QCP Capital posted on its official channel that Trump announced on Wednesday that it would impose 10% tariffs on all imported goods and introduce a "reciprocal tariff" policy for countries with a large trade deficit with the United States, rekindling global trade tensions. Affected by this: BTC fell from intraday highs of $88,500 to $81,200, a drop of more than 8%. Cryptocurrency markets experienced large-scale liquidation, long positions were liquidated for more than $221 million. US stock futures fell sharply, Nasdaq futures fell 4.28%, S&P 500 futures fell 3.38%. Consumer stocks with high supply chain exposure were hit hard, American Eagle plummeted 17.47%. The market is currently turning its focus to the upcoming non-farm employment report. Amid the expectation of a slowdown, the market expects the Federal Reserve to implement four rate cuts in 2025, each of which is 25 basis points in June, July, September and December. In the options market, short-term volatility remains high, and downward protection demand increases, reflecting cautious market sentiment. However, analysts believe that when risky assets are generally oversold, there may be a rebound in the short term.