Trump just boarded the plane, why did the market crash: Bitcoin, US stocks, gold all plummeted

On May 15th, Trump concluded a three-day visit to China. On the surface, this US delegation achieved quite a lot, with impressive results in trade cooperation, tariff easing, and agricultural product procurement. Many people on the team were smiling, shaking hands, taking photos, and issuing friendly statements—everything seemed like a standard script of "phase-wise warming" in China-US relations.

Markets never follow scripts
Just as Trump stepped onto Air Force One, before the plane even landed in the US, global markets had already "turned hostile"
The three major US stock indices all fell over 1%, Bitcoin plunged, breaking below the $79,000 mark. Gold and silver, the traditional safe-haven brothers, were not spared—gold saw a sharp decline, and silver was even more brutal, dropping 8% in one day. The entire market was filled with a sense of "who's playing a warm-hearted act with me."
The only asset that rose against the trend was crude oil, with Brent surpassing $110.

This is quite interesting. Logically, Trump returning with a report card, and if China-US relations can ease, it should be positive for the global economy and risk assets. It’s one thing if US stocks don’t rise, but why are Bitcoin and gold—assets that are "decentralized" and "safe-haven"—also crashing? What is the market really afraid of?

The answer lies in the phone call made on Air Force One

People are on the plane, but their mouths are not idle. Trump told the media that he discussed the latest progress in US-Iran ceasefire negotiations, and his tone was more hardline than before departure. He said Iran’s proposed plan was "unacceptable," and issued a tough warning—if talks fail, the US military could destroy Iran’s bridges and electrical infrastructure within two days. Meanwhile, Israel is also preparing intensively, making frequent moves.
Once these words came out, the market’s mood completely changed

Some might ask: Wasn’t Trump polite in China? Shaking hands politely, smiling, drinking Chinese tea—how did he turn into a different person on the way back? Actually, this isn’t a face change; it’s "clear division of roles." On the international diplomatic stage, a smile can be given, but the cannons behind it will not be retracted.
The market’s reaction has already shown everything

Gold and Bitcoin falling together may seem abnormal on the surface, but the deeper logic is: the market is not just worried about war risks, but about the reinforcement of "stagflation" expectations. Oil prices soaring to $110, combined with escalating geopolitical conflicts, mean inflation will be hard to control. The seemingly easing situation between China and the US fundamentally hasn’t changed the long-term game in technology, finance, and supply chains. Investors see that the "report card" is more like a halftime break rather than the final whistle.

Will Bitcoin next break below $78,000 or return to $80k?

The answer doesn’t depend on technical indicators or which KOL is calling the shots. It depends on two variables.

Can oil prices stabilize?

If crude oil continues to rise, inflation expectations will heat up, and the Federal Reserve’s rate cut timetable will be further delayed. The pressure of liquidity tightening will continue to suppress all risk assets, with Bitcoin bearing the brunt.

Will the fire in the Middle East really ignite?

If Trump’s "two-day destruction threat" is just a show of extreme pressure, then market sentiment will gradually recover; but if Israel acts first, or Iran responds strongly, global funds will flee into dollars and cash rather than Bitcoin—don’t get it wrong, in the face of a real liquidity crisis, Bitcoin’s "safe-haven" attribute has not yet been tested in a true global war.