Powell is about to step down, and the new Fed chairman candidate Kevin Hassett has three reasons that have led to a 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 yet been disclosed. Although the early market had received news of his potential resignation, it never believed he would step down within this year; the originally expected time was after Christmas.
2. The Bank of Japan's hawkish remarks, continuing to raise policy interest rates based on the economy and prices, triggered a broad decline in the stock market in the early session.
3. A severe crackdown on virtual currency trading in the country has significantly reduced the inflow of funds into the market, and people are hesitant to invest their funds in high-risk ventures due to fears of being unable to enter and exit funds safely.
In addition, the probability of a rate cut in December has increased again, but for now, the benefits of a 25 basis point cut may not significantly warm the market, unless it is a 50 basis point cut, but the probability is too low. For now, keep an eye on the two levels of 84500-83500; if it continues to fall below here, we won't consider making a move. #比特币行情观察