Last night, the crypto market plummeted, and the core reason was: the market is repricing itself based on the extreme expectation of "no more rate cuts, and possibly even rate hikes."

Three simultaneous bearish factors hit the market:

· Wosh made his first appearance at the FOMC, setting a more hawkish tone than expected;
· The dot plot significantly raised inflation expectations, reducing room for rate cuts;
· The US-Iran negotiations unexpectedly broke down, increasing geopolitical risks.

With these three factors stacking up, the market's focus is no longer on "when will the rate cuts happen," but has shifted to a more severe scenario—that this year, not only will there be no rate cuts, but there might even be a forced rate hike. That is the real $BTC reason for last night's sharp decline.