PANews reported on April 4 that QCP Capital analyzed that US President Trump announced a 10% tariff on all imported goods and implemented "reciprocal tariffs" on countries with large trade deficits, triggering global trade tensions. Affected by this, the price of Bitcoin plummeted from a high of $88,500 to $81,200, erasing previous gains and leading to widespread liquidation in the crypto market, with more than $221 million in long positions being closed, and BTC falling more than ETH. At the same time, US stock futures also suffered a heavy blow, with S&P 500 futures falling 3.38% and Nasdaq 100 futures falling 4.28%.

The market focus now turns to tonight's US non-farm payrolls report, and a weak data may reinforce expectations of further interest rate cuts by the Federal Reserve this year. The market currently expects four rate cuts in 2025, in June, July, September and December, with each rate cut being 25 basis points. In the short term, volatility in the options market remains high, and investors tend to buy downside protection, reflecting the uncertainty and caution in market sentiment. However, with risk assets oversold, there may be opportunities for a rebound in the short term.