Bitcoin prices plummeted rapidly, breaking below the $66,000 level, with a nearly 4% drop within 24 hours, touching a low of around $65,500. The market instantly evaporated hundreds of billions of dollars. Altcoins experienced even more widespread crashes, and panic sentiment quickly spread.

Three major factors simultaneously triggered the sell-off:
1. The ongoing escalation of Middle East geopolitical conflicts, with U.S. military actions against Iran continuing, Iranian ships blocking, and soaring oil prices pushing inflation expectations higher.
2. A crisis in the bond market, with Japanese and U.S. long-term government bond yields rising sharply, the MOVE index fluctuating violently, and global risk aversion intensifying.
3. Hawkish expectations for the Federal Reserve strengthened, with the probability of zero rate cuts by 2026 increasing significantly, and even the rate hike expectations rising to nearly 50%. Liquidity tightening directly hit high-risk assets.

Additionally, mining companies are suspected of selling Bitcoin, with funds rapidly rotating into traditional safe-haven assets like gold, and leveraged liquidations further amplifying the decline.

The current situation is severe. Former President Trump previously stated he was not too worried about a stock market decline and has not issued a clear optimistic signal. Short-term risks remain high, and market volatility is intense.

Everyone should strictly control their positions to protect their funds.