The sharp decline in the market today may be closely related to the following three macro dynamics ⬇️

1️⃣ Federal Reserve aspect
According to the Federal Reserve's official website and schedule, Powell will deliver a speech titled "Economic Outlook and Monetary Policy" at the National Association for Business Economics (NABE) annual meeting on December 2 (Tuesday) at 1:00 PM EDT (02:00 Beijing time the next day). Currently, there are no early releases of content or meeting highlights, and market sentiment is heating up due to uncertainty.

2️⃣ Bank of Japan's Monetary Policy Direction
The Governor of the Bank of Japan, Kazuo Ueda, and Committee Member Oda recently (November 28-29) sent signals stating that "the depreciation of the yen is intensifying inflationary pressures, and the probability of a rate hike in December has risen to about 80%." This statement has led to a rapid strengthening of the yen and a significant amount of arbitrage trading being unwound, impacting global risk assets.

3️⃣ Strengthening of Chinese Regulations
The People's Bank of China held a coordination meeting on November 28 to combat speculative trading in virtual currencies. The meeting reiterated that virtual currencies do not possess the same legal attributes as fiat currencies, have no legal payment ability, and cannot be used as currency in the market; related activities are defined as illegal financial activities. It also pointed out that stablecoins, as a form of virtual currency, have difficulties in meeting KYC, AML, and other requirements, and may be used in risk scenarios such as money laundering, fraud, and illegal cross-border fund transfers.