Recent sharp declines in cryptocurrencies are indeed worth paying attention to. Bitcoin has retreated from its high two months ago to over 75K now, and Ethereum has also fallen to just above 2K, with 24-hour drops around 1%. Speaking of which, geopolitical issues are still causing trouble; Trump's extension of the ceasefire agreement initially boosted risk sentiment, but now it seems the rally has not continued.

At the same time, the U.S. stock market also shows some interesting signs, with the three major index futures rising slightly, and Tesla's stock price has increased by nearly 1% ahead of the Q1 earnings report released after the market close today. Gold has fallen below $4,800, and Morgan Stanley has also lowered its gold target price. Oil rebounded close to $100 due to disruptions in the Strait of Hormuz. It feels like the market is waiting for signals from Tesla's earnings; if they can demonstrate an AI premium story, it might trigger a rebound, but without clear profit guidance, high valuation risks remain. While cryptocurrencies are plunging, traditional markets are also digesting these uncertainties.