The global financial market has suffered a heavy blow, and Crypto Assets cannot escape the fate of a fall.

Recently, the global financial markets have experienced a tremendous shock. The three major US stock indices have continued to fall sharply, and European and Asian stock markets have also seen significant declines. The commodities market has not been spared either, with both crude oil and gold prices dropping. The Crypto Assets market has also struggled to maintain resilience, with Bitcoin falling over 10% in two days, and Ethereum plummeting by 20%. The entire financial market shows a sea of red, reflecting investors' panic.

The source of this financial turmoil can be traced back to two executive orders signed by the President of the United States regarding "reciprocal tariffs." This policy announced a 10% "minimum benchmark tariff" on trading partners and imposed higher tariffs on certain trading partners. This move has triggered trade frictions globally, with multiple countries subsequently taking countermeasures.

The global financial market reacted strongly to this. U.S. stock futures continued the sharp decline trend from last week, with Nasdaq futures falling over 5% and S&P 500 index futures dropping over 4%. European stock index futures also plunged significantly, with the European STOXX 50 index futures falling over 4% and DAX index futures dropping nearly 5%. The Asian market was not spared either, with the stock markets in Japan and South Korea collapsing again, as the Korea Composite Stock Price Index opened down over 4% and the Nikkei 225 index dropped nearly 2%. The Hong Kong Hang Seng Index recorded its largest single-day drop since October 28, 1997.

The Crypto Assets market has also been severely impacted. Bitcoin fell more than 10% over two days, briefly dropping below $75,000. Smaller market cap coins have completely collapsed, with Ethereum dropping below $1,500 and SOL hitting a low of $100. According to data platform statistics, a total of 487,700 people were liquidated that day, with liquidation amounts exceeding $1.632 billion.

This financial turmoil has raised concerns about a recession in the United States. Many business leaders and economists believe that the U.S. economy may already be in a serious recession. A survey shows that 69% of business executives expect a recession in the U.S., with over half believing that the recession will occur this year.

The impact of the countervailing tariff policy far exceeds expectations. In addition to our country taking strong countermeasures, more than 50 economies worldwide have engaged with the United States regarding tariff policies. However, the U.S. President is not satisfied with this and stated that there will be no pause in the implementation of tariffs.

Analysis suggests that the reciprocal tariff policy aims to reverse trade imbalances, increase fiscal revenue, and serve as a diplomatic negotiation tool. However, its negative impacts have already become apparent. The market widely fears the effects of this policy on inflation and economic growth. Research institutions predict that the new tariff policy could raise U.S. price levels by 1-2.5%. At the same time, multiple institutions have lowered their expectations for U.S. GDP growth and increased the probability of recession.

In the face of market volatility, governments and central banks in multiple countries have begun to take action. Relevant departments in our country have entered the market to increase holdings of ETFs, while Japan and South Korea have also taken a series of measures to stabilize the market. These actions have somewhat alleviated market panic.

There is a significant divergence in market views regarding the future market direction. Some analysts believe that there is still downward space for selling, while others anticipate a potential market rebound. Technical analysis leans towards pessimism, predicting that Bitcoin may further fall to the range of $66,000 to $72,000.

Currently, the market is closely watching the progress of negotiations between the United States and its trade partners, as well as the policy direction of the Federal Reserve. The Federal Reserve is about to release the minutes of its March monetary policy meeting, which may provide more clues for the market. At this critical moment, investors need to remain cautious and closely monitor the developments in the situation.