Seeing the惨状 of the financial markets' "stock and gold" crash last night, I believe everyone is confused and anxious. #贵金属行情下跌 # This is not caused by a single "behind-the-scenes black hand" controlling the market, but a "perfect storm" triggered by the Fed's policy shift, institutional profit-taking, and regulatory risk control upgrades.

In simple terms, the market logic has undergone a fundamental reversal, with funds shifting from "blindly buying on the rise" to "panic selling."

Below, I will break down the three core drivers behind this plunge to help you clear this tangle:
#加密市场回调

🏦 1. The strongest "trader": The Fed's hawkish stance

The fundamental reason for this round of plunge is that money has become more expensive.

Rate hike shattered dreams: The Fed explicitly stated at the latest FOMC meeting that "high interest rates will be maintained longer," breaking the market's hope for a rate cut in March.

Chain reaction: High interest rates increase the opportunity cost of holding gold (which does not generate interest) and tech stocks (which are overvalued). Funds quickly withdrew from these risky assets and flowed back into safer assets like US Treasuries. As a result, the US dollar index strengthened, which in turn suppressed gold priced in dollars and overseas assets.

📉 2. The institutions' "harvesting": Profit-taking and margin calls

If the Fed is the fuse, then institutional investors are the ones igniting the powder keg.

High-level selling: Gold has risen 67% since the beginning of the year, and silver 163%. Many big players and institutions have already made hefty profits. Riding the wave of the Fed's hawkish signals, they sold off in bulk and booked their gains.

Regulatory tightening (main cause of forced liquidation): This is very critical. CME and the Shanghai Futures Exchange have recently increased margin requirements for gold and silver futures (risk control measures). This directly caused many high-leverage retail investors and hot money to be forcibly liquidated (margin calls).

Cascade effect: Forced liquidations triggered chain reactions in algorithmic trading, causing prices to plummet like a waterfall. Microsoft and cryptocurrencies were also hit due to similar leverage logic, leading to a combined sell-off.

💻 3. The "internal injury" of tech stocks: Trust crisis triggered by Microsoft's earnings report

Microsoft plunged nearly 10% last night, mainly blaming itself for "not being resilient."

AI spending too fast: Although Microsoft made a lot of money, its capital expenditure for AI skyrocketed (spending $37.5 billion in a single quarter).

Slowing growth: The core cloud business growth slowed from 40% to 38%, causing market concerns that AI might be a "bottomless pit," with huge investments but slower returns. This anxiety about the future caused Microsoft's market value to evaporate by over $300 billion overnight, dragging down the entire tech sector.