Although a series of events have recently occurred, they can mainly be divided into two categories. One is tariff-related, such as the EU's proposal to freeze the approval process of the trade agreement with the United States tomorrow, primarily due to the repeated tariffs imposed by the US. Not to mention refund issues, the cancellation of IEEPA and the change of tariff laws under the Trump administration are complex matters. With the EU's freeze, other countries may also raise objections one after another.

The second is geopolitical conflicts. The conflict between Russia and Ukraine has not been resolved yet, and the relationship between the US and Iran remains tense. At this time, Iran and Russia are engaging in arms deals worth 500 million euros, which makes the current geopolitical tensions even more intense. The market's reaction should be known by tomorrow. It is indeed a tumultuous time.

Looking at BTC data, although the weekend's exchange rate was not high, recent events have been numerous. The short-term chaos caused by tariffs and the increase in geopolitical conflicts may keep the market volatile. However, the cancellation of IEEPA tariffs is definitely a good thing in the medium to long term. It’s just unclear what the White House's next move will be.

Other data still appear normal, but liquidity has not shown significant improvement. The impact of tariffs on the Federal Reserve may also take time to become evident. The first half of this year will still be quite challenging. Market sentiment is very tense, and a collapse could happen in an instant.