The U.S. stock market and the crypto market both saw sharp volatility: the bullish trend abruptly turned downward. As remarks circulated that there may be no rate cuts within the year, the Nasdaq plunged on the spot. Mainstream cryptocurrencies moved in sync, with violent “needle-like” spikes and sharp intraday wick plunges. Liquidation positions surged, rising rapidly across the market. This once again underscores the brutal nature of financial markets, and how the speed of risk response has become investors’ core competitive advantage.