#十二月行情展望 The crypto market is showing a "macro policy shift + regulatory tightening + technical breakdown + leverage liquidation" pattern of multiple unfavourable information resonance. On December 1, Bitcoin fell more than 4.7%, marking the largest single-day decline in recent times. The core driver is the significant cooling of the Fed's interest rate cut expectations for December, combined with China's upgraded regulations and the market's high leverage vulnerability, leading to a collapse of market confidence. The current macro uncertainty is still ongoing, and the market may need a longer time for repricing and structural reconstruction. The subsequent focus will be on the Fed's FOMC meeting on December 11, inflation data in late December, and the implementation of global regulatory policies, which will determine whether the crypto market can stabilize and rebound before the end of the year!