In the past 24 hours, there have been many noteworthy developments in the crypto market and policy sphere.

On the policy front, several key signals have emerged. Trump explicitly stated that there are no plans to pardon FTX founder SBF for now, which dispels some market speculation. Meanwhile, the US Senate's "Market Structure" bill for cryptocurrencies has entered a critical voting stage. Negotiations between Wall Street organizations and DeFi representatives have shown progress in resolving differences, indicating that the industry’s regulatory framework may move forward. Additionally, the CFTC issued a no-action relief to Bitnomial, paving the way for compliant operations of "event/prediction contracts."

Regarding price movements, key levels for BTC are attracting attention. According to Coinglass data, if BTC breaks above 92,000, it could trigger approximately $1.15 billion in short liquidations; conversely, if it falls below 89,000, about $944 million in long liquidations may be triggered. Market leverage remains in confrontation.

In the altcoin sector, there have been recent changes in the privacy coin space—XMR has recently gained strength, showing a momentum of "regaining the privacy crown," although Zcash’s rally has been somewhat dampened due to internal turmoil.

On the macroeconomic front, the latest New York Fed survey shows that the 1-year inflation expectation has risen to 3.4%, while the probability of re-employment has hit a historic low, suggesting a cautious shift in economic outlook. In tech stocks, reports indicate that Alphabet has surpassed Apple to become the second-largest publicly traded company globally, with a market cap of approximately $3.96 trillion. The landscape of big tech is quietly adjusting.