Powell is about to step down, and the new Fed chairman's popular candidate, Kevin Hassett, has caused the crypto market to experience a significant fall due to three reasons.

1. Powell will step down at 9 AM Beijing time on Tuesday, at which time he will also deliver a speech, the content of which has not yet been disclosed. Although the market had received news of his possible resignation earlier, it never believed that he would step down within this year, with the originally expected time being after Christmas.
2. The hawkish remarks from the Bank of Japan regarding the economy and prices have led to a continued increase in policy interest rates, causing a broad decline in the stock market during the early session.
3. A serious crackdown on virtual currency trading in the country has significantly reduced the inflow of funds into the market, and people are wary of making risky investments as they fear they won't be able to safely manage their funds.
In addition, the probability of a rate cut in December has risen again, but for now, the benefits brought by a 25 basis point cut may not significantly warm up the market, unless it is a 50 basis point cut, but the probability is too small. On the market, pay attention to the two levels of 84500-83500. If it continues to fall below this range, then we will not consider making a move.