#十二月行情展望 The crypto market is experiencing a "macroeconomic policy shift + regulatory tightening + technical break + leveraged liquidation" pattern of multiple unfavourable information resonance. On December 1st, Bitcoin fell over 4.7%, marking the largest single-day drop in recent times. The core driver is a significant cooling of the Fed's interest rate cut expectations in December, combined with upgraded regulatory measures in China and the market's high leverage vulnerability, triggering a collapse in market confidence. The current macro uncertainty continues, and the market may require a longer time for repricing and structural reconstruction. Future points of focus include 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!