Powell is about to step down, and the new Fed chairman candidate Kevin Hassett is the main reason for the significant fall in the crypto market.

1. Powell will step down at 9 AM Beijing time on Tuesday, and he will also give a speech, the content of which has not been disclosed yet. Although the market had received news about his potential resignation earlier, it never believed he would step down within this year, with the originally expected timing being after Christmas.

2. The hawkish remarks from the Bank of Japan, regarding the continued adjustment of policy interest rates based on the economy and prices, triggered a widespread fall in the stock market during the early session.

3. The domestic crackdown on virtual currency trading has significantly reduced the inflow of funds into the market, and no one dares to make risky investments with their funds, fearing they will not be able to safely enter and exit their funds.

In addition, the probability of a rate cut in December has increased again, but for now, the positive impact of a 25 basis point cut may not significantly warm up the market, unless it is a 50 basis point cut, but the probability is too small. Pay attention to the two levels of 84500-83500 on the chart; if it continues to fall below these levels, do not consider making a move.