I. Protocol Implementation: The "Seesaw Effect" Under Risk Appetite Shift
On May 12th, the tariff truce agreement reached between China and the US in Geneva pressed the "pause button" on trade friction that had lasted for years. The agreement includes suspending 24% of mutually imposed tariffs for 90 days, maintaining a 10% base tax rate, and establishing a third-country consultation mechanism. This progress directly stimulated S&P 500 futures to jump 3%, with Nasdaq rising 4.35%. However, BTC unexpectedly dropped from 105,720 USD to a low of 100,700 USD after touching that level, forming a rare "stock-crypto divergence", with BTC recovering to 102,600 USD at the time of writing.
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