Cryptocurrency:

1. The four-year halving cycle has almost no impact on the current Bitcoin; it is better to say: if it rises too much, it will fall, and if it falls too much, it will rise;

2. The core logic is the same as the U.S. stock market, with rising and halting bubbles; the crypto market rises and halts to reduce leverage;

3. Bitcoin, as the core asset of cryptocurrency, after being certified by the U.S. government, it is unlikely to drop 70-80% in a bear market as it did in the past unless there are fundamental problems (for example, if nine U.S. departments suddenly issue documents opposing Bitcoin); however, this kind of volatile bear market may have even greater destructive power than the smooth bear market of 2022; it continuously gives you hope, keeps disappointing you, and grinds everyone down to the point where they have no temper;

4. The secondary logic is about distribution, as mentioned a few days ago, the capital on both sides in the U.S. is vying for this quality asset, Bitcoin (targeting MSTR);

5. The logic of altcoins is also diverging; 1. It is caused by the foul manipulation within the crypto market leading to bear market dogs fighting over uneven spoils, so there is no collective force pushing a main line, and everyone is playing their own game; 2. Poorly issued currencies lead to inflation and devaluation.