#特朗普加密货币政策新方向 On the first day of December, the market was given a wake-up call. The crypto market and U.S. stocks plummeted together, with risk aversion sentiment reaching a peak.

The three major indices in the US stock market ended their five-day winning streak — the Dow Jones dropped by 0.9%, the S&P 500 lost 0.53%, and the Nasdaq also fell, down by 0.38%. The tech stocks showed a mixed performance: Broadcom plummeted by 4%, while Google, Microsoft, Meta, and TSMC all dropped over 1%. However, Nvidia and Apple held strong, rising slightly by just over 1%.

The encryption sector was hit even harder. The concept stocks suffered tremendously: BMNR plunged 12% in a single day, Circle nearly dropped 5%, and both Robinhood and a compliant platform fell over 4%. The crypto market was even bloodier—$BTC once broke $84,000, hitting a low of $83,800, and by the time of writing, it was still down 5%. $ETH, $XRP, and $HYPE all fell over 7%, while $DOGE was even harsher, starting with a 9% drop. The worst hit was $ZEC, which dropped 21%, essentially halving its value, making it today's "biggest loser."

There is actually logic behind this wave of decline. On one hand, the inflow of Bitcoin ETF funds continues to plummet, and new funds have no interest in entering the market. On the other hand, there has been no appearance of bottom-fishing players; those who made profits earlier took the opportunity to escape, amplifying the downward trend.

The current market sentiment and capital situation are at a freezing point. This structural pressure is difficult to reverse in the short term. Next, everyone is focusing on one position - $80,000. If this level cannot be defended, it may need to continue to explore the bottom.