% in a single day, while stock indices of Qatar, Kuwait, and other oil-producing countries fell over 5.5%.
Commodities markets were in dire straits: WTI crude oil broke below the $60 psychological level, hitting a two-year low with a 4% intraday decline; gold unexpectedly lost the $3,010 support level, and silver's weekly decline expanded to 13%; in the cryptocurrency realm, Bitcoin broke through a key support level, with Ethereum plummeting 10% intraday, completely shattering the digital asset safe-haven myth.
1.2 Impact on Crypto Market
Short-term Market Impact
The Trump administration's recent policies have significantly impacted the crypto market. In January, when Trump signed an executive order requiring the establishment of a cryptocurrency regulatory framework and research into national crypto reserves, the market reacted positively, pushing the total crypto market value to $3.65 trillion by month-end, achieving a 9.14% cumulative gain. However, the tariff policy introduced in February quickly reversed the previous market trend. Especially after announcing long-term import tariffs on China, Canada, and Mexico on February 3rd, the crypto market showed a significant correlation with stock markets: Bitcoin fell 8% within 24 hours, Ethereum plummeted over 10%, triggering $900 million in liquidations and forcing 310,000 investors to close positions.
From a transmission mechanism perspective, tariff policies affect the crypto market through multiple pathways: first, trade friction intensifies global market volatility, driving the U.S. dollar as a safe-haven asset and prompting capital to flow back to the U.S. market; second, institutional investors may liquidate crypto assets to manage risk and compensate for losses in other investment portfolios; tariff-induced inflation pressures may weaken purchasing power, thereby reducing market risk appetite, especially in the highly volatile crypto market.
Long-term Potential Opportunities
Despite significant short-term impacts, tariff policies may create structural opportunities for the crypto market in the following aspects:
Liquidity Expansion Expectations
The Trump administration might implement expansionary fiscal policies through tax cuts and infrastructure investments. Debt monetization measures to offset fiscal deficits will increase market liquidity. Historical experience shows that during the Federal Reserve's $3 trillion balance sheet expansion in 2020, Bitcoin's price rose over 300%, suggesting that a new round of liquidity injection may support crypto assets.
Enhanced Inflation Resistance
Moneycorp's Head of Trading and Structured Products, Eugene Epstein, noted that if the trade war leads to U.S. dollar depreciation, Bitcoin might become a hedging tool due to its fixed total supply. Competitive currency depreciation potentially triggered by tariff policies may encourage more investors to use cryptocurrencies as alternative channels for cross-border capital flow.
II. "Merchant + Dictator = Market Manipulation"
2.1 Starting from Trade Deficit Tariff War
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During Trump's presidency, he frequently used Executive Orders to advance policies, including building the US-Mexico border wall, issuing the "Muslim ban", and reducing environmental regulations. He even declared a "national emergency" to use military funds when Congress refused to allocate funding for the border wall, bypassing legislative constraints. This behavior undermined the principle of separation of powers in the US Constitution, causing an unprecedented expansion of executive power and was considered to have a clear authoritarian tendency.
Attacking press freedom and creating an "enemy" public opinion environment
Trump often referred to media critical of him as "fake news", even using the term "enemy of the people" to describe traditional news organizations like CNN and The New York Times. He repeatedly attacked journalists, TV hosts, and commentators on Twitter, inciting supporters to develop hostility towards media. In political communication, this method of "delegitimizing" media is a common propaganda control strategy used by authoritarian leaders, aimed at weakening public trust in diverse information sources and establishing an "information monopoly".
Interfering with judicial independence, emphasizing "loyalty over professionalism"
Trump repeatedly attacked the judicial system publicly, especially when courts ruled against his policies, even directly criticizing judges. For example, he once referred to a judge who opposed his immigration policy as a "Mexican", implying biased judgment. Additionally, in high-level appointments, he often prioritized loyalty over professional capabilities, frequently changing key positions like Attorney General and FBI Director, severely impacting judicial independence.
Refusing election results, destroying peaceful power transfer tradition
After the 2020 presidential election, Trump resolutely refused to acknowledge his defeat, claiming the election was "stolen" and repeatedly demanding states "recount" or "nullify results". More seriously, his rhetoric ultimately led to the January 6, 2021 Capitol riot, where his supporters stormed the Capitol in an attempt to prevent Biden's certification. This event was widely described by international public opinion as a "dark day for American democracy" and a clear attempt to interfere with peaceful power transfer, embodying substantial authoritarian characteristics.
Promoting personal cult, creating a "leader-only" narrative
Trump implemented a highly personalized ruling style within his party and government, demanding absolute loyalty. He frequently self-praised at rallies, describing himself as the "greatest president in history" and suggesting the country would decline without him. This political discourse created a "savior-like" personal mythology, weakening the presence of collective governance and institutional norms, easily sliding towards personal cult and populism.
[The rest of the translation follows the same professional and accurate approach]Even after leaving office, Trump can still influence market rhythms. By casually announcing "might run again," he immediately causes stocks in energy, military, social media, and conservative tech to fluctuate. Taking Trump Media Group (Truth Social)'s SPAC listing as an example, despite lacking substantial profitability, the stock surged dramatically - with capital markets treating "Trump" itself as a speculative target, which is a manifestation of his brand and financial commodification.
III. The Crypto Market "Choreographed" by the US: A Collusion of Capital and Power
3.1 Power Reconstruction: Trump Wants Not Bitcoin, But Bitcoin "Americanized"
Today's crypto market is no longer a haven for decentralization ideals, but a new financial colony manipulated by US capital and power. Since Bitcoin spot ETF approval, Wall Street giants like BlackRock, Fidelity, and MicroStrategy quickly deployed BTC spot holdings, locking Bitcoin originally belonging to the tech community into Wall Street vaults. Financialization and policy-making have become the dominant logic, with crypto asset prices no longer determined by market spontaneity, but dependent on Fed rate hints, SEC regulatory dynamics, or even a presidential candidate's verbal promise to "support crypto".
The essence of this "US stock-ification" is re-embedding decentralized assets into a center - the US financial hegemony system. ETFs make the crypto market rise and fall with US stocks, with K-line charts pulsating to US bond market fluctuations and CPI data. Bitcoin, once seen as a symbol of freedom, now increasingly resembles an "alternative NASDAQ component that delays reflecting Fed intentions".
3.2 Bitcoin's Strategic Value: Not a Non-Sovereign Reserve Asset, But a Gray Backup for US Dollar Hegemony
The Trump era laid the groundwork for Bitcoin's national-level financial positioning. Instead of directly declaring support like traditional politicians, he incorporated Bitcoin into the US strategic financial resource pool by tacitly allowing hash power migration, relaxing regulatory gray areas, and supporting mining infrastructure. With expectations of traditional US dollar credit system weakening, Bitcoin is gradually assuming the role of a "non-sovereign reserve asset", being shaped as a hedging alternative during financial turbulence.
· This layout is quintessentially American: undeclared war, silent co-optation. The US has dominated most of Bitcoin's financial infrastructure (Coinbase, CME, BlackRock ETF) and further controlled on-chain settlement capabilities through stablecoin (USDC) dollar anchoring. When global turbulence, capital flight, and trust transfer occur, the US has quietly acquired this "de-dollarization dollar substitute".
· Trump may see further: Bitcoin's faith has nothing to do with him, but rather domesticating its financial attributes as another US "monetary sovereignty tool". In scenarios where the dollar is restricted, SWIFT is difficult to use, and fiat currencies depreciate, Bitcoin becomes a backup plan for maintaining power.
3.3 The Operating Truth? Trump Is Not Just a President, But a "Super Market Maker" in the Traffic Financial Battlefield
First, understand one fact: in any financial market, 90% of the time is characterized by oscillation, and only "big fluctuations can earn big money".
So, summarizing all perspectives, Trump appears to be a president, but is actually more like a traffic-driven super trader, with the sole purpose of: creating market volatility and controlling market volatility, just to profit from these fluctuations.
Trump is a "speculator" skilled at influencing market direction through information, traffic, and influence, earning from market volatility. Supporting Bitcoin as a "US strategic reserve" on one side, while launching a Meme token $TRUMP to drain market liquidity on the other - this is a "information intervention + liquidity vampirism" market manipulation strategy.
More brutally, crypto market trends increasingly depend on US political negotiations: Fed statements, SEC dynamics, presidential candidate speeches, congressional hearing sentiments... The originally decentralized crypto system is now deeply nested within US dollar policies, US stock structures, and US big capital logic, having become an "extended battlefield" of the US financial system.
We are witnessing a cruel reality: the market seems free but has long been choreographed; prices appear to fluctuate, but behind this are people controlling information and traffic, setting traps.
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