Wake up and check your account—has it shrunk again? Don't rush to smash your phone just yet. This recent drop looks like it was caused by the crypto community itself, but the reality is far more complex.

Yesterday's market was a bit outrageous: Bitcoin plummeted from 93,000 to 88,000, Ethereum couldn't break through the 3000 mark and instead dropped further. Strangely, the US stock market also dove, while gold hit new highs. This scene isn't really a crypto-specific issue—it's a massive reallocation of global funds.

On the surface, Trump's "tariff threats" seem to have ignited this fuse. But upon closer inspection, the problem runs much deeper. The US is in a somewhat awkward position: a debt of 38 trillion dollars, with annual interest payments exceeding 1 trillion. Inflation hasn't been fully subdued, and rate cuts are not too aggressive. Adding tariffs now? That's like pouring gasoline on the inflation fire.

When the market hears the word "tariffs," it instantly understands three things: interest rates will be higher and stay that way longer, liquidity will tighten, and risk assets will suffer first. In other words, this isn't a crypto market crash; it's a systemic bloodletting of global risk assets.

At this point, I must debunk a long-held myth.

When the real safe-haven moment arrives, gold rises, but Bitcoin, along with Nasdaq, gets hammered. Why? Because at this stage, Bitcoin isn't yet qualified to be called "digital gold." Its essence remains a magnifier of US dollar liquidity. Every price fluctuation of cryptocurrencies is tightly linked to the ebb and flow of global dollar liquidity. Simply put, when dollar liquidity tightens, all risk assets have to suffer.

But this isn't a story of despair. Every crisis leaves opportunities for those who think clearly.