#数字资产市场观察 What happened to the global market overnight? The interest rate hike signal released by Bank of Japan Governor Kazuo Ueda detonated like a shockwave during the Asian trading session. The Nikkei index fell by more than 1k points in a single day, and bond yields surged to their highest level since the 2008 financial crisis.

What caught people off guard even more was the chain reaction in the crypto market. Bitcoin instantly broke through the $86,000 mark, while Ethereum followed with a plunge of over 5%. Those altcoin holders who were celebrating just a few days ago are now facing paper losses of 7% or even higher. Data shows that in just 24 hours, 210,000 traders across the network were forcibly liquidated, with a liquidation amount reaching $639 million, and the bulls were almost entirely wiped out.

The logic behind the event is worth examining. Although the timing is highly coincidental, a calm analysis reveals that the direct trigger for this big dump in the crypto market was actually a sharp fluctuation in market expectations regarding the Federal Reserve's policies. The Bank of Japan's hawkish turn felt more like the last straw that broke the camel's back—it intensified global investors' concerns about liquidity tightening. As the era of yen carry trades may come to an end, the pressure of capital repatriation will naturally impact all risk assets.

This round of fluctuations conveys a clear signal: as the fortress of the world’s most accommodative monetary policy begins to loosen, the risk factor of high-leverage games is increasing exponentially. The previously fragmented market state of "each playing their own game" appears extremely fragile in the face of macro changes. Volatility surging may become the new normal, rather than an occasional event.

Share your real experiences: Did this wave of market conditions hit your stop loss? Is now the time to buy the dip or wait and see? Do you think this is a technical correction in a bull market or an early signal of a trend reversal? Feel free to share your position strategy and judgment logic in the comments. $ZEC $BTC $SHIB