The US stock market took another hit last night. The Nasdaq plunged 1%, and the semiconductor sector was severely hit. The culprit remains the sword of Damocles hanging over the head—Trump's import tariff policy.

Here's the situation: The tariff plan that took effect in April involves import taxes ranging from 10% to 50%, and it is currently under review by the Supreme Court of the United States. If the justices ultimately rule it unconstitutional, the consequences could be severe—potentially triggering a wave of tax refunds worth hundreds of billions of dollars along with political shocks. There are still disagreements among the justices, and a final decision is expected next Tuesday or Wednesday.

The market has already spoken with its feet. Risk aversion sentiment is intensifying, and volatility is beginning to rise. Every time such policy uncertainty emerges, it triggers asset re-pricing.

What does this mean for the crypto space? When traditional financial markets face increased risks, smart money usually shifts toward low-correlation assets to hedge risks. If a black swan event truly occurs in US policy, it could accelerate institutional investors' demand for cryptocurrencies like Bitcoin. After all, in the face of systemic risk, Bitcoin's independence becomes especially valuable.

Volatility has already been activated. Regardless of the ruling outcome, the upcoming market movements are worth close attention. Be prepared and watch the development of safe-haven narratives.