Trump's remarks ease trade concerns: Wall Street reverses to close in the green, bond market and precious metals pull back, and the "cold wave" in encryption is hard to dissipate.

The positive remarks made by Trump on Friday effectively eased the trade tensions; combined with the strong rebound of regional bank stocks, this created a double benefit, leading to a significant recovery in the sentiment of Wall Street, which had been trapped in fluctuations throughout the week, with the three major indices ultimately closing in the green. In stark contrast, the bond market and the precious metals market both faced downward pressure, indicating a clear shift in market liquidity.

The market dynamics of bulls and bears on Friday were particularly distinct: the two-year U.S. Treasury yield rebounded strongly from its low in 2022, rising to 3.464%, directly driving a rapid recovery of the U.S. dollar index during the session. Although the dollar closed nearly flat at the end of this week (the worst trading week since August), the cumulative weekly decline still reached 0.7%, marking the largest weekly drop since July. The previously surging precious metals market, however, experienced a collective correction as market sentiment shifted—concerns over U.S. credit quality and trade friction significantly eased, weakening the safe-haven attributes of gold and silver, causing prices to simultaneously come under pressure.

Among them, spot silver has become the most volatile variety: it just refreshed its historical high this week, peaking at $54.50 per ounce during Friday's session, but due to the rapid short-term surge, profit-taking triggered a concentrated exit, leading to an intraday drop of over 6%, with prices briefly falling below $51 per ounce; spot gold also experienced a heavy setback, dropping below $4200 per ounce during the session, with a maximum drop of nearly $130 (a decline of 3%). However, even with the Friday correction, spot gold still maintains a rare "nine-week rising" trend, and the long-term strong pattern has not been fundamentally broken.

The US stock market has taken advantage of the situation to rebound, with the S&P 500 index rising 1.7% this week, marking its best weekly performance since August, in sharp contrast to the sluggish bond and precious metals markets. It is worth noting that the cryptocurrency market has failed to follow the stock market's recovery: after a $150 billion market cap crash last Friday, it not only did not stabilize and recover, but the traditional market behavior of "retail investors buying the dip after a crash" did not occur as expected.

In the current global environment of rising expectations for interest rate cuts and liquidity easing, investors' "collective restraint" regarding encryption currencies is not accidental; rather, it reflects a deep shift in market logic—the previous fervent speculative sentiment is gradually fading, and "risk control first" has become the mainstream consensus in the current market. What needs to be noted further is that the current "cold wave" in the encryption currency sector is not an isolated phenomenon, and there may be risks of it spreading to other digital asset fields beyond tokens in the future.
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